WHO OWNS YOUR DATA?
The starting point for any company looking to realize the benefits of a digital transformation is knowing where your data is, structuring it so it’s useful, and creating one-point-of-truth so it can be used across all your business units with confidence.
Clean and reliable data is the enabler to artificial intelligence (AI) as well as packaging, promotional and pack-shot process automation; helping you attain tangible sustainability results and goals by eliminating waste and cost in materials and logistics. Our experience shows:
- 50% of all product launches are delayed
- 40% of food recalls are due to mislabeling
- 35% of all drug recalls are due to mislabeling
- 22% of labels are written-off due to non-compliance
While the benefits of having a solid data management strategy are obvious, to get things started it’s important to answer a simple question: “Who owns your data?” What we often hear back is a variation of “I don’t know.”
Given the broad range of stakeholders and the multiple iterations it often takes to complete a project, it’s no surprise that companies struggle with the concept of data management. In many cases, the accurate and approved data is only in the hands of the last person or vendor that touched the artwork.
However, taking ownership and managing your data puts you in control and makes you nimble and flexible. Whether you’re making mandatory copy changes to products across multiple variants or creating new variations of existing artwork, having structured data lets you accomplish these tasks with ease and accuracy. It enables you to push the same approved copy used on your packaging directly to the web; giving you the confidence that the same nutrition facts, ingredients, and allergy statements on your packages sold on the physical shelf match what is being sold on your digital storefronts. You’ll have one-point-of-truth which is easily captured and verified through a stringent and auditable approval process.
Owning your data translates to:
- Increased profitability: What additional revenue would you gain by bringing your new product to market on time? More so, what if you could increase velocity and get things accomplished faster?
- Cost Reduction: Changes are inevitable. The deeper into the approval process that any required edits occur, the more they cost.
- Error reduction: Errors from bad data extend project timelines, drain valuable resources, and contribute to waste.
- Confidence in your branding: Harmonizing your digital and physical presence strengthens your brand message by creating “One-Point-of-Truth” for all your products regardless of medium.
- Compliance: Regulated industries such as Pharma, Medical Devices, and Nutritional supplements require companies to verify packaging content and data integrity is essential to achieving compliance.
- Agile change management: Change is the constant in today’s world and without owning your data, the challenges to adapt to new conditions, explore new opportunities, or integrate multiple supply chain partners are limited.
What can you do to own your data?
- Map out your process and stick to it: Evaluate your current state and verify your starting and endpoints
- Leverage technology: Choose a technology and service provider that will meet your needs now, and in the future
- Create one-point-of-truth: Control the users and access/exchange points for your data in a compliant way
- Ensure your technology is bi-directional and compliant: Systems need to speak to each other to enable efficiency and accuracy
ABOUT MANAGE ARTWORKS:
If you’re struggling with digital transformation, you’re not alone. ManageArtworks has the technology, resources, and experience to assist you in owning your data.
Our cloud-based packaging, copy and artwork lifecycle management systems connect people and processes across internal departments, customers, suppliers, agencies, and vendors to get products to the market faster while meeting regulatory compliance.
ManageArtworks is the foundation for your packaging and artwork requirements, delivering supply chain agility and compliance.
Contact us for more information to see how we can help you own your data.
Written by John Stachura, Business Development Director at ManageArtworks