Managing product information across a large organization consists of much more than making sure prices and descriptions are accurate and consistent. Large manufacturers and retailers employ teams of people tasked with the job of cross checking product data. While the deployment of these teams is a good idea in theory, the process is loaded with inefficiency and errors are all but guaranteed.
Collating massive amounts of product information is undoubtedly a daunting task – multiple departments are involved and manually managing the process is an administrative nightmare. Yet the consequences of flimsy data management are too large to ignore. The lack of a single, unified view of product data leads to unreliable, inefficient and time-consuming processes at best. At worst, it puts the company at risk to lose customers, increases more customer inquiries and product returns and leaves companies open to regulatory fines and lost revenues. When organizations fail to incorporate a cohesive data management strategy, inefficiency becomes the standard. Organizations – especially manufacturers and retailers – need to re-evaluate their product data management practices and incorporate master data management into their long-term IT and business strategy.
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