India's leading FMCG manufacturers and retailers have announced the launch of GDS Services (Global Data Synchronisation), an information data pool for the benefit of Indian consumers at the Efficient Consumer Response (ECR) India Meet in Mumbai on Thursday.
Addressing the ECR India members on the benefits of GDS, Malcolm Bowden, Sales Director, Global Exchange Services, UK, said, "As retailers and suppliers face increasing pressure to complete business transactions in real-time, retailers in all industries are turning to automate the processing of inbound product information, cut operating costs and increase speed to shelf. GXS offers complete end-to-end data synchronisation solution in the retail industry, which helps in keeping product information accurate and consistent across all channels."
The meet was attended by leading FMCG companies like Johnson & Johnson, Hindustan Lever Limited, P&G, Reliance, Nestle, Pepsi Foods, ITC and Glaxo SmithKline along with major retailers like Canteen Stores, FoodWorld, Big Bazaar, Pantaloon, Nilgiris, Retailers Association of India and CONCOR.
Detailing on the focus of the meet K Radhakrishnan, Chairman, ECR India and Vice President, Foodworld Supermarkets Limited, said, "Global Data Synchronisation (GDS) is a global Internet-based initiative which enables companies to exchange accurate, up-to-date, standards-compliant supply chain information. It has been identified as one of the single biggest reasons for inaccuracies in out-of-stocks management and is being aggressively pursued by global companies."
At the meet, A C Nielsen presented preliminary results on occurrence of 'out-of-stocks' across retailing chains. A report on "Dataflows Project" prepared by Hindustan Lever was also released.
Elaborating on the growing momentum of GDS, internationally, N Ambwani, Co-Chairman, ECR India and Managing Director, Johnson & Johnson, said, "By improving information accuracy, companies will be able to reduce costs and improve the efficiency and performance of their business processes, such as inventory management and replenishment, order reconciliation, and new product introductions."
Sharing the same thoughts, Ravi Mathur, CEO, EAN India, the organisers of the meet and the Secretariat for ECR India said, "The global mission of ECR is "Working Together to fulfill Consumer Wishes Better, Faster and at Less Cost with a shared business process leading to shared benefits across the Value Chain." This means win-win angle for all i.e. retailers, manufacturers & consumers."
He added that the Indian Industry needs to work towards adoption of these International best practices and International standards to realize the same efficiencies & productivity in their supply chains and also meet growing consumer demands for fresher products, with a wide variety at all times whenever they want it.