Customer data is everywhere. In some organizations, it can become the root cause for serious business inefficiencies: Undeliverable outbound e-mails, returned shipping, unaddressed customer claims, lack of privacy regulation compliance or data breaches. However, if customer data is managed correctly, it can fuel new levels of customer acquisition, company performance, sales conversion rates and the overall customer lifetime value.
Talend commissioned a survey to Enterprise Management Associates to understand the difference between the winners and the losers when it comes to the data driven economy. Here are 5 takeaways from this survey:
1. Master Data Management is a foundation for data driven, customer centric organizations. The survey clearly highlights that levels of maturity in those two disciplines are closely interrelated.
2. A 360° view of the customer is a moving picture. Because customer touchpoints are exponentially expanding over time, a more agile integration approach is required for success.
3. Turning customer data into a well-managed and trusted source of information across the organization is no longer an option—it’s a must have. But once this mandate has been achieved, you can derive far more value from your reconciled 360° customer view through actionable customer facing applications that directly interact with customers or customer facing employees and business partners.
4. Shifting the data accountability to the lines of business is clearly a key differentiator for the most successful organizations. Enterprise data architects have a major role to play in achieving this shift, especially in large organizations.
5. Finally, mature organizations succeed in their ability to fund their MDM initiatives based on clear and quantifiable business benefits that overcome the inherent complexities of most MDM projects. Linking MDM initiatives with clear business outcomes, once considered as a difficult if not elusive exercise, has become straightforward now that lines of business understand the value and the urgency of being data driven.
Over time, we will continue to share findings from this survey. Stay tuned for a webinar where we will further present the key takeaway and invite some of our customers to share their experiences with MDM. I’d be happy to get your feedback as well, through this blog or through my twitter account ( @jmichel_franco ).