Why Sales Decisions are Driven by Product Data

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By Doug Davenport, Product Information Specialist

Today, the world is run by more than money, it is run by data. Everything in the business world has become data-focused - from consumer data, to marketing research data, to product and sales data. A majority of the decisions we make in business today is driven by data. But just because we are making more and more data-driven decisions does not mean that we are managing data effectively, or that our data is even accurate.

Most companies are storing their data in a number of places. For example, studies show that 70% of critical product data lives on companies’ local networks, desktops, and files – most of which are spread across databases, websites, and the other systems that exist separately in each department. This makes managing data much harder than it needs to be. Inaccuracy is almost certain with information constantly getting updated, moved, or duplicated through these numerous systems.

Without proper product information management, the data your sales reps - and online customers – have at hand may not be "true". Truth in product and sales data is key to beating the competition. Potential sales (and dollars) can be lost due to inaccurate product knowledge, all because of poorly organized data.

Sales for Life identified a number of sales trends going into 2016, with data-driven decisions and sales processes topping the list. Organizations believe they can make smarter decisions by using complete and relevant data, and most report that their decision windows have shrunk since implementing product data into their sales models. Product data is a tool that can be leveraged to an organization’s advantage in endless ways, as long as the data in question is “true.”

Product Data Command, our software-as-a-service, provides the most cost-effective product information management solution the industry has to offer. Our powerful cloud-based software tool set allows you to gather the information you do have into one place, create information you don’t have, and manage the resulting product data so you can deliver the right data, the right way.

Get started with your Product Information Management efforts today. At Product Data Command, we make it easy and affordable to retrieve, create, manage, and deploy product data. Call us at 215-491-2641 for a short demonstration.