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.
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?
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.
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.
As 2020 ended as we now conclude 2021 it is worth looking back on the increase in calls that call centres will have fielded but there was also a significant increase in the rate of difficult calls and the need to escalate them. That’s at least according to a 2020 study by Harvard Business Review. Difficult calls increased by 50% overall.
The solution to some of these challenges may lie in Customer Master Data Management.
Pretectum C-MDM helps you to not only identify these kinds of issues in your data. It also provides you with potential ways to remediate depending on what other data sources you have available or through directly engaging with customers to provide you with the missing data.
Cloud-based Customer MDM presents itself in the shape of software as a service (SaaS). This means that organizations do not incurring a cost of the hardware and software associated with it and have no application or hardware maintenance to pay. The organization and financial cost of provisioning on-premise and captive hardware is sometimes prohibitive enough for organizations to effectively ditch capital expenditure on a system and instead invest capital budgets elsewhere in the business and instead choose a pay as you go model which SaaS will support.
You’re unlikely to run a race that you will not finish much less win. Why would you do that? The same has to be true about your business.
Many companies think that their shiny new CRM, ERP or CDP will solve all their customer master data issues but without a solid understanding of customer data and a strategy for how it will be managed. When you move to those new systems you can often compound the problem rather than solving it by creating yet another system with its own data repository and governance rules.
Making sure your products are the most deserving of their money overall non-necessity items is really what will bring you more business and aligning your offerings with your target audiences and markets is key.
