Michael Lonnon

What the foundation of your Master Data Management (MDM) system is built on will depend on the implementation style you agree gives you the best chance of project success. And this will largely be determined by your business situation when it comes to data management.

There are a few different implementation styles to choose from with the main differences being whether you control your data from a central hub or synchronise the hub with your existing data sources.

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What are the financial business benefits of having a clear, single view of your customers? By a single view, I mean a comprehensive picture of their engagement habits, purchase history and more.

I want to explore the financial benefits – for you as a company – of getting to know your customers better, and also take a look at the benefits to your customers from the improved experience they’ll receive from you.

In essence, the aim of getting to know your customers should be to create a win-win situation for all concerned.

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But first, if you’re not familiar with the term let me explain what a golden customer record is.

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Do you know what one of your customers bought from you last month? Can you predict what they’re going to buy from you this month? Are you able to call them by their first name?

If not, then you could be missing out on additional revenue, since "93% of companies see an uplift in conversion rates from personalization". Your customers expect a personalized and relevant experience when they interact with you. Whether you’re able to deliver that depends on how well you know them. And, how well you know your customers relies on your data management.

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Recently, I arranged for a parcel to be shipped internationally. The online ordering and payment process was simple, and my package was scheduled to be collected from me and sent the next day; in time for the event it was intended. I thought I was pleased...

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Data is a powerful business enabler. You can use it to improve customer engagement, reduce time to market and increase sales—that is, if you get it into the hands of the right people, when and where they need it.

Unfortunately, we all know that data can easily fall into the hands of the wrong people. With a data-driven business environment comes an increased risk of data breaches, cyber attacks, phishing and more. If your data is fragmented and being distributed across many different systems and applications, the risk only increases.

Effective data management can help keep your data out of reach from anyone not authorized to view, edit or compromise it in any way, making it easier for you to manage data security and data control.

Here is how Master Data Management supports your data security efforts.

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Gartner predicts that by 2025 90% of large organizations will have a Chief Data Officer (CDO) in place. It also predicts that 50% of these Chief Data Officers will fail. But why? And how can you stop that from happening?

To answer this, it’s important to revisit the reasons why organizations are hiring Chief Data Officers in the first place – and this itself varies from company to company …

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Cloud storage, regulatory compliance, security breaches – the list of factors that have driven companies to make changes to the way they manage data in recent years is endless. Combine this with the dramatic increase in the data most organizations now hold, and you end up with a highly challenging situation (and potentially missed business opportunities).

Take a look at your own data scenario. If any of the following sounds familiar to you, it may well be you have a data problem that needs to be fixed. Soon.

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The next 15 years will see an entirely different landscape of products and services being offered to help us manage, evolve and predict our financial security. Digitally savvy, non-traditional insurance companies will use highly evolved user experiences and individually tailored products to compete with mass market offerings from the established high street brands.

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