Further, the neural data can be divided into three groups that include the core product data, category specific data and the target market data (Deek, Tommarello & McHugh 2003, p. 357). The core product data entails the features that apply to all products for instance, the brand name or description. On the other hand, category specific data involves the features that apply to a particular product such as the colour. The target market data involves data characteristics of a particular product found in the market for instance, the packaging indicators used by a country.
The second form of data known as relationship dependent data denotes the characteristics of the terms bilaterally agreed upon by the trading partners such as the marketing conditions or logistics agreements (Deek, Tommarello & McHugh 2003, p. 361). 2.2 At present, various business entities such as the manufacturers, retailers and distributors are now considering the need to update the management of their internal data. This is meant to improve consistency with regard to the internal and external data, and also process integration. For example, most firms are adopting enterprise data management and this advancement is important in making continuous electronic data synchronisation a reality.
With a globalised data synchronisation, businesses will be able to gain more benefits related to trading partner collaboration. On another note, since the 1990s, data synchronisation has undergone much improvement and at present, business entities such as retailers, distributors and manufacturers are responding positively with regard to embracing GDS (Deek, Tommarello & McHugh 2003, p. 368). For instance, by 2004, averagely 83% of companies engaged in the packaging of consumer goods had already embraced the GDS.
On the other hand, approximately 67% during the same period were contemplating the idea of synchronizing their item data. However, it is noticeable that most firms still need to put more effort in terms of working towards GDS. Conversely, a number of retailers are engaging in advancing the GDS vision in terms of issuing mandates. For instance, Albertsons set January 2004 as the deadline for its suppliers to provide product information using electronic means. Initiatives such as this set by firms’ plays a role in improving standards and expanding GDS respectively (Poirier 2004, p. 15). 2.3 In the present global business, business partners are embattling high costs because of problems with master data.
This includes information inefficiencies with regard to the supply chain and inaccuracy of data when undertaking transactions.
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