Tag Archives: MDM
Analyst research shows that only half of enterprises do an ROI analysis of their Information Management investment. Does the other half go on faith?
In the digital transformation to become a data-ready enterprise, information changes from maintained information to managed information. The goal of MDM DAY (May 12 at Informatica World) is to help companies change the way they measure success from “on time and on budget” to using revenue, time-to-market, and customer retention as key values.
13 customers across different industries (retail, distribution, manufacturing, healthcare,
and more) will share their experience on how they master customer, product, patient, supplier or other domains for becoming a data ready enterprise. Get a sneak preview on
MDM Day below and register now. But there are much more sessions…
Spreading Like Wildfire: Fast, Accurate Big Data for Smart, Quick Decisions
Devon Energy is among the largest U.S.-based independent natural gas and oil producers. In this session, you’ll learn how to use Informatica’s MDM and Big Data solutions to provide authoritative and trusted data as it relates to wells, suppliers, and other key master and reference data and to prepare data for Big Data analytics.
Symantec and EMC: Using MDM and DQ to Deliver Trusted Customer Views
Follow Symantec’s journey from realizing it needed to ensure its enterprise ERP system contains trustworthy and relevant data to establishing processes based on Informatica technology and methodology. EMC’s innovation pushed it a step ahead in its MDM journey with a full-blown consolidation hub that generates, references, and publishes single customer ID in the enterprise. EMC was also able to operationalize the MDM with real-time cloud integration services. Their presentations will cover the business case, the establishment of data management processes, key lessons learned, and best practices within the context of both technical architecture and business change.
PartsSource Improve Customer Experience with Product Information
PrtsSource will discuss how it uses Informatica PIM as the foundation for its omnichannel strategy and to support its industry-first one-stop shop online catalog for medical parts. PartsSource will explain how Informatica helped reduce the time needed to launch and update products from 120 minutes to 2 minutes using fewer employees.
Horizon BCBS and Sutter Health: Using MDM for Reference Data and More
Horizon’s master data is consumed by a diverse set of applications ranging from transactional care management systems to analytics systems that compile member risk scores. Its MDM based RDM initiative greatly mitigates, if not eliminates, the pain points of a legacy solution that had limited integration capabilities, data model constraints, data divergence, and governance enforcement.
St. Joseph Health initiated an enterprise information management initiative in support of their analytics program In 2014. Kim Jackson, Director Analytics, Data Warehousing and Special Applications at St. Joseph Health, spoke about how she and her team developed a business case and initiated a data governance program.
CHRISTUS Health: Recovering Revenue through Supply Chain Optimization
The Director of Business Intelligence at CHRISTUS Health explains how a supply chain business intelligence initiative allowed the organization to create a supply chain dashboard that quickly revealed cost containment opportunities.
JDA Software: MDM Journey Soup to Nuts
JDA Software will share its entire MDM lifecycle, starting with identifying MDM need within a large organization and including MDM product selection, vendor selection, team selection, support model, handling ongoing business change requests, upgrading the platform to 9.7, and integrating with cloud offerings like SFDC and Workday as well as legacy transactional systems like PeopleSoft Financials, all using the MDM hub and PowerCenter.
Customer 360 Solution at Nissan Improving Return on Marketing Spend
Discover how Nissan reached this milestone by implementing its Nissan Customer Database, the foundation for a truly sustainable Customer360 view. Learn how to bring data together from multiple heterogeneous sources around Europe (24 countries), ensure data quality, and comply with local regulations.
Johnson & Johnson: Using MDM to Fast Track a Global Workday Implementation
In this session, HighPoint Solutions and Johnson & Johnson discusses how they leveraged Informatica’s MDM hub technology to complete this initiative for a Top Five pharmaceutical company, including techniques used to source country data, cleanse the source data, and integrate it into the Workday instance.
GE Aviation: Scaling MDM to the Enterprise
Master data has quickly become critical to both application and business transformation, but issues arise when large volumes of data need to be loaded into the MDM solution. GE Aviation will share their new approach for mastering data.
Elkjop and Monsanto: Two Best Practices Managing Product and Customer Data
Find out how Elkjop (Nordic’s No 1 consumer electronics retailer) increased both its product range offering and the quality of its product information across its entire portfolio by leveraging the strong embedded Data Quality tools found in the Informatica PIM. Elkjop will also discuss how they reduce their yearly development costs and operating costs.
Monsanto developed a strategy to address customer data quality issues, clearly articulated the business value of implementing the strategy, and successfully implemented the solution leveraging Informatica MDM and a new data governance program.
