Key Customer-Centric Business Processes and how they benefit from MDM
A vast majority of time spent by corporations today is focused on business processes that involve customers – serving them, supporting them, selling to them, and providing the goods and services they require. Having the best information about your customers is critical in today’s economy, and it’s why Master Data Management is now so critical to you.
Below are just a few examples of business processes that depend on accurate and up-to-date customer information.
Do your customers complain about the fact that you don’t know them?It is a major problem with many companies. Each customer has so many different relationships with a company. MDM can organize all of your scattered customer data sources into a whole view of each customer. Without MDM to match-up all those relationships your brand and customer loyalty will be impacted.
Is your company experiencing excessive churn? Do you know why? Many customers are frustrated by the inability for one part of an organization to communicate with others in the same company, such as customer service not communicating a critical customer complaint to the sales renewal organization. Without MDM you will not have a consolidated history of that customer’s interactions, and you may not even know that it’s the same customer. Your renewal process will suffer.
Is your company brand being impacted by a small number of negative tweets? Did you miss the early warning signs that a valued customer was frustrated? This is common in many organizations. Without an effective means of matching a customer’s social footprint with your sales and support organization, you risk negative brand perception. With a proper MDM system, you can reduce this exposure dramatically by matching and integrating your customer’s social persona with all the other information about that customer.
Are fraudulent returns costing your company millions of dollars? By the time you find out is too late? Without MDM, tying a return customer to their past transactions can be problematic, leaving your company open to return fraud. In order to prevent fraudulent returns, validate past transactions and validate the returning customer – an MDM solution is necessary.
Is your marketing compliance exposure high? When a customer opts-out do you know every business process that needs to be informed? Without good management of this critical master data you can’t be sure. A good MDM platform will track and manage all your customer relationships reducing your compliance risk dramatically.
MDM is the only cost-effective solution to integrate and standardize your customer data. Other processes include, sales renewals, customer care, customer nurturing, ecommerce, and install-base marketing.