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Customer Master Data Management is strategic

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.

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Is your data of good enough quality for Customer MDM?

Customer data management (CDM) is one of the most important aspects of customer experience management. It helps companies get to know their customers, understand their preferences and needs, and deliver personalized services and experiences that keep customers happy and loyal. A key element of CDM is data quality.

Data quality refers to how accurately your company’s information about its customers reflects reality. If you don’t have good-quality customer data, your efforts will be wasted on inaccurate information about those customers—including ones who can’t be found when they need help with a problem or question!

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Is it time to get phygital?

Is it time to get phygital?
The rise of the phygital customer

The customer journey is now a hybrid one. The experience for the customer is now hybrid too. The way customers interact with brands and products has changed, but to what extent? For many companies, there simply isn’t enough bandwidth to figure out whether they should invest in a wholly physical or digital strategy. Perhaps it isn’t necessarily a choice between these, but more of a phygital strategy that is required.

So here’s the question: when it comes to building your brand and creating experiences for your customers, do you need to be thinking about how you can create an experience that combines the best of both worlds (the physical and the digital)?

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The Customer Master and Data Governance

Customer master data management (CMDM) and customer data governance are co-dependent disciplines. Successful CMDM is not possible with at least a few key data governance elements.

While the CMDM may be understood as principally the technology, the actual data governance is the people, processes and technology.

With Pretectum’s CMDM we feel that the three are inextricably linked and so do not see it as being possible to pick up a solution like CMDM without data governance.

The reverse may be true. You may have data governance without master data management but then the effectiveness of your data governance policies and procedures have to be called into question.

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What’s next after Enterprise 4.0 ?

Without critical customer information, the systems that businesses would hope to leverage to unburden consumers from being stuck in the information age and in fact flourishing in the imagination age will never fully materialise. Personalization of interactions and engagement experiences are at the top of the list.

Businesses will need to maximize the network effects that could be achieved through platforms, and control databases that store customer and user data that can in turn drive more control and predictability over the market. Online publisher Tim O’Reilly believes that businesses need to “leverage customer self-service and algorithmic data to reach out to the entire web, to the edges and not just the centre, to the long tail and not just the head”.

A richer more personalized experience starts to become a reality fueled by consumer information. Systems that are able to describe the person will have the advantage. More particularly, systems that make use of ZPD (zero-party data), i.e. data that consumers have willingly and consensually offered up will be the systems that are the most valuable.

Learn how the Pretectum CMDM can help your business keep up with the increased importance of customer MDM with a SaaS software solution designed specifically to address the challenges of Customer Master Data Management.

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