If you want to improve your customer experience, you must improve the quality of your data. This post highlights essential information originally presented in this webinar hosted by "The Data Doc," Tom Redman, and Stibo Systems' own, Rob Bruce. The information provides key insights about customers as they relate to your company and the constant collection of new data.
Who is the Customer?
Everyone defines the customer differently: shareholders, patients in healthcare, clients in a law firm, a shopper in a grocery store. No matter your definition, you need the customer feedback to achieve data quality. If you are able to get data right the first time, you reduce errors while saving time and money.
That being said, the customer definition may vary within your company’s system as well. To someone in the shipping department, the customer is the addressee while a marketing representative defines the customer as a prospect. The two parties will need to work together and establish a common definition even though the customer holds a different meaning to each. If this common language is established from the start, the 360° view is created, making the quality of data and feedback improve drastically.
Customer Data Connection
We’ve all been victims of incorrect data whether it’s a cashier keying in the wrong email address or a Christmas gift going to your old address. And when you’re referring to the customer as a patient in healthcare, the cost of a mistake could quite literally be life or death. Getting the data right the first time is vital to your business, hence the need for Master Data Management (MDM). By truly mastering your organization's data, you remove the siloed approach to your data ensuring each business department or unit is working in sync rather than in silos.
Two most important moments in data: the moment you’re being used by a data customer and the moment you’re being created by data creator. Data management has the job of connecting these two groups. Quality improves rapidly when the 3 work together from the start.
Customer Experience Benefits of Implementing Customer Master Data Management
No matter what you do, you need high quality data. While it’s imperative for sales, marketing, and operations to utilize high quality customer data, it’s also important for management to understand their business through this data. The master data management solution enables this understanding as the 360° view of the customer is generated by contributions of each department. Thus, sales increase, efficiencies are optimized across the organization, risks are reduced, and you achieve a better customer experience.