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Importance of Accurate Product Data in the Retail Food & Beverage Industry
The food industry statistics show that consumers increasingly demand products with detailed information about their ingredients and origins. These demands are expected to increase with the Food Safety regulations, which require food manufacturers to trace their products back to the source. If your company has not begun product information management, it is important to consider starting now.
Accurate & up-to-date product data can be highly beneficial to manufacturers and retailers while also contributing to consumer safety. Here are a few points proving the significance of product data management for your food business:
Integrates Data from All Stakeholders
Product data management software can integrate distributors, manufacturers, suppliers, and retailers. It is the only way to view your product from origin to final sale. This connectivity will enable you to share accurate data with all stakeholders at every step of the process.
With comprehensive product information management software, you can adapt the data integration process to suit specific functions within your business. For example, you can create a separate pool of data accessible by quality assurance personnel to simplify their task without compromising the integrity of the data itself.
Unnecessary clutter from non-relevant information is reduced in the database, making it easier for different departments to identify desired data.
Achieves a Trusted Remedy in Food Safety
Product data management allows you to understand how your products have been handled from their origin. You can track individual batches or shipments by batch numbers and know exactly where they have been stored throughout the journey. This increases the chance of identifying issues at their source, speeding up safety recall processes.
Achieves Transparency with Your Consumers
Product information management focuses on sharing accurate product information across the supply chain, ultimately helping you achieve transparency within your organization. Because of this transparency, consumers can make better-informed decisions. Consequently, they are more likely to conduct business with your company.
With comprehensive product data management software at your organization’s core, you can easily share information across the supply chain and create awareness about new products or product lines. This is especially beneficial for mid-sized businesses constantly looking for innovative ways to advertise and promote their products.
Endless Opportunities to Optimise Business Processes
With the right software, you can make data-driven decisions to improve efficiency and increase earning potential within your food business. For example, you can discover which ingredients add value to your existing product line without sacrificing the selling price. This is possible by comparing sales data to product information.
Product Master Data is another time-effective tool that you can benefit from. It automatically updates product information depending on their status, like the changes in demand or price of certain items are adjusted, which reduces manual work and makes it easier for everyone to share data from one system.
By having predefined rules for what to do with product information in given circumstances, business owners can cut down on time to complete routine tasks and focus more on strategic decisions that matter for their company growth.
PIM also offers advanced Product Master Data Reporting capabilities, which allow you to analyze where changes come from and when they were done so that companies can further improve processes and guess key success factors such as demand, supply, or pricing.