Ask any hill-walker or mountaineer why they do what they do and the answer you get might be surprising. Sometimes the main reason that they do what they do is for where the journey ultimately takes them.
Do you know why the view from the top is worth the climb? This is because it gives you a single view of everything laid out before you. It is the same appeal as ballooning and even flying for some…
The same is true with Master Data Management. The “hard climb” to a unified single source of customer data, gives you a single ‘clear’ picture of the customer.
The goal of every business is to acquire customers, give a top-notch customer experience, and retain customers while acquiring more. To achieve this goal, you’d have to crank up your data strategy to align with your business strategy.
It is worthy of note, though, that many businesses already have their customer data stored across many different systems, making it easily accessible for various teams and departments in the organization.
That, indeed, is good thinking. But is that really enough? Does that give a ‘view from the top’? Think of it this way, if a customer’s data is updated in one of the many systems available in your organization, that change would not automatically reflect across other systems, would it? In all likelihood not.
If you have adopted Customer Master Data Management in your business as a master system where all customer data is collated, updated, and reflected from every single system across the company, centralized, accurate, and consistent then you are at a distinct advantage when compared with your competitors who may still be at the bottom of the hill.
Without consistency across systems, business decisions will be made based on faulty or inaccurate data. And this could have catastrophic consequences for a business, like giving a bad customer experience, resulting in poor customer retention, which in turn leads to revenue loss.
Another major challenge that Customer Master data Management solves is the potential for a personalized customer experience. Customers anticipate experiences that are valuable and relevant to their needs. They expect brands to know them enough to deliver an overall excellent personalized experience.
Personalizing customer experience can be difficult when your data resides in numerous disconnected systems and in departments that don’t communicate with each other in real time. With CMDM, a single yet overall view of customers, related to their buying patterns, choices and preferences is the goal. This ensures that businesses can predict and pitch products or services that are most likely to match their customers’ needs.
Today, there are so many businesses out there taking advantage of different business strategies and isolated repositories. Customers have many options to choose from in terms of who they choose to do business with. What sets you apart from your competitors should be your accurate, high-quality data, that gives you insight into who your customers are, what they want, where they want it, and how they want it.
The only thing standing in your way to staying fixed in the heart of your customers. is your Customer Master Data Management. If your Organization embraced CMDM today, you wouldn’t be at the level of other businesses. Instead, you’d be standing right high up with a 360-degree view of your customers, driving new business opportunities. And in that instance, you’d realize, it was worth the climb!
Find out how Pretectum CMDM can help your business climb that hill or mountain.