Master data management is not only an information management discipline but also the moniker used by many software solutions offered by various vendors in the market.
For businesses with a substantial database of customers, a Customer MDM (CMDM) presents the opportunity for the improvement of the customer data and information management practice through the identification and improvement of data quality aspects of CDM and CIM.
It is also useful for the evaluation, adoption and implementation of more rigorous data governance of customer master data elements.
Every master data management solution in the market will have its strengths and weakness and ultimately the selection of any solution for customer master data management needs to have a clear set of objectives and be aligned with the organization’s overall data management strategy.
Customer master data quality needs to be a part of the focus and this encompasses not only completeness, consistency, correctness and timeliness/recency but also the absence or at the very least, the identification of duplicates.
This approach also applies to customer master data management.
The adoption of master data management practices in general for customer master data management, accompanied by appropriate tools, should be expected to assist in the reduction and possible elimination of data issues.
While implementations are not without difficulty, the evaluation, adoption and implementation of a customer MDM platform will often focus the organization on the rationalisation and consolidation of the most valuable and most used customer data across the organization.
Tackling the evaluation of CMDM at the outset and performing a comprehensive assessment of your customer data assets is a minimum effort and as the scoping of the capability is evaluated you will want to look at the different approaches that are available
Consider the following articles we’ve written on various topics as nuanced aspects of the evaluation of your business needs for a Customer MDM and the prospective solution evaluation of vendors:
- Strategic vs tactical Master Data Management
- Developing Master Data Management Business Requirements
- Scoping your Master Data Management initiative
- Implementation Styles for MDM
- Technical Requirements for MDM
Other aspects you might choose to consider are:
- Contractual Terms
- Evaluations
- Proof of Concept (PoC)
- Integration
- Implementation Partners
- The timing of your project
The development of a customer data governance program with a customer master data management solution at its centre is an important step in a journey to reduce operational inefficiency and engagement friction with customers.
We recommend considering the Pretectum CMDM approach in your considering and evaluation of the most optimal Customer Master Data Management solution.
Reach out to us and learn more.