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How Well Do You Know Your Customer?

aAs 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.

 

Why This is Important to You

Modern customers increasingly expect a personalized, relevant experience during every interaction with you, regardless of how they choose to interact. They are also willing to reward firms with their loyalty to those who can deliver that experience from pre-sale all the way through post-sale service. But many businesses are struggling to deliver on this vision due to inaccurate and disconnected data, therefore, they are unable to build that customer journey.


To truly meet the demands of the modern customer requires organizations to break down those internal data silos and manage customer data in a way that puts it at the fingertips of the business users responsible for delivering that customer experience. This is the promise of customer master data management.

How Poor Data Quality Can Destroy Your Marketing Efforts

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Integrating information from multiple systems to deliver clean, actionable data to users across your enterprise while making sure everything is in sync and up-to-date can be an insurmountable task. Without the right processes and tools, system integration can be costly and time-consuming, as well as expose you to unnecessary risks if not done correctly. Additionally, maintaining the security of your information is paramount, so what can you do to keep it secure, while at the same time ensuring it's available and correct?


Master Data Management systems help centralize and deliver current, actionable data to business users across your enterprise while keeping information secure and available only to those who have access. MDM platforms also help keep your organization nimble and ready to meet the challenge of future data requirements.

Learn how Halyard Health improved security with user access roles

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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 MDM?

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:

1

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.

 
2

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.

 
3

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.

 
4

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.

 

What are the benefits of Customer MDM?

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Which Silos of Customer Data Exist in Your Organization?

And how can MDM help?

Learn how all these systems should work together

Customer Relationship
Management

Ecommerce

Customer Service

Enterprise Resource
Planning

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.
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Master Data Management

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What are the most frequently asked questions around CMDM?

1

Does this replace my CRM?

No, MDM is a complementary system that brings additional value to your existing IT infrastructure, including CRM. Implementing a master data management platform helps to create one version of truth for all critical data throughout your enterprise, regardless of where that data resides or originated.
According to Gartner, “Once this holistic, multichannel view of the customer's activity within the organization has been accurately assembled, then the only limit to its usage is the imagination and creativity of business and IT management working as a team.”
 
2

What does MDM do that my existing customer database(s) can’t?

Master data management platforms excel at creating a single, definitive record of customer data throughout your business. While other solutions have a critical role to play in collecting and managing your customer information, MDM is focused on bringing all of those sources together in a way that breaks down the silos within your company where customer data reside.
 
3

How long does it take to implement?

Each project is unique, and length of implementation can vary based a number of variables. But Stibo Systems believes in a “Crawl, Walk, Run” approach to MDM implementation. This is a contrast to the “Big Bang” approach often seen throughout the enterprise software industry.
 
Crawl, Walk, Run enables our clients to establish a quick, stable foundation from which their implementation can rapidly expand, as more data becomes integrated and your business users become more comfortable using it for day-to-day needs. Most leading MDM platforms will have robust security capabilities, such as role-based security and privileges, that enable companies to select who gets to view, edit and publish specific data.
 
4

Is Master Data Management a burden to maintatin for my IT department?

It depends on which vendor you choose. At Stibo Systems, we've built our platform from the ground-up to be simple to use for business users. This lowers the burden on your IT department and keeps cost lower than competitive offerings. Our platform, STEP, features a simple and consistent UI that any business user can learn to configure for their given needs.
 
5

Does this mean my whole organization will be able access to sensitive customer records?

No. Leading MDM platforms come equipped with robust capabilities such as role-based security and configurable user privileges that enable you to select who gets to view, edit and publish specific data. Additionally, the best enterprise MDM platforms also have detailed auditing, change logs and advanced roll-back functionality.
 
6

Can MDM integrate with my existing systems?

It depends on which vendor you choose, but Stibo Systems' STEP MDM solution is a data agnostic platform that easily integrates with just about any system in your company, including CRM, ecommerce, ERP, BI and numerous other enterprise applications.
 

THIS IS HOW YOU CONVINCE
YOUR ORGANIZATION

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:

Avoid shortcuts

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.

 

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 your copy of 'Building the business case for MDM'

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

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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.

Integrations

 

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

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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

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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.

Web UI

 

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.

Visit stibosystems.com

 

 

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