How Well Do You Know Your Customer?
As the digital economy changes at lightning speed, most businesses understand that a “360-degree” customer view is necessary to providing the proper experience and service most consumers now demand. But building that view has been easier said than done for many companies. Customer data is tricky like that. It typically resides in numerous disconnected systems and in departments that don’t necessarily all communicate throughout the course of daily business.
This can lead to dysfunction that ultimately harms your bottom line and makes everyone’s job more difficult—from marketing and sales, to IT and beyond.
Customers can be individuals or organizations
Whether you’re a B2B or B2C company, you need to ensure you have clean, updated and centralized information about your customers. While the goals and tactics to reach, sell and service each of these types of customers might differ depending on whether you’re B2B or B2C, the need for outstanding data management remains a constant.
Meet your new, digital customer
What is Customer Master Data Management?
Customer Master Data Management (MDM) is the process of creating a single, reliable source for all customer data throughout your enterprise. You can think of it in four stages:
Clean and de-duplicate existing customer and organizational records and combining them into centralized master “Golden Records.” Why is this important? Building a single, accurate version of truth is critical for driving customer experience; many MDM platforms have matching and merging capabilities to help automate this process.
Link related customer and organizational Golden Records through house-holding, social media or other relationships. Why is this important? MDM platforms can show you the connections between your customers, helping you construct visual hierarchies of relationships.
Enhance and enrich your Golden Records by incorporating critical data elements from other (previously siloed) sources from within your business, or from third parties. Why is this important? Data enrichment is critical to creating a more accurate and informed view of each customer.
Publish clean, accurate customer master data to front-line business systems and analytics applications. Why is this important? The ability to push complete and consistent data to all points of engagement fuels outstanding customer experiences, deeper insights and improved decision-making.
THIS IS HOW YOU CONVINCE
We have an ebook on how to build a business case for adopting Master Data Management. Grab your copy via the orange button below and get tips like:
Do not rush through building your case; it takes time. Gartner estimates that it could take up to 15 weeks or longer. Having a sound business case increases the chances of the proposed project, and everyone involved, being successful.
Get your copy of 'Building the business case for MDM'
Success depends on clarity and accuracy
Your story needs to be clear and objective, and therefore, understandable. It will not be believable if no one understands it.
Get a single, unified, 360-degree view of your customers
Stibo Systems' Customer MDM platform, STEP, can help you break down the silos of data that exist in your organization, enabling you to create a differentiated customer experience. The platform comes equipped with powerful capabilities such as:
Profiling, Standardization & Validation
Import customer data from existing business systems to create golden customer records and a complete profile of each customer. Transform data into standard formats that can easily be synchronized back to existing systems or exported to external ones.
Business Process Management
Built-in workflow automation aids the creation and maintenance of customer records. Create new automation rules based on a centralized business rules engine. Improve productivity and data consistency across your lines of business.
STEP easily integrates with nearly any other system within your IT infrastructure to synchronize data and drive value throughout your existing technology stack.The platform also includes numerous pre-built integrations to third-party applications and data sources.
Dun & Bradstreet Integration
Enrich your existing customer records with clean, accurate data from Dun & Bradstreet’s commercial database. Send requests to D&B from directly from within STEP and de-duplicate your records based on universal D-U-N-S identification number.
Matching & Linking
Automate the match, merge and link process using STEP’s tunable algorithms and route questionable matches for manual review. Monitor the data integrity of your source system customer records. Merge duplicate records spread across disparate systems to create a single customer profile.
Business users can simply manage and maintain records with a simple and easy to use interface throughout the platform. Built using Google’s Material Design concept, users will find the application familiar and easy to use.
Global Phone & Address Validation
Ability to validate worldwide mobile numbers in real-time or batch. Pre-built integration with Loqate, the leading global address verification solution.
Experian Email Validation
Utilize Experian’s web-service data quality tools to maintain more precise email contacts and view the overall quality of your email contact data.
What’s your next move?
We recommend that you visit our website to learn more about Customer Master Data Management and Stibo Systems solutions.