UPMC and Cambia: Data Governance as an Imperative for Master Data Quality
MDM Implementation Tips & Tricks
Learn from a best practice MDM implementation at Kroton.
The New Age of Proactive Data Governance
Overall Informatica World provides more than 120 sessions to learn from experts how to make great data ready to use. Master Data Management is not complete without rules and their enforcement. In the age of proactive governance, data governance now becomes the ENABLER for business and IT, orechstrating the way how humans colloborate, how processes are exectuted. Data Governance becomes more AGILE.
therefore you may also check out the “Information Quality & Governance Track” with more than 20 session on Wednesday May 13 inlcuding customer use cases, user group discussions, roadmaps, what’s new sessions and much more. Don’t forget to register now and learn more about the dependencies between data governance, stewardship and business roles.
If you’ve been contemplating to transform your business, making it a priority to embrace digital transformation, this year’s Informatica World 2015, in Las Vegas, has a series of B2B and B2C sessions for you. Here are some I wish to recommend:
B2B Commerce Ready Data
PartsSource Improve Customer Experience with Product Information in Medical Parts
Brian Thomas, Director of Application, PartsSource
A leading provider of medical replacement parts solutions, PartsSource will discuss how it uses Informatica PIM as the foundation for its omnichannel strategy and to support its industry-first one-stop shop online catalog for medical parts. PartsSource will explain how Informatica helped reduce the time needed to launch and update products from 120 minutes to 2 minutes using fewer employees, making it easier than ever to connect over 3,300 hospitals to thousands of OEMs and suppliers.
B2C Commerce Ready Data
Elkjop and Monsanto: PIM and MDM to Manage Product and Customer Data
Thomas Thykjer, Master Data Architect, Elkjop Nordics AS
Jim Stellern, US Commercial Data Management and BI IT Lead, Monsanto
Elkjop, the largest consumer electronics retailer in the Nordic countries, increased both its product range offering and the quality of its product information across its entire portfolio by leveraging the strong embedded Data Quality tools found in the Informatica PIM. Elkjop will also discuss how they reduced their yearly development costs and operating costs.
Monsanto developed a strategy to address customer data quality issues, clearly articulated the business value of implementing the strategy, and successfully implemented the solution leveraging Informatica MDM and a new data governance program.
Omnichannel Ready: What’s New in PIM 8?
Latest Features, Demo and Roadmap
Stefan Reinhardt, Senior Product Manager PIM, R&D DEU PIM, Informatica
Ben Rund, Sr. Director Product Marketing, Information Quality Solutions, Informatica
Are you commerce ready? Can you say the same about your data? Are you focused on the betterment of your supply chain, marketing, ecommerce, merchandising and category management This session, aimed at those wanting to sell more products faster.
Learn what’s new with PIM 8:
- Kits and bundles for superior cross-selling
- High data volumes architecture
- Role- and task-based web interfaces for increased efficiency on product content collaboration
- Business user dashboard
- 1WorldSync data pool syndication for compliant CPG data
- Product Data as a Service (DaaS) for price intelligence and content benchmarking.
We will be covering all those new features during the session through in a live demo.
Furthermore, we will also cover the PIM roadmap, showcasing how PIM is evolving and gaining MDM like features, by fueling product data apps for different use cases and industries, leveraging the Intelligent Data Platform.
User Group Session for Omnichannel
Are you looking to talk to the experts? Don’t miss out on our user group sessions where you will be able to discuss and work directly with the R&D and product management experts. They will be there to answer your questions as well as hear your thoughts and feedback. It’s your opportunity to be heard and get an answer to your question, don’t miss out!
37 Sessions to Master the Digital Transformation
An overall of 37 sessions, focused on different Master Data Management and Information Governance, key disciplines and the foundation of successfully mastering digital transformation, will be held on the 12th and 13th of May.
The Good, The Bad, and The Ugly! Experiencing Great (and Not So Great) Data-Driven Marketing in Day-to-Day Life
I spend my professional life helping marketers get the most out of their data. So it really hits me when I experience real life case studies in my day-to-day personal life. When I do run across these great (and not so great) experiences, it broadens my perspective and helps me figure out new ways that I can help our customers use clean, safe, and connected data to revolutionize their marketing efforts.
I feel compelled to blog about these great customer experiences in hopes that other marketers can learn from these encounters like I did. So this is the first installment of an ongoing series of blog posts about where I’ve experienced great (and not so great) data-driven marketing experiences.
