Help
  • Get started
  • Ask the Community
  • How-To & Best Practices
  • Contact Support
Login / Register
Brand Logo
Help
  • Get started
  • Ask the Community
  • How-To & Best Practices
  • Contact Support
close
  • Community Home
  • Forums
    • By Topic
    • By Topic
      EcoStruxure Building
      • Field Devices Forum
      • SmartConnector Forum
      EcoStruxure Power & Grid
      • Gateways and Energy Servers
      • Metering & Power Quality
      • Protection & Control
      APC UPS, Critical Power, Cooling and Racks
      • APC UPS Data Center & Enterprise Solutions Forum
      • APC UPS for Home and Office Forum
      EcoStruxure IT
      • EcoStruxure IT forum
      • EcoStruxure IT™ Advisor CFD
      Remote Operations
      • EcoStruxure Geo SCADA Expert Forum
      • Remote Operations Forum
      Industrial Automation
      • Alliance System Integrators Forum
      • AVEVA Plant SCADA Forum
      • CPG Expert Forum DACH
      • EcoStruxure Automation Expert / IEC 61499 Forum
      • Fabrika ve Makina Otomasyonu Çözümleri
      • Harmony Control Customization Forum
      • Industrial Edge Computing Forum
      • Industry Automation and Control Forum
      • Korea Industrial Automation Forum
      • Machine Automation Forum
      • Modicon PAC Forum
      • PLC Club Indonesia
      Schneider Electric Wiser
      • Schneider Electric Wiser Forum
      Power Distribution IEC
      • Eldistribution & Fastighetsautomation
      • Elektrik Tasarım Dağıtım ve Uygulama Çözümleri
      • Paneelbouw & Energie Distributie
      • Power Distribution and Digital
      • Solutions for Motor Management
      • Specifiers Club ZA Forum
      • Електропроектанти България
      Power Distribution NEMA
      • Power Monitoring and Energy Automation NAM
      Power Distribution Software
      • EcoStruxure Power Design Forum
      • LayoutFAST User Group Forum
      Energy & Sustainability Services
      • Green Building Scoring and Certification Forum
      Light and Room Control
      • SpaceLogic C-Bus Forum
      Solutions for your Business
      • Solutions for your Business Forum
      Support
      • Ask the Community
  • Knowledge Center
    • Building Automation Knowledge Base
    • Remote Operations Devices Knowledge Base
    • Geo SCADA Knowledge Base
    • Industrial Automation How-to videos
    • Digital E-books
    • Success Stories Corner
    • EcoStruxure IT Help Center
  • Events & Webinars
    • All Events
    • Innovation Talks
    • Innovation Summit
    • Let's Exchange Series
    • Partner Success
    • Process Automation Talks
    • Technology Partners
  • Ideas
    • EcoStruxure Building
      • EcoStruxure Building Advisor Ideas
      Remote Operations
      • EcoStruxure Geo SCADA Expert Ideas
      • Remote Operations Devices Ideas
      Industrial Automation
      • Modicon Ideas & new features
  • Blogs
    • By Topic
    • By Topic
      EcoStruxure Power & Grid
      • Backstage Access Resources
      EcoStruxure IT
      • EcoStruxure IT™ Advisor CFD
      Remote Operations
      • Remote Operations Blog
      Industrial Automation
      • Industrie du Futur France
      • Industry 4.0 Blog
      Power Distribution NEMA
      • NEMA Power Foundations Blog
      Energy & Sustainability Services
      • Active Energy Management Blog
      Light and Room Control
      • KNX Blog
      Knowledge Center
      • Digital E-books
      • Geo SCADA Knowledge Base
      • Industrial Automation How-to videos
      • Remote Operations Devices Knowledge Base
      • Success Stories Corner
  • companyImpact

Important Announcement: Community Back to Full Functionality

Dear Members, we are thrilled to announce that our Community is back to full functionality and that posts publication is now enabled again! We appreciate your patience during the last weeks. Learn more about our Community Guidelines. Thank you, Schneider Electric Community Team.

Is product data the new oil in the Consumer Packaged Goods industry?

