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How to Improve Customer Experience Using Master Data Management (MDM)
The integration of transactions, orders, invoices and other transactional data with the Customer Master allows data managers to measure the overall value of an individual customer for the company. Being able to isolate the unique identity of a customer and relate it to the whole ordering history of the consumer brings research into motion.
Fremont, CA: For analytics purposes, businesses rely on their data to address tough questions about any and all of their important business entities. But when organizations lack an effective and semantically consistent data-driven approach for all domains within the enterprise, it's a hit-or-miss game. Everyone knows that revenue is generated by clients, but what about the particular insights that can show the organization where to concentrate next?
Understanding the specific aspects of a company's customers and designing an efficient customer data management plan helps you to identify untapped possibilities, such as analyzing your top 10 items by customer sales, so that you can decide whether, for example, there is enough inventory in order to satisfy anticipated demand. Or find which customers remain after an acquisition in various systems so that due to duplicate customer records, they are not bombarded with numerous marketing emails.
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Mastering the Mission
Working in partnership with the company, data managers allow the organization to address important customer questions faster and at a lower cost. More precisely, they use MDM to improve the customer experience in the following ways:
• Connecting the Customer Dots: Customer information usually resides in various structures, both in the data center and in the cloud, such as who they are, what they have ordered, which business location serves them ad so on. As a consequence, inconsistencies frequently exist in how personal or corporate names are portrayed. Data managers create a holistic, trustworthy, and 360-degree view of each client using master data management to create a trusted Customer Master, which can be used as the basis for business analytics.
• Making a Customer Master Match: The integration of transactions, orders, invoices, and other transactional data with the Customer Master allows data managers to measure the overall value of an individual customer for the company. Being able to isolate the unique identity of a customer and relate it to the whole ordering history of the consumer brings research into motion.
• Understanding Customer Value: Speeding the identification of individual customers with higher lifetime value vs. those with lower lifetime values needs the ability to check, match, and evaluate information to identify each customer individually and link their identities through all systems and establish links to determine their value.