I love my insurance company for many reasons, but the last experience I had with them was truly exceptional. I had been on their website getting an insurance quote for a new home. I still had a few questions, so I initiated an online chat. The online representative there quickly and efficiently answered my question and I left the experience with a thorough understanding of the potential policy. About a week later, seemingly unrelated, I put in a claim through a local vendor for a chipped windshield repair. Then two weeks later, I called back and the phone system recognized my mobile number and through the automated system asked me if I was calling about the homeowner’s policy quote I had received a few weeks ago. I pressed 1 for yes, and here’s where the impressive part begins…
A representative quickly answered the phone. He was able to view all of the information I had put into the online quote tool. He then referenced the question I had asked the representative in the online chat, and asked if I had any further questions about it. Within minutes I had my new policy set up, but it didn’t stop there. He asked if the windshield chip I had the previous week had been repaired to my satisfaction. Then he noticed that although I do have a credit card through them, I haven’t used it in some time, and offered me a 0% balance transfer offer for 36 months with no transfer fee on that card. Heck, we just bought a new house and I know there will be plenty of expenses, so sign me up! Finally, he noticed that because I was about to move to a new zip code, my car insurance rates would be going down slightly and offered to send me to the automobile insurance team to make the change to my policy.
The system clearly tied all of my recent and past activities from various channels together, analyzed them, and leveraged some sort of recommendation engine to guide the customer support representative to provide truly customized service. You can be assured I love my insurance company even more, and I will be dusting off a stagnant account that I hadn’t used in years. A+.
Oh how I wish my bank would embrace Total Customer Relationship. My husband, my children, and I have far too many accounts at our bank. Each child has a savings account, we have a joint checking account, we have a savings account, he has a personal savings account, I have a personal savings account, and then there’s the cash reserve line, the credit card and a few CD’s. We recently sold a home and the now-paid-off mortgage was through them. Plus we’ve been customers for almost 20 years. So sufficed to say, we have been loyal customers.
Well the other day, I had to go get a cashier’s check for a school activity for one of my children. I know, it’s pretty strange that they needed a cashier’s check, but I digress. I went to pull half out of my son’s minor savings account and half out of my individual checking account. Neither of those accounts have much money in there, nor have they been opened for very long. Call me spoiled, but I’m used to getting these types of service fees waived for my long tenure and deep relationship with our bank. But because the accounts I had pulled the money from didn’t have that kind of history, they weren’t willing to waive the fees. I was in a hurry because I was running late from shopping at a shoe store (see “The Ugly” below) so I didn’t have the time or energy to fight it, so I paid the darn $5 fee, but I was irritated. Clearly they couldn’t easily see the total customer relationship I have with their institution. The aren’t leveraging their data to tell a complete story, and missed an opportunity to show a loyal customer a great experience.
And The Ugly
A few days ago, I was at a shoe store picking up some new soccer cleats for one of my children. I had gotten an email offer for 30% off, so I pulled up the email and prepared to use it at the cash register. For whatever reason, the email didn’t had a blank where a code was supposed to be, and the woman at the register, despite her best efforts couldn’t use it. So, trying to be helpful, she looked at my loyalty account and, low and behold, I had $40 worth of rewards points that I didn’t even know existed. But I had to first download an app to try to issue a coupon using those points. I downloaded the app, put in my loyalty number, and no points were available.
Turns out, I had two accounts, but they weren’t linked despite having the same phone number and names. One had an address that was misspelled in the system, so it apparently wouldn’t merge with the other account – oh data quality and address validation how I missed you at that moment! She corrected the address, and informed me that it would now merge the two accounts and to try to log in again. Of course, I knew that there was no way this was a real time, or near real time process, but she was insistent. So I tried again, nothing.
The woman couldn’t have been nicer, but poor data quality processes and long batch windows had her hands tied. I was advised to call the customer support line, but of course it was a Sunday afternoon and nobody was there to pick up. So 45 minutes later, I left the store, irritated and very late, and without the shoes I was going to purchase out of principle. In the future, I’ll be going down the street and shopping at another shoe store – it’s my own personal strike against antiquated, inaccurate, incomplete, and painfully slow data processes which result in bad customer experiences!
In The End…
In the greater scheme of things, these varying degrees of customer experience “misses” aren’t exactly a crisis. It’s not curing cancer or solving world hunger, but to consumers, having a great customer experience is really important. Wouldn’t you rather have your customers raving about a great experience, than grumbling about a bad one, or losing a customer due to an ugly one?
We marketers can make the difference! We own that end-to-end omni channel experience. We need to make sure that our data is clean, safe, and connected so we can provide our customers what they expect and frankly deserve from us.
