Major retailers endorse UCCnet’s item data registry
With expectations of improving how data is handled in supply chains, a retail industry group representing major merchants and manufacturers has endorsed a data registry system from UCCnet.
The board of directors of the Voluntary Interindustry Commerce Standards Association Board, or VICS, said yesterday it decided to endorse UCCnet`s Globalregistry and related data synchronization services as a way to overcome problems stemming from early attempts at online collaboration among trading partners. "At long last, we can shorten new item set-up from weeks to minutes and remove millions and millions of dollars in expenses associated with data integrity problems," said VICS Chairman Ron Griffin, who is also executive vice president of The Fleming Cos. Inc., a supplier of consumer packaged goods.
VICS cited a study on e-collaboration by consultants A.T. Kearney, which estimated that the retail industry loses $40 billion, or 3.5% of sales, each year due to inefficient handling of supply chain information. The study, commissioned by the Food Marketing Institute and the Grocery Manufacturers Association, said 30% of item data in retail catalogs have errors, each costing between $60 and $80 and consuming 25 minutes of manual data cleansing per stock keeping unit.
The Kearney study also found that 60% of all online invoices contained errors and 43% resulted inaccurately in price reductions. The study concluded that a single item-registry and synchronization system was required to move e-collaboration forward, according to VICS.
UCCnet, a not-for-profit organization that provides a platform for collaborative commerce services, is a subsidiary of the Uniform Code Council Inc., a global data standards organization.
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