A new study from Accenture reveals significant economic benefits for FMCG suppliers working with accurate product information.
Lack of data quality means costs, but what about the profits? Retailers can quite easily calculate the value of quality assured product information by measuring the efficient business processes that occur.
Supplier companies, on the other hand, recognize that data quality affects both the efficiency of the supply chain and their digital business, but may find it harder to see how profits should be calculated.
2.5 billion in revenue per year
A new study from Accenture has examined the economic benefits of Validoo – seen from a supplier perspective. And the value is considerable: For Swedish suppliers in the FMCG industry, Validoo’s services annually mean:
- 2.5 billion SEK (1.3%) in increased revenues
- 1.5 billion SEK (2-5%) in reduced costs
SOURCE: ACCENTURE, GS1 VALUE PROPOSITION FOR FMCG SUPPLIERS, 2016.
Poor data quality costs money in the processes.Magnus Nordin, CEO at Nestlé Sweden
– We already know that poor data quality costs money in the processes. We are also aware that Validoo’s services help us streamline, but it is pleasing to now also be able to calculate the profits, says Magnus Nordin, CEO of Nestlé Sweden.
As commerce digitizes, more people realize that the product information they work with on a daily basis is a valuable asset that affects both consumer trust and what is on the last row of the annual report.
- Same information for multiple and new channels
- Better product information and images displayed to consumers
- Increased customer trust
- Increased in-store product availability
- Reduced waste due to fewer errors in the information
- Reduced manual work with invoices
- Faster product recalls
- Easier administration and less errors when publishing information