The Benefits of Data Harmonization

So, how exactly does data harmonization help CPG companies? The goal of data harmonization is to make business data “analysis-ready”. This delivers several key payoffs:

1. Centralized data:

Taking the time to put all your data in one central area helps cut down on confusion and improve efficiency. Say that you needed to quickly pull some information about a sales promotion. Rather than going to several different departments, you have a master database with all the data points you need. In addition, this avoids the problem of teams using different sets of data to try and address the same problems.

2. More accurate reporting:

Different sources can have different values for the same metrics. Failing to harmonize this data can lead to errors, and in the long run, making decisions off bad information. This could ultimately cost companies millions of dollars.

3. Lower expenses:

We can’t skip over the fact that data harmonization is good for your bottom line. First, if you’re purchasing data on top of what you are getting from your own records, that represents an added cost. Then, you need to pay more to clean the data, which makes things even more costly. On top of that, the benefit is low because this secondary data isn’t aligned with your in-house data. The end result? Data that provides less ROI for you.

4. Savings through efficiency:

There are also some more practical ways that data harmonization saves you money. Every time a member of your team must scramble through different databases to find a specific source, that’s time that could be better spent elsewhere. Reducing inefficiency means each piece of data you have is more profitable in the long-term.

5. Data governance:

You need to also think of the long-term when it comes to investing in data harmonization. If you have disparate data sets but can find an organization style that works for you, rebrands or consolidations can throw you into complete disarray. Data harmonization makes adapting to these major changes easy.

Take the next step toward data harmonization.

If you’ve been on the search to find out how to analyze data with a simple yet insightful process, look no further than TABS Analytics’ suite of tools for data harmonization. Our cohesive solution provides a holistic view of market performance in order to help you make smart business decisions. 

Want to see our data harmonization tools in action? Request a demo today!