What is a product?: Products are the object of a company’s business. They can be tangible and then are created as a material, or intangible which would result in the creation of a service. If a company is selling a particular laptop or printer, then it is set up as a product. On the other hand, if the company provides services like virus removal, lap top maintenance or consulting services, such products are set up as service products.
Where is a product maintained?: A product is maintained in the master system for product maintenance, also called the product master. This can be one of the below: a) CRM b) ERP. This means that product maintenance can only be done in the product master. Updates are then distributed to the other, if required.
Why Product Master Data is important in CRM?: When transactions are created for sales, marketing or services, there is a need to access the product master data. Detailed data about each specific product is stored as an “individual master data record” in the product master data. Product master data includes details about the product like its code, name, description, size, weight etc. The product master is configured at the setup of the system. Thus if all available product master data records are available in one central place in a single database, it eliminates the need to store this data at multiple places. Product master data is stored in one place and accessed when needed to create transactions of take reports.