The Real Cost Of Inaccurate Data?

A new white paper, co authored by Professor Alan Braithwaite, estimates that data inaccuracy among the top five retailers and their suppliers is costing as much as £1.4 billion per year – one per cent of total revenue, and a considerably higher figure than previously estimated.

The paper sets out eight key steps to secure the benefits of high levels of accuracy:

1. Measure actual performance – continuously.
2. On physical dimensions, use equipment like CubiScan to capture missing data on goods receipt.
3. Monitor and analyse data adjustments.
4. Set up a perpetual audit process.
5. Apply the framework to identify value potential and focus on the big opportunities.
6. Systematically improve Processes to manage input.
7. Build six sigma accuracy into cross-functional KPIs and make data quality everyone’s responsibility.
8. Automate data alignment where possible.

With its built in reporting functionality OpenEDI has enabled suppliers to automate their data transfer and upload product file data, price file catalogues, inventory reports, sales reports.  This total supply chain EDI enablement means that clean, accurate data is sent and received instantly allowing retailers and suppliers better visibility of stock, instant knowledge of order/delivery quantities and correct allocation of warehouse and shelving space.

Contact Transalis now to find out how we are changing the way companies communicate.

For the full article please check the link below:

http://www.logisticsmanager.com/Articles/14171/Data+inaccuracy+costs+retail+14+bn.html?IBE=LMDaily