The Future of SKU Management with EPCIS and CBV
SKU management is the backbone of every retail and supply chain business. A SKU or Stock Keeping Unit is a unique identifier assigned to each product in an inventory. Effective SKU management is critical for businesses to be able to manage inventory levels, track product movements, and analyze sales data. In the past, SKU management was a strenuous process, but with the advancement of technology, EPCIS and CBV have made it much simpler. In this article, we’ll dive deep into EPCIS and CBV and discuss how they are revolutionizing SKU management.
What is EPCIS?
EPCIS or Electronic Product Code Information Services is a standard developed by GS1. It provides a standardized way of sharing information about the movement and status of products in a supply chain network. EPCIS records allow businesses to track the movement of products from the manufacturer to the retailer, providing complete visibility of the product’s journey.
One of the key benefits of EPCIS is that it can incorporate data from various identification technologies, including barcodes, RFID, and IoT sensors. EPCIS can also work in conjunction with other EDI transactions to provide a comprehensive view of product information. The information captured by EPCIS can be used to optimize supply chain processes, reduce waste, and enhance customer experience.
What is CBV?
CBV or Core Business Vocabulary is a standard developed by GS1. It provides a common language for businesses to describe their products, services, and processes. CBV uses a standardized vocabulary for product descriptors, such as product name, brand, and variant.
CBV helps to ensure that product information is consistent across multiple systems, reducing errors and inaccuracies. CBV also supports supply chain visibility, enabling businesses to share product information with partners throughout the supply chain network.
The Future of SKU Management
The combination of EPCIS and CBV is expected to transform SKU management in the future. Here are some ways in which EPCIS and CBV are changing the game:
Automated Inventory Tracking
The traditional method of SKU management is manual, time-consuming, and prone to errors. With EPCIS and CBV, businesses can automate inventory tracking, eliminating manual labor and reducing errors. RFID tags and IoT sensors can be attached to products, and their movements can be tracked in real-time. This provides businesses with accurate inventory levels, reducing out-of-stock situations and overstocking.
Enhanced Supply Chain Visibility
Supply chain visibility is critical for businesses to optimize their processes and respond quickly to changes in demand. EPCIS and CBV provide businesses with end-to-end visibility, allowing for complete tracking of product movements. The information captured by EPCIS can be used to analyze supply chain data, optimize processes, and identify bottlenecks.
Improved Customer Experience
In the age of e-commerce, customer experience is more critical than ever. EPCIS and CBV can help businesses to provide a better customer experience by ensuring accurate and up-to-date product information. With CBV, businesses can provide consistent and standardized product descriptions across multiple systems. Customers can access this information, making informed purchasing decisions and reducing the likelihood of returns.
Reduced Waste
Reducing waste is a significant challenge for businesses in the retail and supply chain industry. EPCIS and CBV can help to reduce waste by providing businesses with accurate inventory levels and visibility of product movements. This allows businesses to adjust their supply chain processes, reducing the likelihood of overproduction, expiration, or obsolescence.
Conclusion
SKU management is a crucial aspect of every retail and supply chain business. EPCIS and CBV are transforming SKU management by providing automated inventory tracking, enhanced supply chain visibility, improved customer experience, and reduced waste. As businesses continue to adopt these standards, we can expect to see more innovative solutions in the future that improve the effectiveness and efficiency of SKU management.
EPCIS and CBV are not just about SKU management; they represent a broader shift in the industry towards standardization and interoperability. By adopting these standards, businesses can collaborate more effectively with partners throughout the supply chain network, optimizing processes, reducing costs, and improving customer satisfaction.