Unlock the potential of Customer Master Data Management (CMDM) as it transcends sales and marketing, becoming the orchestrator of a holistic business symphony. CMDM transforms data into a strategic asset, ensuring quality, collaboration, and efficiency across all organizational functions. From eliminating data redundancy to strategic distribution, CMDM strikes a delicate balance between control and accessibility,…
The Pretectum CMDM can adapt to your evolving business needs. As your organization and its Data Mesh strategy grow, the CMDM can accommodate changes in data structures, relationships, and business rules. This flexibility is valuable when different domains within the Data Mesh need to modify your data requirements over time.
By providing a centralized, reliable, and consistent source of customer data, a Customer Master Data Management system supports the core principles of Data Mesh, enabling different domain teams to work independently while ensuring your organization has access to high-quality, standardized customer information when needed.
The future, a realm of infinite possibilities and uncertainties, remains an enigma that continuously eludes our grasp. Technological advancements and societal shifts drive unprecedented change, businesses must grapple with the challenge of predicting and adapting to evolving customer expectations. In such a dynamic landscape, the concept of holding the “universal remote” to customer master data…
CLV and in turn, the profitability of each customer leads to measures of value that will be different for different customer groups. The identification of efficiency in the way the value is produced helps to direct an organization’s efforts. This in turn leads to the refinement of the exact kinds of customers and business partners that your organization wants to expend effort and energy on. The profitability of the customer is the revenue derived from that customer less the costs of identifying, securing, retaining, and growing them. The same approach needs to be used for campaigns. The more compelling the proposition with the greatest possible efficiency, the highest potential profit can be secured per customer.
Cloud solutions like the Pretectum CMDM applications are housed in data centers that are secured with access controls, surveillance, and other physical security measures; we make use of the some of the best in class implement network security measures, such as firewalls and data encryption to protect your customer data as it is transmitted over the internet. This data is encrypted both at rest and in transit, to protect it from unauthorized access.
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 CMDM is able to support you in leveraging all of these different ways of deciding what to store and what the criteria are around the values that you might store, qualitative, quantitative, declared or inferred. All types of data are supported in a highly configurable way according to your specific business needs.
If you’re wondering whether you can achieve a particular outcome in your use of the Pretectum master data management system to improve sales, support a particular initiative or simply provide your customers with a great personalized customer experience, reach out to us and we’ll tell you what you need to know about how the system can help.
Customer data plays a crucial role in customer relationship management as it provides valuable insights into customer behavior, preferences, and interactions with your organization.
Having accurate and up-to-date customer data can help your organization better understand consumers and provide personalized experiences that foster loyalty and improve satisfaction and confidence in your products or services.
Harvard Business Review contributor and business expert Barbara Bund Jackson has found this is very valuable through her research.
Customer Master Data Management (CMDM) is a process and technology used by organizations to ensure that customer data is accurate, consistent, and up-to-date across all systems and applications.
CMDM aims to provide a single source of truth for customer information by creating a centralized repository of customer data and managing the quality, governance, and integration of this data across the enterprise.
Customer Master Data Management helps organizations to improve customer experience, reduce data duplication and errors, enhance data security and privacy, and support informed business decisions by providing a comprehensive view of customer information.
Putting a price on data is a tough task to perform if your business is not “in the business” of selling data. The real question though, is does your organization recognize its arguably most valuable data asset – customer master data, as a valuable resource? The true value of that data more than likely hides in how you use it.
Customer data holds enormous economic potential if managed well and appropriately leveraged. The challenge though is that many companies struggle with proper handling and syndication of their data. Further, they don’t think about their customer data strategically. They don’t take what they have and convert the data that is in hand, into actionable information. Worse, they may not be managing their customer data in any meaningful way, they may have data all over the place in systems, spreadsheets and even email.
By implementing some data management best practices around customer data, these same businesses could be thinking more strategically especially if they are ensuring that their data is accurate and aligned with their business objectives.
