6 questions to detect product data issues

The volume of digital information doubles every year and this also applies to product information. In addition to the faster arrival of new products to the market, the information about each product itself becomes more voluminous – for example, consumer awareness, health, social and environmental requirements have added a large amount of product information, without which it is impossible to sell successfully, especially in e-commerce.

We urge you to ask six questions to find out whether there are problems with your product data.

1. Are your product data sources synced?

As a company grows, so does the number of people and entities that create and use product information. If the gap between these people widens as the organization grows, the data often becomes isolated, meaning that they are not in sync with each other and do not have the same correct overall information.

2. Can product data quality be a competitive advantage?

Supply chain efficiency can be increased through smarter decisions and process automation. Data processing could soon be done by artificial intelligence (AI), providing even more competitive advantage. However, product data quality in many companies today  is so poor that they would not be able to use AI. Therefore, ensuring good product data quality is one way to competitive advantage. 

3. Have you experienced a cyber attack?

In Europe, nearly 50% of companies fall victim to cyber-attacks every year and the rate is  increasing, expected to reach 66% in the coming years.

Could your product information be an attractive target? Can a cyber attack destroy your product information?

4. Who is responsible for product information security in your company?

Many companies have outsourced data management as a cloud service and expect that this ensures the security of all data. (Source: Veritas) In reality, cloud service does not automatically guarantee security, but the secure storage and exchange of product information remains the responsibility of the company. Thus, ensuring the security of product information requires the conscious behavior of all employees.

5. Does your company meet the requirements of the GDPR?

In the Baltic States, violations of the requirements of the GDPR (General Data Protection Regulation) have not yet been taken very seriously. Internationally, it is estimated that fines for violating these requirements could soon reach 4% of companies’ annual turnover.

6. Do you have enough storage space for your data?

Data volume as a whole is growing, and so is the amount of digital waste. Studies show that more than 50% of the files stored are of unknown origin, i.e. no one knows who saved the file and why, and therefore cannot use it. It would be sad to find out that you have misplaced or lost your valuable product data because of inadequate data storage capacity. 

We hope that these questions helped you think about the quality of your product information and highlighted options to reduce risk or gain a competitive advantage.

Quality of your product information can be increased with Telema PDS (Product Data Sync) – a solution that allows wholesalers, distributors or manufacturers to create, store and administer their product data and share it with retailers.

The development of Telema PDS is supported by the European Regional Development Fund through the Interreg program.