Solutions for your Business Forum

No matter if your business is in the retail sector, food manufacturing, or healthcare, you'll find resources and a community of experts to discuss with on content tailored to your industry sector. Subscribe today.

cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Show  only  | Search instead for 
Did you mean: 
  • Home
  • Communities
  • Solutions for your Business
  • Solutions for your Business Forum
  • Is product data the new oil in the Consumer Packaged Goods industry?
Options
  • Subscribe to RSS Feed
  • Mark Topic as New
  • Mark Topic as Read
  • Float this Topic for Current User
  • Bookmark
  • Subscribe
  • Mute
  • Printer Friendly Page
Invite a Co-worker
Send a co-worker an invite to the portal.Just enter their email address and we'll connect them to register. After joining, they will belong to the same company.
You have entered an invalid email address. Please re-enter the email address.
This co-worker has already been invited to the Exchange portal. Please invite another co-worker.
Please enter email address
Send Invite Cancel
Invitation Sent
Your invitation was sent.Thanks for sharing Exchange with your co-worker.
Send New Invite Close
Top Experts
User Count
Chris_Roberts
Lt. Commander Chris_Roberts Lt. Commander
5
Yves_Renaud
Lieutenant JG Yves_Renaud Lieutenant JG
2
Scaime
Ensign Scaime
1
Mahendra
Lieutenant Mahendra Lieutenant
1
View All
Related Products
product field
Schneider Electric
EcoStruxure™ Traceability Advisor - PIM

Invite a Colleague

Found this content useful? Share it with a Colleague!

Invite a Colleague Invite
Back to Solutions for your Business Forum
MClotteau
Lieutenant MClotteau Lieutenant
Lieutenant

Posted: ‎2020-03-03 04:05 AM . Last Modified: ‎2022-06-23 09:34 PM

2 Likes
0
1050
  • Mark as New
  • Bookmark
  • Subscribe
  • Mute
  • Subscribe to RSS Feed
  • Permalink
  • Print
  • Email to a Friend
  • Report Inappropriate Content

Link copied. Please paste this link to share this article on your social media post.

Posted: ‎2020-03-03 04:05 AM . Last Modified: ‎2022-06-23 09:34 PM

Is product data the new oil in the Consumer Packaged Goods industry?

 

We have seen in my previous post, In product data, we trust: the need for a “centralized digital version of the truth” for packaged pr..., the urgent need for Consumer Packaged Goods manufacturers and retailers to collect correct, qualified and complete information to position the products in top search results, to increase the visibility on e-commerce platforms, and to deliver product transparency for consumer’s buying decision.

 

Additionally, intelligent packaging will enable whole supply chain visibility thanks to QR codes and serialization technology, but this also requires full product data information to be accessible. Consumer Packaged Goods companies manage a huge amount of product information but are often siloed and not well maintained or managed within the organization.

 

Altogether, it leads to the need for a “centralized digital version of the truth” for products and a near-real-time synchronization so that all channels have current and updated information, based on a retailers’ and manufacturers’ collaborative approach towards standard product data attributes.  

 

 

But what happens if we do not have a trusted centralized digital version of the truth? 

 

In this context, retailers and manufacturers may need to face the following risks:

 

  •       Lost revenue and consumer’s satisfaction

 A poor, missing, or incorrect item descriptions and photos will move consumers to find another item, or abandon their carts and switch to another retailer, or return their online purchases, directly attributable to the consumer not receiving what they expected.

 

 

  •       Error handling

blog-2-image-1.jpg

 

30% of the SKUs contains data inaccuracies, causing invoices to be rejected, products not listed and a significant amount of manual effort correcting data errors and omissions on both retailers and manufacturer side.

 

 

  •       Website traffic and search engine optimization

Sub-optimal or incomplete attributes will prevent products to appear in the top search results, reducing buying opportunities.

 

According to Capgemini, retailers are at a different level of maturity regarding product data requirements: some of them already require more regulated categories of attributes such as certification, allergens, and usage instructions. But, generally, few of them ask for advanced information, such as pricing details, special offers or available promotions, though best-in-class solutions already exist in the market able to manage the pricing.

That means, that manufacturers should choose a solution that handles the different levels of maturity and requirements from retailers.

 

 

The Three Imperatives: Data Storage, Data Quality, and Data Sharing

 

 

In order to start building a trusted centralized digital version of truth for product information, manufacturers and retailers should consider meeting those three imperatives:

 

 

  1. Data Storage

For retailers, the ownership of product content generally belongs to several functions, including supply chain, category management, and marketing.

