Six reasons why you should consider having a centralised data management strategy

In today’s digital world, data is a powerful asset. Being the most credible source of information about construction products, manufacturers can create value for the entire supply chain. This is why, good data management practices are essential to enable them – and their customers – to capitalise on this asset.

As part of our consultancy services, we conduct studies to assess data management practices within different organisations and to estimate benefits and cost savings potential that can be achieved by implementing a centralised data management strategy.

Below you can read a summary of the most common cost drivers within data management that we have identified based on our work with manufacturers.

75% of the companies we work with find that external databases they manage do not have the latest and greatest data.

Managing external databases is a true nuisance for the majority of our clients. They see that updating the data listed in external databases is a “once-a-year task “, which is often forgotten or a shared responsibility.

This has an obvious impact on the quality of data that becomes available to the supply chain. The short answer to this quality and inefficiency problem is automation.

However, how much does it actually cost you to support those external databases in a manual way?

Cobuilder’s experts can help you assess your cost savings potential.

Companies we have consulted spend more than 2000 man-hours annually managing product data in various internal databases and dozens of disconnected external data silos.

In most companies, the management of product information is scattered across various departments within the organisation – Product management, Technical, Marketing teams, etc. Each team updates manually their respective databases, product catalogues, and in many cases Excel spreadsheets. Tasks such as data entry, converting data into different formats, tracking and transferring missing data, removing data duplicates, maintenance of product descriptions in different languages or channels, take up huge amounts of manual labour and time.

By automating such processes, you can reduce significantly manual work, related costs, and last but not least – time. Time that you and your colleagues could spend on creating value for your organisation.

Our experts can consult you on how you can improve your data management practices and estimate your cost savings by adopting a centralised data management system.

Around 30% of the product information provided by merchants and manufacturers has at least one mistake in it.

Manual data entry, in addition to being time-consuming, increases significantly the risk of human error and duplication. Simple mistakes, caused by manual data entry, may affect the work of your clients, as well as the performance of different teams within your organisation. Furthermore, such mistakes take a long time to detect and correct.

As part of our services, we offer a tool that allows manufacturers to map their data, which is held in different formats, systems and Excel sheets. This way manufacturers can automate the data entry work done by the different teams within the company and reduce significantly the risk of errors caused by manual data entry.

Manufacturers who have adopted Cobuilder goBIM as a centralised data management system have stated that they experience no data duplication and almost complete elimination of errors. In addition to automating data entry tasks, Cobuilder goBIM offers functionality for data validation and governance which further diminishes the risk of entering incorrect information or creating data duplications.

Delivering the wrong products affects your profitability.

Our studies suggest that most companies have an annual write-off for delivering wrong products. Incorrect or missing product data within the organisation is one of the reasons for such issues. By managing your product data in a centralised way you can improve the efficiency of your logistics team and cut unnecessary costs.

Companies that we have worked with state that sourcing and putting together the right information for tenders/quotations takes typically up to 1 week.

Gathering information and preparing documentation for tenders and quotations is a slow and cumbersome process. It often requires the joint efforts of different teams across the organisation to source the right information, and it takes a long time. As a result, companies sometimes fail to deliver the necessary documentation within the appointed deadline, thus missing out on revenue opportunities. Our studies indicate that implementing a centralised data management system can help you reduce the time for sourcing information by up to 50%.

Providing the necessary information to your customers is an important part of your product-service offer. Even though most manufacturers maintain a digital catalogue on their website, they still receive a number of customer inquiries on a daily basis. Trying to find the relevant information in numerous PDF files can be quite cumbersome for your customers. By using our solution Cobuilder goBIM as a branded catalogue available on your website, your customers can search, compare and select the right product based on their specific criteria.

The majority of manufacturers we work with state that they need to rework their data to comply with formats requested by their clients

Today, there is a number of digital solutions available in the market. Due to the lack of standardisation, all of these solutions use different models for structuring the data. This leads to a growing need for reworking the product data to fit the specific requirements of the client.

By adopting a centralised data management system specifically developed for managing construction product information, such as Cobuilder goBIM, your data is automatically mapped to different formats and classification systems used within the sector. This way, you can save hours of manual work each time when you receive a request to provide product data in a specific format.

Would you like find out what is your cost savings potential? For a quick estimate, try our ROI calculator.

Take advantage of our Consultancy services if you want to uncover the true ROI of implementing a centralised data management system and get a more accurate cost savings estimation based on a study of YOUR data management practices.