According to Veritas, only 15% of data out there can be classified as Business Critical Information. This excess data could cost $3.3 trillion in storage and management by the year 2020. The reason why so much of this data is unaccounted for is partly due to a lack of common protocol or language. Global Data Synchronization Network, or GDSN, is the emerging standard in the way business-critical data is handled. If you are a supplier, you need to start taking steps to become GDSN-compliant to ensure the data of those you are trading with is secure.
Let’s run down what you should know about GDSN, what it is, and how it affects your relationship with clients.
What is GDSN?
The Global Data Synchronization network is a collection of data pools in conjunction with a Global Registry. This network provides a standard level of certified data, which can be audited, identified, captured, shared, and used under one system. This prevents issues with translations, syncing, and tracking of products and services.
A good example of how GDSN is being used can be found in the healthcare industry. GDSN creates standard data tables, which allows hospitals to access and update in real time. This reduces the number of errors in orders placed on vital tools, such as surgical tools, medical devices, and timely delivery of drugs. The margin of error is razor-thin for the healthcare industry, and GDSN has solved major problems with outdated, redundant and unknown data management systems.
Developments in the GDSN
GDSN started with humble beginnings of creating a standard with the core item attribute data sync service. It has expanded its capabilities into the food & beverage industry along with healthcare. The needs and demands of reliable sync data have grown tremendously. Digital services, including cloud storage, have played a part in its expansion. Now, these data pools must incorporate more digital pairing services, among other product data syncing projects. These are just a few examples:
Improved Product Details
Each product can have a combination of flags and sub-info, such as active ingredients, allergens, off-label usage, and more.
More product details allow for improved compliance with government regulations. Consumer packaged goods can be updated faster and with greater accuracy. A good example is the recent FDA nutritional labeling requirements that go into effect in 2020.
Suppliers who deal with different industries can adapt their data pools to different industries. This is a huge cost and time-saver and will change how business is conducted.
Safety and Trust
Utilizing a set standard for mater data management will instill trust among all levels of the supply chain, from client to consumer.
Speed of Development
The time it takes to roll out updates and execute data synchronization projects will improve greatly. Less time spent developing new projects means faster launches and qualitative testing.
Now that we have a good understanding of what GDSN can do for your business, it’s just a matter of deciding who to choose for GDSN management. Thankfully, that choice isn’t too difficult, as all GDSN-compliant data management providers can share data with each other. Competition is ramping up in the field of GDSN providers, so it’s a good time to take advantage of flexible rates and pricing options.
Data management services are typically divided into contract fees, usage rates, and maintenance fees. Each service provider has their own pricing structures that coincide with the level of GDSN access and length of the contract. You will need to decide which provider has the best services for your industry and product needs. An experienced provider will double as a consultant and business planner, allowing you to expand without compromising on data synchronization.
Cloud-Delivered Managed Service
You can have your cake and eat it too with cloud-delivered GDSN. Everything you need from a data management system without expensive investments in hardware and software or staffing. These self-contained networks provide the power for all transactions, trades, and data synchronization 24/7. Say goodbye to downtime and slow updates on product identification, location, and purchasing information. Cloud-delivered services can save you from expensive overheads and expensive delays. Get your products on the shelf faster, without stoppages from invoices or having to resolve discrepancies in orders. Take this technology and apply it to your outsourcing logistics for even greater improvements in efficiency.
Solving Complex Problems
Consider the GDSN arrangements offered by a supplier. Does their item offering address every one of your issues or will you be compelled to get different managers to meet your objectives? Will they focus on their worldwide dealers or SME? Is it just one or multi-industry experienced? Does their GDSN arrangement need additional help getting into your current IT framework or is it facilitated remotely on a PC? What sort of auditing choices do they offer? Have they put resources into creating and expanding their own software or are they trading with another provider’s?
Ultimately, as with any organization you’re thinking about working with, research their services. Request to contact current customers to find out about their satisfaction with the service, overall. Try to ask for customers who are in the same industry as you are for the most relevant data comparisons.
The Future is with GDSN
The sky is the limit as to just how much GDSN can improve trade and business-critical information. As we mentioned at the beginning of this article, there is too much waste surrounding data management. Most of what is out there is unaccounted for and eating up precious resources. Being able to streamline, standardize, and share data seamlessly allows businesses and trading partners to reach their full potential. Being able to ensure accurate, relevant, and detailed master data starts with GDSN certification.
If you’re interested in adopting this new standard in data management, try Innovit today. You can schedule a free demo to see exactly how Innovit can transform the way you do business. We’ll let the data speak for themselves.