Do you know to what extent a company is related? customer centric with your master data? Did you imagine that customer intelligence and master data management were complementary?
Master Data Management (MDM) is having a big impact in delivering real business value. Proper master data management enables companies to unleash the power of information across the company.
Because MDM solutions help business users to acrelying on data from all systems in use, They can be applied to many data domains, including customer intelligence (individual or organization), supplier, product, Location, active and much more knowledge.
From customer intelligence to an initiative customer centric
Master data generally consists of structured attributes that define an entity. For customer domains, this may be your name, address, date of birth, contact information, account information or other specific unique attributes that serve to identify and define you. It's about information that is essential to know to move towards a business model customer centric.
In practice, master data residing in different systems can have multiple degrees of integrity, punctuality and correctness. As an example, a customer can be represented by first and last name in one system and have a middle initial in another, or one system may have email as the main contact and another may have a phone number. Since data collection is done at very different times and is carried out by different people, standardization is complicated, much more when it comes to an organization that has branches, fundamentally when they are located in different countries or regions.
Create a good customer record that is useful and leads to the implementation of a model. customer centric, the first decision you must make is to join, merge or update individual attributes of customer records.
Only in this way is it feasible to update source systems to create a consistent and reliable view that is reachable and shared between systems., company applications and analytics.
The most effective way to achieve the single vision
Since no single comparison approach can anticipate all data variations, a hybrid of matching algorithms, like those that mimic an expert human user. These matching algorithms can be:
- Heuristics.
- Probabilistic.
- A combination of some of the above.
In all cases, they can also be combined with other comparison techniques, evaluation and search to get to the most reliable view, which better support will provide a strategy customer centric allowing to achieve objectives such as:
- Make the most of capacity to search, examine, join and combine records, which is critical to business success.
- Minimize errors and risks in demand planning, the incorporation of clients, the allocation of territory, regulatory compliance, of great importance if you want to increase the efficiency of operational processes.
- Deliver a unique version of the truth in different departments, brands and systems, benefiting from different marketing activities such as cross-selling, up-selling and campaign management.
Nowadays, with big data and the increasing prevalence of unstructured data sources, a complementary technology has emerged, focused on increasing company understanding and customer intelligence.
They want their business to be customer centric they have it easier than ever. Customer intelligence systems are meant to connect things with customers. Customer intelligence carries the concept of customer centric even better, connecting with IoT to help business users understand the context of customer behavior and intent through data.
These systems are designed to enrich customer profiles with information from master data and non-master data. (that include unstructured data).
With customer intelligence systems, customer interaction data is merged with data collected by connected objects., that inform perceptions of behavior and intention, also combining at the contextual level to be synthesized with customer profiles. Therefore, the multiple perspectives that are available within each profile to meet the needs of the business data consumer.
These insights are determined based on established confidence thresholds, based on the system's confidence that known or inferred information pertains to a specific customer.
Customer intelligence systems empower both operational and analytical use cases, but they also provide the best support for:
- Marketing transformation.
- Launching personalized campaigns.
- An optimization of the omnichannel experience.
- Developing competitive advantage from in-depth analysis based on purchase intent or risk of churn, among others.
Customer intelligence and MDM systems are complementary and, when combined, can drive the overall digital transformation of an organization, enabling you to move towards a focus customer centric.
If you are thinking of putting the customer at the center of your business, you should not overlook that the quality of the data, regarding cleanliness, updating and integration is as important as the correct management of master data.
Do you already know how to enjoy an MDM portfolio from start to finish? Did you imagine that some customer vision solutions 360 With artificial intelligence technology they can synthesize data, identify relationships and deliver smart business insights at scale?
It's time to take advantage of a strategy customer centric. What will be your next step?
