Miles Jones – Page 9 – Caerleon Consulting

Taking customers by the hand

To achieve an understanding and develop a customer brand advocacy program your business needs data to help identify advocates and influencers and unpaid spokesmen and referrers. The best bet for building and managing this data is by using a centralized customer master data management system like that offered by Pretectum.

You’ll want to take the data that a customer provides you with and harness it for future communications, to extend offers, provide promotional messages and of course, hone, refine and customize the customer’s experience every time they visit your website, your storefront or a system that you have, that they might need access to. A solid execution plan will have this data held centrally in a hub that disseminates it to whoever and wherever it needs to be; webshop, support portal, billing system and even point of sales and mobile app.

With the Pretectum C-MDM your business has the flexibility of deciding what you want to track and of course who you want to track and why.

March 7, 2022Miles JonesUncategorizedMaster Data

Customer data and business goodwill

In accounting, “goodwill” is classified on a balance sheet as an intangible asset. This asset arises when an existing business is acquired and the market value of the inventory, plant and equipoment and other assets is less than the value paid for the business. So, “goodwill” on the balance sheet represents assets that are not separately identifiable. Per a nice description in Wikipedia – technically, it is not “identifiable assets that are capable of being separated or divided from the entity and sold, transferred, licensed, rented, or exchanged, either individually or together with a related contract, identifiable asset, or liability”. Many readers might be familiar with the concept of asset-strippers or corporate-raiders. These are typically investors that buy companies for their assets and not for the goodwill. They’ll then systematically liquid parts or assets within the company they acquire because the sum of the market value of the assets is greater than the balance sheet value. You could argue that there is negative goodwill in such organizations because the value of the business is greater when liquidated than running it as a unified going concern. Goodwill also does not include contractual or other legal rights regardless of whether those are transferable or separable from the entity or other rights and obligations. Per accounting standards, goodwill is evaluated periodically for any possible impairment in value.

Pretectum believes that the best way to manage your customer master data assets is with a centralized master data management platform like the Pretectum cloud-based C-MDM.

March 6, 2022Miles JonesUncategorized

Why you may want to obsess about customer data management today

It’s been a long rough ride for business in general but some have weathered the storm because they have adapted or already had a robust customer data profile in place ahead of the pandemic. You’d agree, that now more than ever, your business needs to obsess about their customer data management because your business is planning to stick around. Surviving in the game depends on that data.

February 23, 2022Miles JonesUncategorizedMaster Data

Customer MDM

Data quality and consistency says Pretectum Customer MDM, should not be neglected, market research suggests that poor quality, data redundancy, and data inconsistency are what most businesses struggle with on a daily basis. Customer data is amongst the most common of the data that represent challenges to marketing, sales, service, support and billing, and collections functions. There has never been a better time to implement a more disciplined approach to customer data management than today!

Customer Master data management (“CMDM”) itself is the convergence of people process and technology to maintain a disciplined approach to the definition, creation, maintenance, and distribution of customer data. Customers can be consumers or businesses and when you consider consumer customers these encompass those that visit brick and mortar stores and locations as well as those that your business engages with via eCommerce or via phone, mail, or home visits.

February 13, 2022Miles JonesUncategorizedMaster Data, MDM

Brands and retailers need to reevaluate how they think about customer data

If you believe that data can fuel your digital transformation journey then you will also recognize that it offers the potential for more interaction and communication consistency. By leveraging centrally stored well-managed detailed customer information, all manner of services and support can be made use of in the honing of the customer message to provide a personalized and distinctive customer experience.

January 24, 2022Miles JonesUncategorizedMaster Data

Objectives and Key Results (OKR) for setting your master data governance

OKR’s are arguably a North Star for any data-related program. OKRs can be the determinants of not just how your programs are running but also whether the measures that you have in place are proper and appropriate. Do they answer fundamental questions that you need to ask about your program and more particularly, your data?

January 21, 2022Miles JonesUncategorizedData, Master Data

Master Data is only one facet of Data Governance

All successful data governance and data management programs including those that only consider Master Data Management as a first step, have to be implemented by people. These could be stakeholders from the business, members of IT, a specialized group of people that form a data management organization (DMO) or they could be external consultants or service providers.

A well-implemented and maintained MDM practice avoids duplicates, redundancy, and inconsistencies.

January 10, 2022Miles JonesUncategorizedMaster Data

Data Governance: Master Data is but one facet

Things that are worth doing, often take time, and the same is perfectly true about data governance and the implementation of master data management as part of a more broadly focused data management program. It isn’t something you do once, and then you’re done.

Over time your organization will determine that the true value of data is often hidden in how it is used in ways that were perhaps less obvious at the outset.

Fast-evolving data and data needs mean that the job of data governance never really ends and so your business will need to keep pace with these changes both in terms of how the data itself is managed but also in how teams think about the data.

January 5, 2022Miles JonesUncategorizedData

Customer master data management data types

Depending on the nature of your business and the relationship that you have with your customers you may have several different types of customer master data that you choose to manage and maintain. There are other types of customer data that you may need to manage too, data types that you don’t necessarily always think of as master data but which may benefit from being stored and retrieved centrally as required.

Pretectum’s Customer Master Data management system (C-MDM) doesn’t prescribe what you should or should have as that basic data definition, it is entirely up to you. While we may offer some standard models (schemas) and your systems may have specific minimum requirements, those can be supported but the end decision is up to you.

January 2, 2022Miles JonesUncategorizedDigital, Law, Master Data

Photonics Connected at Aerospace Wales Expo 2021

Our latest strand, Photonics Connected, attended its very first physical event by exhibiting at the respected Aerospace Wales Expo this December. Our table was attended by Avril Lewis, Managing Director of Technology Connected, and Chair of Photonics Connected’s Leadership Council, Dr Louise Jones. Aerospace Wales is a trade association for companies within Wales operating in…

December 21, 2021Miles JonesUncategorizedConnected, Wales