We hear about all kinds of exciting technologies that can unlock amazing new capabilities in the supply chain. Generative Artificial Intelligence (AI), two-dimensional barcodes (2D), and Radio Frequency Identification (RFID), for example, all tantalizingly tease use cases such as: predictive analytics used to right-size ordering and solve on-shelf availability issues; enhanced freshness management that saves countless person hours; precision recalls; and—perhaps most exciting—a breakthrough in engaging consumers with value-added information. But everything collapses if not built on a foundation of trusted data that is readily accessible to all the parties across the supply chain who need it.
The Foundation of Trusted Data
High-quality data drives a modern supply chain. Trading partners define quality data as being accurate, complete, timely, consistent, and synchronized.
- Accurate: The data is aligned with how it is used by trading partners. For example, the data provided matches the product label.
- Complete: Trading partners need a variety of data elements for different business processes or decision-making purposes.
- Timely: Data should be as real-time as possible in order to keep up with the speed of commerce.
- Consistent: Trading partners using multiple data sources need data with consistent core information.
- Synchronized: Ensuring that data stays up to date and synced to all the places accessible to trading partners is essential to collaboration.
A critical step in ensuring data quality is to set up identifiers and associated attributes correctly from the outset. This foundational work ensures that every product, transaction, and movement within the supply chain can be tracked with precision.
Accessibility and standardization are equally important. Data must be readily available to all relevant parties, from manufacturers to retailers. Standardized data can be interpreted and used regardless of specific systems employed by trading partners. It allows for seamless data sharing and coordination and reduces the risk of errors.
Benefits of Quality Data Across Trading Partners
Quality data enhances collaboration between brands and retailers and boosts efficiency. When data is accurate and accessible, it fosters better communication and coordination, leading to more-efficient operations. For instance, high-quality data can help right-size ordering and help ensure that shelves stay full without overstocking or understocking.
Registries of high-quality data, such as the GS1 Registry Platform, play a vital role in instilling consumer and trading partner trust. GS1 Standards provide a common language for identifying, capturing, and sharing supply chain data, helping to prevent counterfeiting and ensure product authenticity and traceability. When brands and trading partners use this common language to ensure high-quality data about products, the registry can be used to verify critical information. For example, when a business starts selling online, the e-commerce platform’s ability to verify the product’s brand owner enables them to ensure consumers get what they paid for. Ultimately, this instills consumer confidence.
Setting Up for Success
Due diligence is essential for brands in setting up identifiers and attributes correctly. This process involves careful planning and attention to detail to ensure that the data is complete and accurate from the start. Companies could benefit from investing time and resources into this foundational work to reap the benefits later.
Then, ensuring that their product data is synced with the GS1 Registry Platform plays a crucial role in connecting brands and retailers. It offers a centralized source of accurate data that all parties can access. This connectivity enhances collaboration and ensures that everyone is working with the same information.
Verification methods are also critical in maintaining data integrity. Techniques such as serialization and blockchain can help verify product authenticity and prevent counterfeiting. These methods add an extra layer of security and trust to the supply chain.
The Power of Data
High-quality data is the backbone of the modern supply chain. Without it, even the most advanced technologies and innovations cannot deliver their full potential. Prioritizing data integrity and accessibility can help businesses fully leverage emerging technologies and, ultimately, stay competitive. By doing so, they can unlock new capabilities, enhance efficiency, and build trust with consumers and trading partners. The future of the supply chain depends on the strength of its data foundation.