Informatica’s Total Customer Relationship Solution empowers organizations with confidence, knowing that they have access to the kind of great customer data that allows them to surpass customer acquisition and retention goals by providing consistent, integrated, and seamless customer experiences across channels. The end result? Great experiences that customers are inspired to share with their family and friends at dinner parties and on blog posts like this one.
Want to learn more? Check out these webinars to see how Informatica and our customers and partners are revolutionizing the customer experience.
Improving Order to Cash matters regardless of market cycle
Order to Cash (OTC) matters to today’s CFOs and their financial teams even as CFOs move themselves from an expense and cost reduction footing to a manage growth footing. As the business process concerned with receiving and processing customer sales, having a well-functioning OTC process is not only about preserving cash, but it is also about improving the working capital delivered to the bottom line. This is something which is necessitated by successful growth strategies. Specifically, OTC helps to provide the cash flow needed to quicken collections and improve working capital turnover.
This drives concrete improvements to finance metrics including Days Sales Outstanding (a measure of the average number of days that a company takes to collect revenue after a sale has been made) and the overall cost of collections. It should be clear that a poorly running order to cash process can create tangible business issues. These include but are not limited to the following:
- Accuracy of purchase orders
- Accuracy of invoices
- Volume of customer disputes
- Incorrect application of payment terms
- Approval of inappropriate orders
- Errors in order fulfillment
CFOs tell us that it is critical that they make sure that “good cash management is occurring in compliance with regulation”. It is important as well to recognize that OTC cuts across many of the primary activities of the business value chain—especially those that related to sales, marketing, and services.
How do you improve your order to cash process?
So how do financial leader go about improving OTC? They can clearly start by looking at the entire OTC process from quote order, process order, fulfill order, invoice customer, receive and apply cash, and manage credit and collections. The below diagram shows the specific touch points where the process can be improved—each of these should be looked at for process or technology improvement.
However, the starting point is where the most concrete action can be taken. Fixing customer data fixes the data that is used by each succeeding process improvement area. This is where a single, connected view of customer can be established. This improves the OTC process by doing the following:
- Fixes your customer data
- Establishes the right relationships between customers
- Establishes tax and statutory registrations and credit limits
- Prevents penalties for delivering tax documents to the wrong placeCustomer Data Mastering (CDM) does this in the following way. It provides a single view of customers, 360 degree view of relationships as well as a complete view of integrative customer relationships including interactions and transactions.
CDM matters to the CFO and the Business as a whole
It turns out that CDM does not just matter to OTC and the finance organization. It matters as well to the corporate value chain by impacting the following primary activities including outbound logics, marketing and sales, and service. Specifically, CDM accomplishes the following:
- It reduces costs by reducing invoicing and billing inaccuracies, customer disputes, mailing unconsolidated statements, sending duplicate mail, and dealing with returned mail
- Increases revenue by boosting marketing effectiveness at segmenting customer for more personalized offers
- Increases revenue by boosting sales effectiveness by making more relevant cross-sell and up-sell offers
- Reduces costs by boosting call center effectiveness by resolving customer issues more quickly
- Improves customer satisfaction, customer loyalty and retention because employees are empowered with complete customer information to deliver great customer experiences across channels and touch points
So as we have discussed, today’s CFOs are finding that they need to become more and more growth oriented. This transition is made more effective with a well function OTC process. While OTC impacts other elements of the business too, the starting point for fixing OTC is customer data mastering because it fixes elements of the data portion of this process.
The Oil and Gas (O&G) industry is an important backbone of every economy. It is also an industry that has weathered the storm of constantly changing economic trends, regulations and technological innovations. O&G companies by nature have complex and intensive data processes. For a profitable functioning under changing trends, policies and guidelines, O&G’s need to manage these data processes really well.
The industry is subject to pricing volatility based on microeconomic pattern of supply and demand affected by geopolitical developments, economic meltdown and public scrutiny. The competition from other sources such as cheap natural gas and low margins are adding fuel to the burning fire making it hard for O&G’s to have a sustainable and predictable outcome.
A recent PWC survey of oil and gas CEOs similarly concluded that “energy CEOs can’t control market factors such as the world’s economic health or global oil supply, but can change how they respond to market conditions, such as getting the most out of technology investments, more effective use of partnerships and diversity strategies.” The survey also revealed that nearly 80% of respondents agreed that digital technologies are creating value for their companies when it comes to data analysis and operational efficiency.
O&G firms run three distinct business operations; upstream exploration & production (E&P’s), midstream (storage & transportation) and downstream (refining & distribution). All of these operations need a few core data domains being standardized for every major business process. However, a key challenge faced by O&G companies is that this critical core information is often spread across multiple disparate systems making it hard to take timely decisions. To ensure effective operations and to grow their asset base, it is vital for these companies to capture and manage critical data related to these domains.
