Inaccurate data has cost businesses millions – how much has it cost you?

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by Bartłomiej Wójtowicz – product manager Comarch.

IBM estimates that poor data quality cost the US economy $3.1 Trillion in one year. Research by UK Domain revealed that independent businesses lost £6.1 billion in a year due to missing or inaccurate data on their own websites.

Business leaders know the importance of accurate data. They understand how much time is wasted, and how many opportunities can be lost due to poor data fidelity. Even something as simple as an out-of-date billing or delivery address can cause significant delays in payment or extra costs in shipping and returns.

Manufacturers and distributors often need to deal with unclear orders, where mistakes in in the GTIN (global trade item number) or product code raise questions over what the customer’s ordering.

A greater complexity lies in managing item master data. Any errors here can have a significant affect on order-to-cash processes in the whole supply chain.

Preventing these issues requires a solution that guarantees clear, accurate and updated items data, and makes the process of exchanging this data between partners simple and cost-effective.

Take your data management to the next level

GS1 has developed a global product data exchange standard known as the Global Data Synchronisation Network, or GDSN for short.

Comarch Master Data Management, a certified GDSN Data Pool, supports this process and enables companies to exchange items data with partners worldwide.

Comarch’s Master Data Management can be tailored to your organisation’s requirements, while providing a smooth on-boarding process for all partners.

On the vendor side, its intuitive portal allows the user to manage the validation rules and notifications, which makes the items data handling easy. The attributes are divided into several categories which the user can adjust to project requirements.

Data recipients can use the system to communicate with vendors enrich data or manage the approval process within the company via defined workflows.

The tool can be integrated with bidding solutions to enhance the sourcing process.

Integrating master data management with the EDI  

Comarch’s Master Data Management solution can be fully integrated into EDI platforms, and used to exchange sales and logistics data, improving the quality of
collected information and supply chain processes.

To discover more about how Comarch’s Master Data Management solution can improve your data management processes, download our free whitepaper.

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