1WorldSync and Clavis Insight Perform Comprehensive Data Quality Benchmark Study
Lawrenceville, NJ (PRWEB) December 19, 2014 -- 1WorldSync, the leading product information network and data pool solutions provider, partnered with Clavis Insight, the leader in online retail store analytics for Consumer Packaged Goods (CPG) brands, today announced the results of a comprehensive Data Quality Benchmark Study of more than 4.5 million Global Trade Item Number (GTIN) records in the Global Data Synchronization Network (GDSN).
The benchmark study, performed in September, used over 35 data quality validation checks to analyze nearly 30 percent of the GTINs in the GDSN. The results revealed that while overall data quality in the GDSN is good, there are substantial opportunities for brand owners and data providers to make improvements to data completeness and data consistency. This could yield vast improvements in business-to-business (B2B) collaboration, and ultimately with consumers via omni-channel commerce.
“Initial reports indicate that online sales from Black Friday weekend hit an all-time high of $3.73 billion,” explained Dan Wilkinson, chief commercial officer, 1WorldSync. “With the online holiday shopping season now fully upon us, the completeness, consistency, and accuracy of product data becomes of paramount importance to both manufacturers and retailers.”
Analyzing the data together, 1WorldSync and Clavis Insight worked to identify the areas most impacted by poor data quality. These areas are as follows; Order Management, Transportation and Logistics and Regulatory Compliance. “Data quality is always important. When it comes to collaboration between trading partners, however, it takes on an even greater significance,” said Garry Moroney, chief executive officer, Clavis Insight. “Identifying the depth of the problem is the first step to solving it, that’s why we are working with 1WorldSync on this initiative for manufacturers and retailers to quickly identify and address their product information quality issues.”
1WorldSync and Clavis Insight also worked together to identify the root causes of poor data quality. These areas are as follows; Inadequate data governance processes, lack of adherence to GS1 Standards and inadequate systems and tools. “Based on the outcome of the study and our collaboration,” explained Wilkinson, “1WorldSync and Clavis Insight are committed to working directly with manufacturers and retailers to help them improve their processes while adopting GS1 data standards into the supply chain. This will help to improve trading partner collaboration, and will drive noticeable improvement in the quality of data in the entire supply chain, all the way to the consumer.”
About 1WorldSync
With more than 15,000 customers across 54 countries, 1WorldSync is the leading product information network and data pool solutions provider, certified within GS1 Global Data Synchronization Network™ (GDSN®). 1WorldSync solutions and services enable businesses to exchange product information across their buy and sell side trading partner communities, via a single cloud based platform – with solutions including Supply Chain Enablement, Product Risk & Compliance, and Omni-Channel Commerce. 1WorldSync is jointly owned by the member organizations of GS1 Germany and GS1 US. GS1 is the preeminent organization for the development of global standards, for identifying, capturing and sharing product information.
About Clavis Insight
CLAVIS INSIGHT is the leading provider of cloud-based Online Retail Store Analytics and Data Quality Performance Management solutions for suppliers, retailers, and data aggregators in the consumer packaged goods sector. Our Data Quality solution measures and monitors Data Quality performance at every stage in the retail supply chain enabling manufacturers to deliver high quality data in support of key initiatives such as product development, supply chain effectiveness and online & off-line sales.
Our Online Retail Store Analytics solution is used by nine of the global top 10 consumer packaged goods manufacturers to analyze their products’ placement, portfolio and content integrity in the fast growing digital channel. The insights delivered enable brands to optimize their digital channel distribution, content and presentment, in order to protect brand integrity online and grow sales.
Brianna Feeney, 1WorldSync, http://www.1worldsync.com, +1 (609) 620-8069, [email protected]
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