E&P’s core data domains include wellhead/materials (asset), geo-spatial location data and engineer/technicians (associate). Midstream includes trading partners and distribution and downstream includes commercial and residential customers. Classic distribution use cases emerge around shipping locations, large-scale clients like airlines and other logistics providers buying millions of gallons of fuel and industrial lube products down to gas station customers. The industry also relies heavily on reference data and chart of accounts for financial cost and revenue roll-ups.
The main E&P asset, the well, goes through its life cycle and changes characteristics (location, ID, name, physical characterization, depth, crew, ownership, etc.), which are all master data aspects to consider for this baseline entity. If we master this data and create a consistent representation across the organization, it can then be linked to transaction and interaction data so that O&G’s can drive their investment decisions, split cost and revenue through reporting and real-time processes around
- Crew allocation
- Royalty payments
- Safety and environmental inspections
- Maintenance and overall production planning
E&P firms need a solution that allows them to:
- Have a flexible multidomain platform that permits easier management of different entities under one solution
- Create a single, cross-enterprise instance of a wellhead master
- Capture and master the relationships between the well, equipment, associates, land and location
- Govern end-to-end management of assets, facilities, equipment and sites throughout their life cycle
The upstream O&G industry is uniquely positioned to take advantage of vast amount of data from its operations. Thousands of sensors at the well head, millions of parts in the supply chain, global capital projects and many highly trained staff create a data-rich environment. A well implemented MDM brings a strong foundation for this data driven industry providing clean, consistent and connected information about the core master data so these companies can cut the material cost, IT maintenance and increase margins.
To know more on how you can achieve upstream operational excellence with Informatica Master Data Management, check out this recorded webinar with @OilAndGasData
It is not quite a year since I have been looking into the Idenfication of Medicinal Products (IDMP) ISO standard, and the challenging EMA IDMP implementation deadline of July 1st, 2016. Together with HighPoint Solutions, we have proposed that using a Master Data Management (MDM) system as a product data integration layer is the best way to ensure the product data required by IDMP is consolidated and delivered to the regulator. This message has been well received with almost all the pharmaceutical companies we talked to.
During the past few months, the support for using MDM as a key part of the IDMP solution stack is growing. Supporters of using MDM now include people that have been looking into the IDMP challenge and solutions for far longer than me: independent consultants, representatives of pharma companies with active projects and leading analysts have expressed their support. At the IDMP Compliance Challenge and Regulatory Information Management conference held in Berlin last month, using MDM within the solution stack was a common theme – with a large percentage of presentations referencing the technology.
However, at this conference an objection to the use of MDM was circulating during the coffee break. Namely:
Do we really have time to implement MDM, and achieve compliance before July 2016?
First, let’s revisit why MDM is a favoured approach for IDMP. The data required for compliance is typically dispersed across 10+ internal and external data silos, building a data integration layer to prepare data for submission is the current favoured approach. It has popular support from both industry insiders and independent consultants. The data integration layer is seen as a good technical approach to overcome a number of challenges which IDMP is posing in their initial draft guidance, namely:
- Organisational: It has to make it easy for data owners to contribute to the quality of data
- Technical: It needs to integrate data from multiple systems, cleaning and resolving attributes using as much automation as possible
- Co-ordination: The layer must ensure data submitted is consistent across regulations, and also within internal transactional systems
- Timing: Projects must begin now, and pose low technical risk in order to meet the deadline.
MDM technology is an excellent fit to address these challenges (for a high level summary, see here).
So back to the time objection, it seems a bit out of place if you follow the logic:
- In order to comply with IDMP, you need to collect, cleanse, resolve and relate a diverse set of product data
- A data integration layer is the best technical architecture
- MDM is a proven fit for the data integration layer
So why would you not have time to implement MDM, if this is the best (and available) technical solution for the data collection and consolidation necessary to achieve compliance?
My feeling is the objection comes down to the definition of MDM, which is (correctly) seen as something more than technology. Expert and analyst definitions variously include the words ‘discipline’, ‘method’, ‘process’ or ‘practice’. Current consensus is that the underlying technology merely enables the processes which allow an organisation to collect and curate a single, trusted source of master data. In this light, MDM implies the need for senior level sponsorship and organisational change.
The truth is IDMP compliance needs senior level sponsorship and organisational change. In all the discussions I have had, these points come out clearly. Many pharma insiders who understand the challenge are grappling with how to get the required attention from execs that IDMP needs in order to achieve compliance. July 1 2016 is not only a deadline, it is the start of a new discipline in managing a broad range of pharma product data. This new discipline will require organisational change in order to ensure the high quality data can be produced on a continuous basis.
