Customer master data management (CMDM) has become an essential aspect of managing customer relationships and delivering personalized experiences.
With a number of technology advances, new and innovative ways have emerged for companies to collect, store, and analyze customer data safely, securely and more efficiently.
In order to stay ahead, your organization needs to consider alternative ways to collect and handle customer data. You need to evaluate whether your technology partner is supporting or promoting any or all of these capabilities.
Personal Data Sharing: Customers have come to expect to have more control over their data by opting to share only the specific data elements that they deem necessary for their desired customer experience. How is your technology partner supporting this? Enabling self-service will allow them to guard sensitive information while providing companies with a better understanding of their preferences and needs.
Open Data Sharing: Though this might seem a little scary for consumers, this is about companies working together to share customer data in a way that benefits all parties. For instance, companies can share data on customer behavior and preferences to create more personalized experiences for their customers. Combine this with Personal Data Sharing and you have the perfect convergence on optimized customer master data management.
Blockchain for Secure Data Storage: Putting the notions of crypto-currency and other applications of Distributed Ledger Technology (DLT), blockchain-style technology can be used to create a decentralized database for customer data, which can be more secure and transparent than traditional centralized databases. This can help prevent data breaches and increase customer trust.
Collaborative Data Governance: Collaborative data governance involves involving customers in the data governance process of their data, allowing them to co-create and co-own data. This approach not only ensures that customers have control over their data but also enables companies to create more personalized experiences based on their customers’ preferences.
Multi-Cloud Storage: Multi-cloud storage can help companies manage customer data in a more secure and cost-effective manner. By storing data in multiple cloud providers, companies ensure that customer data is appropriately backed up and secure even in the event of some catastrophic event or destructive data breach.
In-Store Data Collection: In-store data collection might not seem very innovative, but you would be surprised how many brick-and-mortar retailers still don’t do this well. This collection method can be used to provide customers with more personalized experiences while they shop. For instance, companies could use facial recognition technology to recognize customers and provide them with tailored recommendations and promotions, particularly at self-service kiosks.
Data-Driven Loyalty Programs: Analyzing customer data will often lead to a company realizing that it can create data-driven loyalty programs that reward customers for engagement and loyalty. This in turn can help increase customer retention and improve the whole customer experience.
Big Data Analytics for Social Good: Companies can use big data analytics to address social issues such as poverty and climate change. This can help companies make a positive impact on the world while also improving their brand image and customer loyalty. Practically speaking the simple example of disaster response and management means analyzing large amounts of data from various sources, such as social media and satellite imagery, etc. From this, organizations can quickly identify areas that have been affected by a disaster, assess the extent of the damage, and allocate resources more effectively. This can help save lives, reduce the impact of disasters, and speed up the recovery process.
AI-Driven Personalization: AI can be used to analyze customer data and provide personalized recommendations and experiences in real time. This is helpful in providing companies with a more customized and engaging customer experience.
Enhanced Cybersecurity: When combined with AI-driven personalization, companies can take a stronger position in relation to securing customer relationships. Cyber threats are becoming more sophisticated and companies need to take cybersecurity more seriously. This involves implementing strong security measures to protect customer data, as well as regularly testing these measures to ensure their effectiveness; combine that with AI and you have a stronger ability to detect fraud and identify bad actors.
Customer master data management is an essential aspect of managing customer relationships and delivering personalized experiences, adopting some divergent thinking in how you approach CMDM means you can explore new and innovative ways to collect, store, and analyze customer data.
Ideas range from using blockchain for secure data storage to implementing enhanced cybersecurity measures. Companies that are able to effectively manage customer data will be better positioned to provide a more customized and engaging customer experience while also protecting customer privacy and maintaining trust.
Contact us at Pretectum today to find out how we can help.