How a real SKU Master sets the groundwork for better data analysis

Data analysis is more critical than ever in today's competitive business environment. It involves collecting, processing, and analyzing data to help businesses make informed decisions. Data analysis can help a company understand its customers, optimize its operations and maximize its profits. One tool that plays a crucial role in data analysis is the SKU Master.

A SKU (Stock Keeping Unit) is a unique identifier assigned to each product variant. The SKU Master is a comprehensive list of all the SKUs that a company deals with. It includes detailed information about each product, including its description, price, and supplier. This article will discuss the importance of having an accurate SKU Master in leveraging data analysis for a company.

Tracking Sales, Returns, and Demand

Tracking each product variant's sales, returns, and demand is crucial for a company. It helps understand customer preferences, identify the best-selling products, and optimize inventory levels. Tracking returns is also essential for identifying quality issues or customer dissatisfaction.

The SKU Master facilitates this tracking by providing a standardized identification of each product variant. Using a consistent and unique identifier for each product ensures that the sales, returns, and demand data is accurately recorded and analyzed. This data can be used for various purposes, such as forecasting demand, optimizing inventory levels, and identifying potential quality issues.

Informed Decision Making

The data collected through tracking sales, returns, and demand is essential for making informed product assortment, pricing, and promotions decisions. For example, by analyzing the sales data, a company can identify the best-selling products and focus on promoting them. Similarly, by analyzing the returns data, a company can identify quality issues and take corrective actions.

The SKU Master plays a crucial role in this process by ensuring the data collected is accurate and standardized. It provides a transparent and standardized way of identifying each product variant, which ensures that the data collected is consistent and reliable. This, in turn, helps in making informed decisions that can significantly impact the company's bottom line.

Data analysis is crucial for the success of any company. It involves collecting, processing, and analyzing data to make informed decisions. The SKU Master plays a pivotal role in this process by providing a standardized identification of each product variant. This ensures that the sales, returns, and demand data is accurately recorded and analyzed, which, in turn, helps in making informed decisions regarding product assortment, pricing, and promotions. Therefore, companies need to maintain an accurate and up-to-date SKU Master to leverage data analysis effectively.

At Turbine, we’re building an all-in-one platform for managing your business’s SKUs, BOMs, suppliers, procurement, and manufacturing workflows. From cutting a purchase order through customer fulfillment, we can help you track every SKU at every step along the way.

If you’re ready to hit your next inflection point of growth, it’s time to consider Turbine. We’d love to chat. Book a demo or drop us a note at hello@helloturbine.com