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Types of Customer Master Data Management

Generally speaking, Master Data Management is thought of as being leveraged in four different ways in an organization. These approaches are, for the most part, exactly the same for the management of customers, vendor, employee, product master or any other master data object in an organization.

Consider what you hope to achieve from implementing MDM. Pretectum observes that implementing customer MDM can be considered, on one hand, to help meet compliance and regulatory obligations. It can be considered as a mechanism that reduces risk and ensures business process optimization too. For some, it is simply recognised as an essential piece of the puzzle in having a better view and understanding of the customer. In reality, though, MDM and customer MDM, in particular, can serve to address all of these needs and potentially more.

Pretectum’s view is that one absolutely critical aspect of all of this is the establishment of an authoritative, consistent and correct understanding of who and what a given customer is. The benefits that flow from managed and controlled understanding under a CMDM could range from cost and operational savings in maintenance of the customer master to reduced loss and risk through collections and fraud avoidance when working with the different buyer and consumption audiences and prospects accompanied by increases in confidence and trust amongst your employees and associates.

Customer Master Data is important and here’s why

Data management includes practicing a discipline in the development, execution, and supervision of plans, programs, policies, and practices that protect, control, deliver and enhance the quality and value of data and information in the organization.

Data security is an essential part of data management and Pretectum takes pride in the fact that it uses the latest methods and techniques to ensure that customer data remains secure and protected but is still able to be used by the business as required. 

Making use of a modern cloud platform like the Pretectum C-MDM protects not only the integrity of the data but also provides assurance to employees and companies that data loss, data breaches, and data thefts are less likely.

Only through effective customer data management will you minimize the occurrence of errors and reduce the damage that bad master data can cause. Transcription, poor integration, and legacy methods used for capturing customer data introduce a greater likelihood of customer master data errors. With centralized customer master data management underpinned by data validation and data quality, your business has the best chance at creating and retaining the most valuable business data asset – your customer master.