Globally, the markets for consumer packaged goods are becoming increasingly competitive with rising pressure on margins and delivery times and the need to accurately label product ingredients and sources. Manufacturers of consumer goods have to manage extensive amounts of information relating to their products, which is often required in multiple languages. A central MDM solution will give these companies control and real-time access to accurate data throughout the digitized supply chain, and increase time to market. At the heart of all these challenges is data, but if companies fail to manage it properly, they will encounter numerous problems.
1
Consumer goods manufacturers need tight control over the formulas, recipes, ingredients, labeling, and specifications relating to their products to ensure quality and accuracy.
Central management of master data and product information allows the creation of a golden record of accurate and consistent information available in real time.
2
All this product information must be coordinated and shared across departments and sales channels. With no central system to manage it and establish a single source of truth, consumer goods companies can quickly lose control of their data.
The golden record can be accessed by the various stakeholders in the supply chain. In addition, the MDM solution allows the same information to be syndicated to multiple online sales channels at once.
3
Lack of control over information results in inconsistent and inaccurate data as well as errors and delays in shipping, for example.
By managing data centrally and establishing a single source of truth, CPG manufacturers ensure that accurate information is shared throughout the supply chain, reducing errors and delays.
4
To stay ahead of the game, companies in the CPG industry need to drive forward their digital transformation and ramp up their e-commerce activity. If they are unable to adapt to changes in consumer behavior and create new products quickly, they will lose market share.
Through the central storage of product information, manufacturers can design and develop new products more quickly, with the involvement of supply chain partners, and bring them to market faster. Further adding to the customer experience and boosting sales, Viamedici integrates guided selling with PIM, so customers can personalize and order products online to suit their needs.
5
Regulatory compliance is becoming an increasingly dominant topic, companies in the CPG industry need to comply with regulations and legislation such as the American Food Safety Modernization Act (FMSA) must be ensured.
Our centralized platform enables companies to manage all of this regulatory information and, thanks to transparency, take steps to respond to problems that arise with their products, such as by initiating product recalls.
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