Dedicated teams across the globe strive to curate the best possible customer data centrally with one vision in mind for the organization that they support. That vision is one in which the customer is well known and understood and where their history, profile and data have coalesced into a single unified customer master.
This vision is undertaken to improve the overall experience for the customer across the many touchpoints that any given organization has in order to sustain a higher CLV and minimize the likelihood of customer churn and retain the customer for the long term.
A well-understood and well-managed repository of customer master data records such as that offered by the Pretectum CMDM, not only elevates the potential for an optimized customer experience, it also gives the leadership of the organization a much clearer understanding of the customer base against which new initiatives can be launched.
Super customer master data management supports business growth, drives organization efficiency and improves the likelihood of optimized margins and long-term organizational profitability.
CMDM and the MDM practice
Pretectum’s Customer Master Data Management (CMDM) solution is an important component in the support of an organization’s Master Data Management practice. Through the use of the Pretectum CMDM, business and IT are able to work in unison on ensuring uniformity, accuracy and consistency in the enterprise shared customer master data assets.
The Pretectum CMDM acts as a customer data hub, a centralized repository of customer information which multiple applications, up and downstream can push and pull the most accurate and timely customer master data information. Your approach to MDM may be different depending on the relative maturity and expectations of your business and systems.
There are several types of generally accepted approaches to implementation, all of which the Pretectum CMDM supports.
The Pretectum CMDM customer hub supports the automation of the business process of customer master data optimization, accompanied by improved customer master data accuracy and generalized availability and syndication of shared customer data. This sharing is undertaken with the goal of establishing absolute authority on the customer and customer identity.
A single version of the truth, in describing the customer is ultimately more reliable, operationally sustainable, and factually accurate and this can have a positive impact on a great many systems, business segments and the work of associates.
Through centralized data collection and distribution, the customer master data elements become easier to identify which in turn helps with customer classification and segmentation. This improved understanding of the customer accompanied by the option of customer socio-economic demographics, details on the propensity to buy and other relationships supports downstream initiatives like marketing campaigns which aim to have more targeted messaging and are assessed on yield based on higher campaign response rates.
Some key benefits through central curation of the customer master data record in a customer master data hub include faster time to value in servicing the needs of the customer and the data objectives of the rest of the organization; richer customer insights and consequently the potential for a more personalized customer experience all of which lead to the improved likelihood of customer conversion, retention and ultimately organizational revenue and profitability.
To learn more about how the pretectum CMDM can serve as your customer data hub, contact us today.