Know your product data to avoid empty shelves and lost revenue
Percy Pigs debacle highlights not just the trade difficulties surrounding the UK’s departure from the EU, but the extent to which some businesses aren’t prepared. It’s clear that Brexit has brought rules of origin to the top of the priority list for businesses.
That’s why it’s more important than ever that businesses understand not just what’s in their product, but where it comes from and who made it. If they don’t, there’s a chance they’ll find themselves shelling out for tariffs, or seeing their stock held up at ports when they should be flying off the shelves.
Because of this, it’s crucial that companies understand their product data so they can see what actions they need to take and what questions they need to ask. Is your product wholly produced in the UK? Can you prove a product’s origin using an origin declaration or ‘importer’s knowledge’ (i.e. a document highlighting the importer knows the origin)? Would it be cheaper to rethink your supply chain entirely?
Thankfully, there’s an answer to help give businesses a clearer view through the fog. Companies that implement a successful PIM strategy can get a full overview of their product data. This allows them to see where products are manufactured, determine whether they need to obtain a proof of origin, and drive actionable insights for their business.
This is where Amplifi comes in: Our PIM services can help you centralise your product information and offer you a single dependable source of data. Beyond our exceptional data management platform, we’ll provide advice, delivery, consultation and support to ensure you are kept abreast of your product’s origin and its entire journey through the supply chain.
So the next time you’re sitting down to another succulent Percy Pig, think about the journey its been on and ask: do you know where a product comes from? And are your putting the right safeguards in place to ensure you can prevent a holdup at customs?
To ensure you can prove the origin of your products and stay on top of your stock, get in touch with our team today and we’ll show you how our PIM strategy can revolutionise your business.
To find out more about why data matters for rules of origin, download our guide How Well Do You Know Your Products? or contact us at firstname.lastname@example.org.