To maximize return on investment, asset and inventory data must be accurate and in a standardized form. Datastream helps companies build databases that ensure the integrity and accuracy of inventory information. With accurate and reliable database information, companies can maintain lower inventory levels and create "data-driven" purchasing. Datastream’s Data Cleansing services help companies edit and clean existing inventory data and create an accurate baseline database. The following is a list of standard data cleansing terms:
- Standardization – expanding abbreviations
- Normalization – ensuring that attribute values have the same name for the same attribute
- Deduping – removal or identification of duplicate records
- Categorization – assigning like products to common class groupings
- Taxonomy – set of defined attribute names and attribute values
- Enhancement – passing the electronic item master through a master library of parts or a manual collection of information
Normalization and Identification of Duplicates
Datastream compiles industry-standardized nomenclature for each part’s description using its repository of common items. Item descriptions are normalized, and duplicate records are identified. Item normalization includes assignment of a noun and noun modifier and standard spelling and syntax for item description details.
The elements of normalized data include:
- Noun – identifies a product category
Modifier – identifies a product within a category
Attribute Name – discrete title for descriptive information about a product
Attribute Value – descriptive detail that distinguishes a product within a category
UNSPSC Coding
Items are organized by commodity groups using client-customized or Universal Standard Products and Services Classification (UNSPSC) categorization codes. Items are coded with the most current global electronic commerce standard, providing a framework for classifying goods and services by commodity. By developing the corporate item master list, Datastream helps companies consolidate and organize their database to identify savings opportunities, create a multi-site database, and initiate demand-driven purchasing.
Enhancement
Enhancing inventory data significantly improves day-to-day operations by ensuring more accurate purchasing and better control over inventory levels. It also means customers have the right inventory available to keep operations running smoothly. With enhancement, parts are electronically matched using manufacturer name and part numbers and then reviewed and enhanced in accordance with industry standards.
The following example illustrates how Datastream helps companies enhance their data with more detailed supplier information, product descriptions, and model numbers.