So the definitions of MDM actually make the case for using MDM as part of the technology stack stronger. MDM will not only provide technology for the data integration layer, but also a support structure for the new product data processes that will be required for sustained compliance. Without new product data management processes as part of the IDMP submission process, there will be few guarantees around data quality or lineage.
I fear that many of those with the objection that they don’t have time for MDM are really saying they don’t have enough time to implement IDMP as a new discipline, process or practice. This will expose them to the risk of non-compliance fines of up to 5% of revenue, and recurring fines of 2.5% of revenue.
In my mind, the challenge is not ‘do we have time to implement MDM?’, but rather ‘can we be successful both by and beyond July 2016, without implementing MDM?’ By MDM I am referring to the technology and the organisational aspects of creating and delivering complete and accurate data.
Let’s face it, building a Data Governance program is no overnight task. As one CDO puts it: ”data governance is a marathon, not a sprint”. Why? Because data governance is a complex business function that encompasses technology, people and process, all of which have to work together effectively to ensure the success of the initiative. Because of the scope of the program, Data Governance often calls for participants from different business units within an organization, and it can be disruptive at first.
Why bother then? Given that data governance is complex, disruptive, and could potentially introduce additional cost to a company? Well, the drivers for data governance can vary for different organizations. Let’s take a close look at some of the motivations behind data governance program.
For companies in heavily regulated industries, establishing a formal data governance program is a mandate. When a company is not compliant, consequences can be severe. Penalties could include hefty fines, brand damage, loss in revenue, and even potential jail time for the person who is held accountable for being noncompliance. In order to meet the on-going regulatory requirements, adhere to data security policies and standards, companies need to rely on clean, connected and trusted data to enable transparency, auditability in their reporting to meet mandatory requirements and answer critical questions from auditors. Without a dedicated data governance program in place, the compliance initiative could become an on-going nightmare for companies in the regulated industry.
A data governance program can also be established to support customer centricity initiative. To make effective cross-sells and ups-sells to your customers and grow your business, you need clear visibility into customer purchasing behaviors across multiple shopping channels and touch points. Customer’s shopping behaviors and their attributes are captured by the data, therefore, to gain thorough understanding of your customers and boost your sales, a holistic Data Governance program is essential.
Other reasons for companies to start a data governance program include improving efficiency and reducing operational cost, supporting better analytics and driving more innovations. As long as it’s a business critical area and data is at the core of the process, and the business case is loud and sound, then there is a compelling reason for launching a data governance program.
Now that we have identified the drivers for data governance, how do we start? This rather loaded question really gets into the details of the implementation. A few critical elements come to consideration including: identifying and establishing various task forces such as steering committee, data governance team and business sponsors; identifying roles and responsibilities for the stakeholders involved in the program; defining metrics for tracking the results. And soon you will find that on top of everything, communications, communications and more communications is probably the most important tactic of all for driving the initial success of the program.
A rule of thumb? Start small, take one-step at a time and focus on producing something tangible.
Sounds easy, right? Well, let’s hear what the real-world practitioners have to say. Join us at this Informatica webinar to hear Michael Wodzinski, Director of Information Architecture, Lisa Bemis, Director of Master Data, Fabian Torres, Director of Project Management from Houghton Mifflin Harcourt, global leader in publishing, as well as David Lyle, VP of product strategy from Informatica to discuss how to implement a successful data governance practice that brings business impact to an enterprise organization.
If you are currently kicking the tires on setting up data governance practice in your organization, I’d like to invite you to visit a member-only website dedicated to Data Governance: http://governyourdata.com/. This site currently has over 1,000 members and is designed to foster open communications on everything data governance. There you will find conversations on best practices, methodologies, frame works, tools and metrics. I would also encourage you to take a data governance maturity assessment to see where you currently stand on the data governance maturity curve, and compare the result against industry benchmark. More than 200 members have taken the assessment to gain better understanding of their current data governance program, so why not give it a shot?
Data Governance is a journey, likely a never-ending one. We wish you best of the luck on this effort and a joyful ride! We love to hear your stories.
With a total B2C e-commerce turnover of $567.3bn in 2013, Asia-Pacific was the strongest e-commerce region in the world in 2013, as it surpassed Europe ($482.3bn) and North America ($452.4bn). Online sales in Asia-Pacific expected to have reached $799.2 billion in 2014, due to latest report from the Ecommerce Foundation.
