We know that resolutions are traditionally made in January, but let’s change the narrative. Just because we’ve said goodbye to the first month of the year, who says we cannot keep making resolutions for a better 2022? Not us! With that being said, we have a few resolutions for product data management that can be a game-changer for small businesses in this ever-so-competitive ecommerce world!
So, let’s get into the resolutions you need to make this year.
Resolution 1#: Data needs to be centralized
First things first, make sure your product information, or any important data for that matter, is easy to locate. Data stored in various locations is a breeding ground for disasters—and by disasters, we mean data silos, inaccuracy, outdated data, and missing data. This not only wastes time and limits the ability to correctly forecast and report, but it can also cost you a fortune! When your data isn’t centralized, there is a high(er) chance of it having issues that will cost you millions.
According to the research firm Gartner, a survey shares that bad data management has cost companies, on average, $14 million a year. The study further explains how bad data can affect your business in a number of ways:
- Miscalculating manufacturing demands
- Having incorrect customer information
- Making poor decisions based on poor data
But when you centralize data, you’ll have reusable data that you can share, and ensure a more productive workflow within the organization.
Resolution 2#: Data needs to be easily accessible to teams
Data management is no longer a one-person's job, and if it’s been like that in your company, then 2022 is the time to change this. Data governance is a huge part of ecommerce, even for SMBs, and shouldn’t be taken lightly (which is why data management, an important component of data governance, needs to be a team effort). Most companies are dealing with big data, which gives you a competitive advantage. If used correctly, data will give you an in-depth understanding of;
- Your unique customer audience/s
- Your customer preferences
- How your customers interact with your company and your product
So, if data holds so much power, then why is it only one person's job?
Data management is a huge undertaking and can result in discrepancies and errors. When working with data, collaboration is key and you’ll see the proof in the pudding when you can make informed decisions based on factual data.
A number of studies have also shown that collaboration can increase performance. These studies have also proven better engagement levels, lower fatigue levels, and a high success rate when working together on data.
Resolution 3#: Back up your data for governance purposes
Backing up valuable resources (data) should be a no-brainer. Customer data needs to be safeguarded because if not, it can have serious implications. Data breaches won’t only affect your business financially but can result in customers losing trust in you, which is the worst thing to happen to a business.
However, there are still a number of businesses, particularly SMBs that don’t back up their data. This is concerning as SMBs are the most susceptible to data breaches, and 58% of SMBs are not prepared for data loss. This is worrying, as 60% of SMBs that have lost their data have had to shut down within six months.
SMBs already have a lot against them when it comes to successfully keeping their ecommerce doors open. Why? Well, Approximately 20% of small businesses fail within the first year. Don’t make data loss be one of the reasons you are a part of this percentage. Back up your data, and ensure you have a clear recovery plan.
Resolution 4#: Focus on delivering consistent, quality data
You can manage all the data you want, but at some point, you need to ask yourself, is this quality data? Data changes nearly every day, especially when you’re running a multichannel business. According to a survey, up to 25% of the average B2B marketer’s database found that inaccurate data resulted in longer sales cycles, flawed decision-making, and wasted efforts. To add, bad data management has resulted in 84% of CEOs doubting the quality of the data they’re basing their decisions on. It also results in missed opportunities, a loss in revenue, reputational damage, and much more. So, make sure you update your information regularly.
Resolution 5#: Finally, invest in a data management tool
You’ll only scale your information management efforts when you have a tool that is built to handle large amounts of data. Move away from wanting to do this manually, and automate as much as you can. This helps to create efficiency within the company, reduces time spent on tedious tasks, increases productivity, and improves overall quality within the organization. By investing in a centralized tool, you're making it easy to work, update and keep data clean across departments.
Let Plytix help with your 2022 resolutions
Do you want to achieve all these data resolutions you've set out for your business? If yes, Plytix can help you. Our PIM solution is a collaboration tool that allows you to share data easily in synergy. Not only does a PIM system like ours make product content syndication to various platforms easier and faster, but it also backs up your data in a secure cloud. All files are stored in Amazon’s Simple Cloud Storage Service (S3), which is the cloud service with the tightest security available.
Read here on how PIM can work effectively with popular software like an ERP, or sign up for FREE to get yourself a next-gen ecommerce product catalog tool.