Posts about Customer and party data

The importance of data integrity in delivering an optimal digital experience for customers

Shopping behaviors shifted dramatically last year as consumers adopted more digital tactics across the entire shopping journey. Many consumers engaged in digital activities throughout the shopping process such as researching and purchasing products online or selecting different delivery options. These retail trends are here to stay, according to a McKinsey survey, which found that 71% of apparel shoppers and 66% of grocery shoppers who used digital shopping services for the first time during the Covid-19 crisis will continue to do so after it ends.

Five steps to unlock the value of your data and achieve compliance, using approved data management principles

As your company’s connected and online business activities increase, so does the data generated by these interactions. But, how are you using this data? Are you harnessing the insights it imparts to increase sales or launch new products? If not, why not? This post gives you 5 steps on how to improve your data management efforts.

Financial services institutions, such as banks and insurance companies, rely on MDM-enabled transparency of their customer master data and product master data to capitalise on a number of industry trends, including:

Master data management (MDM) plays a critical role in ensuring data transparency. MDM therefore enables you to leverage the customer and product master data – that you already have – to address and drive revenue from these current trends in the financial services industry.

Unified and enriched customer information can enhance your data analytics and provide actionable customer insight for corporate and investment banks

Relationship managers need insightful customer information upon which they can take action. Sometimes a single piece of unique information can give relationship managers in corporate and investment banks the edge they need to decide how to move an opportunity forward, or indeed avoid being exposed to risk. The availability and trustworthiness of that piece of information relies on the quality and richness of the data that is being analysed.

The unique identification of a customer and the processing of complete, accurate and timely customer data are of vital importance in the corporate and investment banking service industry. However, many banks struggle to keep up with the changing demands and preferences of their corporate customers.

A recent survey found that 46% of corporate customers are less than satisfied with their banker’s ability to support new customer on-boarding with more than 60% of issues linked to accuracy, documentation and duration¹; areas in which timely access to complete, accurate and insightful information is key. Banks wishing to identify growth opportunities by industry, by segment and by product find it challenging to support their relationship managers with reconciled information from across the entire business.

Building a business case for customer data transparency starts with a conversation with your stakeholders

Managing your customer data with a master data management (MDM) platform can add value to your business.

You know this because you’ve seen that trusted sources of customer data can help you reduce the cost of application integration, improve customer experience and get more actionable insight from your analytics.

Make sure MDM includes matching and linking, business rules, governance, data privacy, enrichment and consent management

If you’re evaluating master data management (MDM) solutions, what are the basic features it should offer and why? More importantly, how will each of these elements come together to benefit you and your organization? Following are six master data management tools and capabilities you should look for before selecting and investing in a solution for your organization.

It will not come as a surprise to anyone who has had to get leadership buy-in to invest in customer master data management to hear how frequently people in that position hear this commonly asked question: “Doesn’t CRM do that already?”

Even though CPG companies and other businesses are in the middle of the busiest time of the year, Thanksgiving and holidays provides us an opportunity to take a moment to be grateful for our companies, colleagues and wonderful customers. But what often gets ignored in this time of gratitude is the richness and value of the data that customers are sharing about the product and their purchase experiences.

It’s quickly approaching that critical time of year for retailers. Marketers are finalizing their campaigns to attract more consumers into their stores – and to shop with them online – this holiday season. A recent survey conducted by The Harris Poll/OpenX estimates that holiday spending will be up 5% this year compared to last year, with online shopping accounting for more than 50% of all purchases.