Revenue: China, followed by Japan and Australia
As a matter of fact, China was the second-largest e-commerce market in the world, only behind the US ($419.0 billion), and for 2014 it is estimated that China even surpassed the US ($537.0 billion vs. $456.0 billion). In terms of B2C e-commerce turnover, Japan ($136.7 billion) ranked second, followed by Australia ($35.7 billion), South Korea ($20.2 billion) and India ($10.7 billion).
On average, Asian-Pacific e-shoppers spent $1,268 online in 2013
Ecommerce Europe’s research reveals that 235.7 million consumers in Asia-Pacific purchased goods and services online in 2013. On average, APAC online consumers each spent $1,268 online in 2013. This is slightly lower than the global average of $1,304. At $2,167, Australian e-shopper were the biggest spenders online, followed by the Japanese ($1,808) and China ($1,087).
Mobile: Japan and Australia lead the pack
In the frequency of mobile purchasing Japan shows the highest adoption, followed by Japan. An interesting fact is that 50% of transactions are done at home, 20% at work and 10% on the go.
“Our advances in technology and distribution channel diversification along with increased brand awareness and innovative products and services — are moving us closer to our goal of becoming a top-five personal lines carrier, “ said the president of the insurance company.
Delivering real-time access to the Total Customer Relationship across channels, functions and product lines
The insurance company’s data integration and data management initiative included:
- an Enterprise Data Warehouse (EDW) from Teradata,
- reporting from MicroStrategy, and
- data integration and master data management (MDM) technology from Informatica to better manage customer and policy data.
This provides the information infrastructure required to propel the insurance company’s personal insurance business into the top tier of personal insurers in the country.
Business analysts in claims, marketing, policy and finance as well as agents in the field, sales people and claims adjusters now have access to clean, consistent and connected customer information for analytics, performance measurement and decision-making.
Within their business applications, the Information Management team has delivered real-time access to the total customer relationship across product lines, channels and functions.
How did they do it?
The team identified the data sources that contain valuable customer information. They’re accessing that customer information using data integration and bringing into a central location, the Informatica MDM hub, where it’s managed, mastered and shared with downstream systems on an ongoing basis, again using data integration. The company now has a “golden record” for each customer, policy and claim and the information continuously updated.
- Claims: The customer information management initiative was instrumental in the successful implementation of a new system to streamline and optimize the company’s claims process. The data integration/data management team leveraged a strong relationship with the claims team to delve into business needs, design the system, and build it from the ground up. Better knowledge of the total customer relationship is accelerating the claims process, leading to increased customer satisfaction and employee performance.
- Sales & Customer Service: Now when a customer logs into the company’s website, the system makes a call to the Informatica MDM hub and immediately finds out every policy, every claim, and all other relevant data on the customer and displays it on the screen. Better knowledge of the total customer relationship is leading to better and more relevant insurance products and services, higher customer satisfaction and better sales, marketing and agent performance.
Please join us on Thursday, February 5th at 11am PT for a webinar. You will learn how OneAmerica®, which offers life insurance, retirement services and employee benefits, is shifting from a policy-centric to a customer-centric operation. Nicolas Lance, Vice President of Retirement Income Strategies and Head of Customer Data will explain how this shift will enable the company to improve customer experience and marketing, distribution partner and call and service center effectiveness.
Register here: http://infa.media/1xWlHop
This blog post initially appeared on CMSwire.com and is reblogged here with their consent.
Friends of mine were remodeling their master bath. After searching for a claw foot tub in stores and online, they found the perfect one that fit their space. It was only available for purchase on the retailer’s e-commerce site, they bought it online.
When it arrived, the tub was too big. The dimensions online were incorrect. They went to return it to the closest store, but were told they couldn’t — because it was purchased online, they had to ship it back.
The retailer didn’t have a total customer relationship view or a single view of product information or inventory across channels and touch points. This left the customer representative working with a system that was a silo of limited information. She didn’t have access to a rich customer profile. She didn’t know that Joe and his wife spent almost $10,000 with the brand in the last year. She couldn’t see the products they bought online and in stores. Without this information, she couldn’t deliver a great customer experience.
It was a terrible customer experience. My friends share it with everyone who asks about their remodel. They name the retailer when they tell the story. And, they don’t shop there anymore. This terrible customer experience is negatively impacting the retailer’s revenue and brand reputation.
Bad customer experiences happen a lot. Companies in the US lose an estimated $83 billion each year due to defections and abandoned purchases as a direct result of a poor experience, according to a Datamonitor/Ovum report.
Customer Experience is the New Marketing
Gartner believes that by 2016, companies will compete primarily on the customer experiences they deliver. So who should own customer experience?
