Read any study from Gartner, SAP Benchmarking, and alike. Retailers understand the benefits of high-quality data. For years retailers attended conferences like NRF and SAPPHIRE NOW being promised a bright future by analytics and promised competitive advantages with smart solutions and lately Machine Learning (ML) and IoT.
All the above mentioned ‘fancy’ features have one thing in common – they rest on not just “good” data, but GREAT data.
Former client indicated that their Business Intelligence (BI) department spends on average, 15% of their time correcting incorrect data. This data cleansing rework stems from inaccurate master data finding its way into the DW systems. Without the cleanup, the best-case scenario is analytics tools are not delivering the promised results. Worst case scenario, the analytics based on insufficient data are leading companies down a deleterious path.
There is ‘a new game in town‘ allowing retailers to take a proactive approach to master data. This solution enables you to address the master data quality upfront before the item is created in your ERP system. SAP Master Data Governance for retail and fashion management (MDG-RFM) is a tool that can help you get your data in order. Regardless if you are in Grocery, Fashion, Pharmacy, or a DIY retailer, you can (and must) rely on high-quality master data to run your business.
MDG-RFM helps you govern your data and provides a suite of tools to help you in the process of maintaining the article master:
- Mass processing capabilities for efficient data processing supporting article create, change and the listing processes; including smart features for mass update and separate processing for erroneous items
- Upload vendor files directly into MDG-RFM for the enrichment of logistics data
- Business rules to support the validation or automation of data entry
- Data pool (GS1)* allowing the subscription
- Workflow to ensure that only the right people will be processing the correct data; different workflows allow for optimized processing
Master data may not be the most exciting focus area and what is on the top of the wish list for directors, VP, and the C-suite members but without useful data, you cannot realize the full potential of the ML, IoT and analytics investment.
To learn more about Utopia's full suite of solutions for the Retail, CPG and Wholesale Distribution Industries, click here.
*Expected solution release: Q3 2019