 

Historically, product attributes for CPG companies are “owned” by the supply chain, with marketing enrichment handled as a separate process. E-commerce teams are increasingly playing a leading role in aggregating content from the multitude of internal and external sources. However, this resulted in a siloed channel perspective, resulting in duplication of effort and duplicate content creation, lack of agility, slower time-to-market, and inconsistent consumer experience across channels.

 

 

  1. Data Quality

The growth in the number of SKUs from sub-brands, regional promotions, and product diversification has made the number of products that need basic product information a “mile wide.” Consumer demand has exponentially increased the need for deeper and more detailed data, both structured and unstructured. Companies are being asked to go a mile wide and a mile deep on product information, significantly increasing the level of complexity.

 

There are increasing industry-driven data quality initiatives facilitated by industry bodies such as GS1. To achieve high-quality product data, companies will need to change the business processes that deal with it. Legacy systems currently in place have been developed for traditional retail processes and are not fit for new business models, and high volumes of data.

 

 

  1. Data Sharing

CPG companies and retailers today procure Product Information from a combination of sources and channels that include GS1, image pools, data pools, and third-party providers.

 

Furthermore, multiple data sharing mechanisms coexist including Excel files, portals, forms, and unstructured emails, causing errors and calling for management of data redundancy and synchronization. 

 

PIM (Product Information Management) solution, the centralized digital version of truth for retailers and manufacturers

 

As seen previously, to answer the challenges faced by retailers and manufacturers, a Product Information Management solution is the “single robust source of truth and trust” for the product information across their supply chain.

 

blog-2-image-2.jpg

 

To answer the imperatives from the eCommerce, a robust PIM solution with Digital Asset Management (DAM) capabilities is often a pre-requisite for a successful digital commerce business operation enabling to store digital assets in a central repository and distribute them to various channels.

 

Further benefits of a Product Information Management (PIM) solution include: 

  • Real-time and increased collaboration between various internal and external stakeholders (retailers and manufacturers).
  • Integration across various existing business systems (such as Manufacturing Execution System, Customer Relationship Management solution, Enterprise Resource Planning, …) for an end-to-end approach.
  • Reducing returns thanks to better product content and attribute information.
  • Improving the consumer experience by enabling better product information from the manufacturer and retailers’ side.

And finally, in order to cope efficiently with specific retailers’ requirements (from example pricing and promotions) and the increasing number of attributes, a cloud-hosted PIM solution helps manage the growing omnichannel challenges by:

 

  • Combining and synchronizing data from a growing number of sources including those related to the manufacturing of the product.
  • Providing interoperability and modularized handling of data.
  • Managing unique product content as required by each channel and ensuring data consistency across all channels.
  • Handling and integrating unstructured product data.

 

In conclusion, PIM (Product Information Management) and DAM (Digital Asset Management) solutions bridge the product information gap between sources and consumers, enabling CPG companies to better succeed in today’s omnichannel reality.

 

Originally published on SE Blog 

Labels
  • Labels:
  • Food & Beverage
  • Tags:
  • consumer packaged goods
  • e-commerce
  • food and beverage
  • product data
  • product information management
  • supply chain visibility
Reply

Link copied. Please paste this link to share this article on your social media post.

  • All forum topics
  • Previous Topic
  • Next Topic
Replies 0
To The Top!

Forums

  • APC UPS Data Center Backup Solutions
  • EcoStruxure IT
  • EcoStruxure Geo SCADA Expert
  • Metering & Power Quality
  • Schneider Electric Wiser

Knowledge Center

Events & webinars

Ideas

Blogs

Get Started

  • Ask the Community
  • Community Guidelines
  • Community User Guide
  • How-To & Best Practice
  • Experts Leaderboard
  • Contact Support
Brand-Logo
Subscribing is a smart move!
You can subscribe to this forum after you log in or create your free account.
Forum-Icon

Create your free account or log in to subscribe to the forum - and gain access to more than 10,000+ support articles along with insights from experts and peers.

Register today for FREE

Register Now

Already have an account? Login

Terms & Conditions Privacy Notice Change your Cookie Settings © 2023 Schneider Electric, Inc