Surviving in business is a lot easier when the customers, partners and the suppliers have many things in common. Practically, it has been seen that each of them do the things in their way. However, these differences help the organization to define its identity. This is where the GSI can be helpful. The ability to identify, share and capture vital information is essential to achieve success. Their fixed standard helps them achieve the common goal even if they work with enterprises of different types. Though competition is vital in running any business, cooperation also plays a significant role. Success can be achieved only if they work together as per the agreed standards to meet the set goal.
Role of Master Data Management in foodservice
The foodservice industry is evolving rapidly. New rules and regulations along with the rising demand of the customer create such an environment that depends on factors like collaboration and complete, accurate data. Attribytes helps foodservice distributors, suppliers, manufacturers and retailers to gain a competitive edge with master data management (MDM) software and product information management (PIM). Both of these are uniquely designed to meet the needs of the challenges of the food industry. By implementing the foodservice analytics, they can now offer you a centralized view of the product information and data. This helps the foodservice organizations to achieve the standards set by the GSI like:
- Improving the completeness and accuracy of product information – MDM serves as an excellent record of product information that ensures the accuracy and consistency of data across all domains.
- Minimizing waste with improved efficiency in business – All data managed in any business right from sales and marketing to supply chain management uses the same data from the shared pool to effectively run the business.
- Using traceability to ensure food safety – The MDM software captures everything about the product right from attributes, events, relationships, etc. This proves to be helpful for any business.
- Maintaining clear communication throughout the supply chain – MDM helps in improving the transparency and communication all through the supply chain.
Importance of foodservice analytics
Be it any industry, generating new business is always important. One of the effective ways to do this is by making use of the internal customer database and up-selling the existing customers with new services and products. As per the marketing strategies, it has always been cost-effective to sell to the current customers rather than to the new customers. However, to use the existing database, you first need to understand the data and find the possible leads. This is exactly where foodservice analytics comes into the scene. It’s the perfect tool that will help you identify not only your genuine best customers but also find the new ones. In today’s market, you will come across several business intelligence programs that promise to help the foodservice industry professionals identify the prospects while buying the products for your organization and also help you in anticipating the needs of your current and future customers.