In today’s fast-paced retail landscape, companies constantly seek innovative ways to stay ahead of the competition. For retailers and consumer goods providers (CPG), having the right product information has always been crucial for making informed decisions that drive growth and customer satisfaction. But to unlock that potential with analytics and generative AI solutions, these next-gen systems need much higher-quality data and real-time updates about the products they sell.
Traditionally product data was collected in one system and then subsets of that information were chopped up and replicated across the far corners of the enterprise. This creates issues with data access, quality, latency, lineage, and governance at a large scale. This disconnection from the true system of record for product information can lead quickly to issues that are compounded daily. And now with analytic applications whose functionality is directly shaped by the data they have on hand; AI systems can rapidly go astray when trained on outdated samples or tested in a data vacuum. With the GAI adoption tsunami underway, the stakes will only become greater this year. According to a new survey sponsored by Carl Marks Advisors, more than half of retail and consumer packaged goods executives will invest in artificial intelligence tools for marketing (56%) and financial forecasting (52%),
That’s where Product Information Intelligence with Digital Wave Technology’s ONE Platform comes in.
What is Product Information Intelligence?
Product Information Intelligence is the ability to collect, analyze, publish, and utilize product data across your organization and vendors by using AI automation. This involves aggregating, cleaning, and integrating various types of product-related information – including attributes, descriptions, images, videos, ratings, reviews, and more – into a single, unified platform. But unlike a traditional PIM or MDM approach, this next-gen platform now becomes THE real-time source for all systems and applications that need product data.
By harnessing the power of ONE™, retailers and CPG companies can:
Streamline Master Data Management: With ONE™ Platform’s centralized data hub, product teams can access the most accurate, up-to-date information from vendors and anywhere in the organization.
Increase Operational Efficiency: By automating tedious tasks like product categorization, tagging, and enrichment, you can free up staff and budgets to focus on margin-driving activities.
Accelerate AI and Data Science: With a Rapid AI approach tightly coupled to product information intelligence, you can now dramatically reduce the effort of data science activities (both large and small) to drive sales, reduce inventory costs, and optimize supply chain logistics.
Improve Customer Experiences: By providing customers with consistent, high-quality product details across all channels, you can increase customer satisfaction and loyalty.
How Digital Wave’s ONE™ Platform Provides Product Information Intelligence
Digital Wave’s ONE™ Platform is the key to unlocking your organization’s full potential. This cloud-based solution:
Collects and Integrates Product Data: Gather and govern product information from various sources – including ERP systems, CRM platforms, and external data providers – and integrate it into a single platform.
Automatically enrich data quality: Using machine learning algorithms with reinforcement learning the platform analyzes and enhances your product data, ensuring accuracy and relevance for every geography- every customer.
Deploy Business Applications with Product Intelligence: Prebuilt or homegrown applications will now have true real-time visibility into product performance, demand, attributes, and shopper preferences.
Real-World Examples of Product Intelligence in Action
A Leading National Retailer with the ONE™ Platform achieved:
· Enhanced Data Quality: Improved data accuracy by up to 98%.
· Cost and Time Efficiencies: Reduced copywriting time and costs by 99.7%.
· Boosted Conversion Rates: 35% increase in conversion rates
Conclusion
By harnessing this game-changing technology, you can unlock new levels of innovation, productivity, and profitability.
Product Information Intelligence with Digital Wave’s ONE™ Platform empowers retailers and CPG companies to make data-driven decisions, improve customer experiences, and drive growth.
So why wait? Join the ranks of agile organizations that are leveraging ONE™.