Tag Archives: manufacturing
If you haven’t updated your B2B integration capabilities in the past five years, are you at risk of being left behind? This is the age of superior customer experience and rapid time-to-value so speedy customer on-boarding and support of specialized integration services means the difference between winning and losing business. A health check starts with asking some simple questions: (more…)
In a recent Aberdeen research, they found that 95% of respondents (of 122 responses) replied on some level of manual processing in order to integration external data sources. Manual processing to integrate external data is time consuming, expensive and error prone so why do so many do it? Well, they often have little choice. If you look deeper, most of the time these data exchanges are with small partners and small partner enablement is a significant challenge for most organizations. For the most part, (more…)
A few days ago, I got a text message from a friend telling me that my favorite company’s stock price was suddenly tanking and that I should dump my holding. So I went to the news portal to get a stock quote and see where the stock price happens to be. I found that the stock didn’t move much at all. Thinking that it might’ve been a prank text message, I ignored it. To my dismay, the stock quote I saw was delayed by 20 minutes and the decline wasn’t yet reflected in the news portal. (more…)
Europe might have started a little later than the U.S. with master data management, but if the inaugural Gartner MDM Summit for EMEA is any indication, it’s catching up quickly. Well over 350 registrants attended the event in London in early February, with strong representation from the UK, France, the Netherlands and other EMEA countries. Gartner Research VP Andrew White called the event a “major hit,” and I have to agree. (more…)
A few months ago at the Gartner MDM Summit, I met the head of information management at MillerCoors. He recalled the challenges he faced in explaining to executives of America’s second-largest beer company why it needed master data management.
He came up with a pitch-perfect analogy.
“We make two things—beer and data,” he told executives. “We need to manage our product supply chain and our information supply chain equally efficiently.”
I love that quote because it underscores a truth in all industries—every business is an information business. Whether you make beer or diapers, automobiles or annuities, seamless integration of all information flowing through a company is key to meeting customer needs and gaining competitive advantage. (more…)
Medical device manufacturers may be facing new and emerging regulation on the state and federal levels, but FDA recall rules remains the industry’s most immediate day-to-day compliance challenges. With device recalls, the FDA gives manufacturers some leeway in alerting customers. Companies can use the means of their choice in alerting device users, whether via email or snail mail or mass media. The rule is, however, that at least 80% of the users must be contacted. Fail to reach that threshold, and you have to contact users directly over the phone—meaning your recall gets far more expensive than it already was.
To address the FDA recall rules, most device manufacturers use customer relationship management (CRM) systems. Problems arise, though, when companies use one system for phone interactions, another for online customer contact, and another for snail-mail communication. When customer data is scattered across several systems—and it almost invariably is—accurately tracking contact data across all of the systems becomes difficult-to-impossible. For instance, a customer might have changed her telephone number via a mail-in registration card, but that information never gets reflected in the telephone database. Similarly, a customer might alert a device manufacturer to an address change via the website, but it doesn’t get updated in the postal database. When the company tries to reach their customers of a recall via snail-mail, they might get 20-30% returns due to incorrect addresses, prompting an expensive calling campaign.
No wonder device manufacturers are turning to master data management (MDM) to bolster their compliance efforts. A quality MDM solution can provide manufacturers with consistent, complete and accurate consumer, contact, and communication preference information—even when it is captured and stored in different systems. Companies can use this information to reach customers rapidly and avoid costly and ineffective device recall campaigns. With MDM, if a contact information is changed in the CRM system, that new information will quickly be reflected in the web content management system and other customer-facing systems. This means that any campaign that is using data from the central MDM system would always use the correct preference setting, regardless of the system of origin.