A taxonomy can provide better access to information and therefore significantly improve all aspects of a business, from forecasting and decision making to sales and customer service. Taxonomy management software can improve consistency and significantly reduce the time and labor involved in creating, applying, and maintaining a taxonomy by automating many of the tasks involved. Successfully implementing a taxonomy requires a dual focus on both business requirements and technical execution. A taxonomy development team should first evaluate existing resources and business requirements and determine the scope of the project, then investigate available technology. The same team would then be tasked with creating, populating, implementing, testing, and maintaining the taxonomy.
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