Twenty-five percent of CMOs say that their CEOs expect them to lead customer experience. What’s their definition of customer experience? “The practice of centralizing customer data in an effort to provide customers with the best possible interactions with every part of the company, from marketing to sales and even finance.”
Mercedes Benz USA President and CEO, Steve Cannon said, “Customer experience is the new marketing.”
The Gap Between Customer Expectations + Your Ability to Deliver
My previous post, 3 Barriers to Delivering Omnichannel Experiences, explained how omnichannel is all about seeing your business through the eyes of your customer. Customers don’t think in terms of channels and touch points, they just expect a seamless, integrated and consistent customer experience. It’s one brand to the customer. But there’s a gap between customer expectations and what most businesses can deliver today.
Most companies who sell through multiple channels operate in silos. They are channel-centric rather than customer-centric. This business model doesn’t empower employees to deliver seamless, integrated and consistent customer experiences across channels and touch points. Different leaders manage each channel and are held accountable to their own P&L. In most cases, there’s no incentive for leaders to collaborate.
Old Navy’s CMO, Ivan Wicksteed got it right when he said,
“Seventy percent of searches for Old Navy are on a mobile device. Consumers look at the product online and often want to touch it in the store. The end goal is not to get them to buy in the store. The end goal is to get them to buy.”
The end goal is what incentives should be based on.
Executives at most organizations I’ve spoken with admit they are at the very beginning stages of their journey to becoming omnichannel retailers. They recognize that empowering employees with a total customer relationship view and a single view of product information and inventory across channels are critical success factors.
Becoming an omnichannel business is not an easy transition. It forces executives to rethink their definition of customer-centricity and whether their business model supports it. “Now that we need to deliver seamless, integrated and consistent customer experiences across channels and touch points, we realized we’re not as customer-centric as we thought we were,” admitted an SVP of marketing at a financial services company.
You Have to Transform Your Business
“We’re going through a transformation to empower our employees to deliver great customer experiences at every stage of the customer journey,” said Chris Brogan, SVP of Strategy and Analytics at Hyatt Hotels & Resorts. “Our competitive differentiation comes from knowing our customers better than our competitors. We manage our customer data like a strategic asset so we can use that information to serve customers better and build loyalty for our brand.”
Hyatt uses data integration, data quality and master data management (MDM) technology to connect the numerous applications that contain fragmented customer data including sales, marketing, e-commerce, customer service and finance. It brings the core customer profiles together into a single, trusted location, where they are continually managed. Now its customer profiles are clean, de-duplicated, enriched and validated. Members of a household as well as the connections between corporate hierarchies are now visible. Business and analytics applications are fueled with this clean, consistent and connected information so customer-facing teams can do their jobs more effectively.
When he first joined Hyatt, Brogan did a search for his name in the central customer database and found 13 different versions of himself. This included the single Chris Brogan who lived across the street from Wrigley Field with his buddies in his 20s and the Chris Brogan who lives in the suburbs with his wife and two children. “I can guarantee those two guys want something very different from a hotel stay,” he joked. Those guest profiles have now been successfully consolidated.
According to Brogan,
“Successful marketing, sales and customer experience initiatives need to be built on a solid customer data foundation. It’s much harder to execute effectively and continually improve if your customer data is a mess.”
Improving How You Manage, Use and Analyze Data is More Important Than Ever
Some companies lack a single view of product information across channels and touch points. About 60 percent of retail managers believe that shoppers are better connected to product information than in-store associates. That’s a problem. The same challenges exist for product information as customer information. How many different systems contain valuable product information?
Harrods overcame this challenge. The retailer has a strategic initiative to transform from a single iconic store to an omnichannel business. In the past, Harrods’ merchants managed information for about 500,000 products for the store point of sale system and a few catalogs. Now they are using product information management technology (PIM) to effectively manage and merchandise 1.7 million products in the store and online.
Because they are managing product information centrally, they can fuel the ERP system and e-commerce platform with full, searchable multimedia product information. Harrods has also reduced the time it takes to introduce new products and generate revenue from them. In less than one hour, buyers complete the process from sourcing to market readiness.
It Ends with Satisfied Customers
By 2016, you will need to be ready to compete primarily on the customer experiences you deliver across channels and touch points. This means really knowing who your customers are so you can serve them better. Many businesses will transform from a channel-centric business model to a truly customer-centric business model. They will no longer tolerate messy data. They will recognize the importance of arming marketing, sales, e-commerce and customer service teams with the clean, consistent and connected customer, product and inventory information they need to deliver seamless, integrated and consistent experiences across touch points. And all of us will be more satisfied customers.