Tag Archives: Single View of Customer
Matching for Management: Business Problems
So now that you understand the terminology and concepts let’s talk about business problems that can be addressed with this technology.
Inability to get to single view of customer because of matching issues
In the examples above, you can see where it can be a challenge getting the correct customer records into a single cluster. If you do not get all the same customer records together properly, you may not be treating particular customers appropriately. One example is not identifying your top customers because they are represented by multiple account numbers. Worse can be treating a very good customer poorly because you think they had only had one small transaction with you but in reality he just did not log in or use his frequent shopper card. This poor service could jeopardize the entire account. (more…)
Making Your Data Work for You
Yesterday, CIOs from Informatica, Qualcomm and UMASS Memorial Healthcare participated in a panel to discuss how to deliver business value from applications while managing “data deluge” – the ever increasing growth and fragmentation of data across the application portfolio. Having worked in the IT Applications area for 15 years, I know firsthand how big a challenge this can be for organizations.
We are experiencing an unprecedented growth in the sheer amount of data that can be made available. Sites like Facebook and Twitter provide exciting new insights into user preferences and habits and the move to electronic systems for utility companies and healthcare organizations means that an even larger set of information can be stored electronically for reference and used to gain new business insights. Even internal systems such as sales automation, marketing and support applications contribute to this overwhelming tide of data that can be extremely valuable but hard to unlock. (more…)
Why MDM and Data Quality is Such a Big Deal for Big Data
Big Data is the confluence of three major technology trends hitting the industry right now: Big Transaction Data (describing the enormous growing volumes of transactional data within the enterprise), Big Interaction Data (describing new types of data such as Social Media data that are impacting the enterprise), and Big Data Processing (describing new ways of processing data such as Hadoop). If you can imagine companies having problems with business-critical master data such as customers, products, accounts, and locations at current data volumes, now that problem is compounded many-fold with the growth into Big Data. That’s where MDM and Data Quality come in as the fundamental solutions. So, why is MDM and Data Quality such a big deal for Big Data? (more…)
Harnessing Social Media With Informatica
Improving sales and service through customer centricity requires listening to and understanding your customers. And where are customers speaking these days?
You guessed it—social media. Just think about it. Each day, customers tweet 50 million times on Twitter and update their Facebook status 60 million times. Add in LinkedIn and user reviews and YouTube and blog commentary and more and you’ve got a customer data gold mine and a new frontier for marketing.
Are Line Of Business (LOB) Executives Involved In MDM Or Is It Mostly An IT Initiative?
In recent conversations, I’ve been asked whether line of business executives are getting involved in master data management (MDM), or whether MDM is still mostly an IT initiative.
Attract & Retain Customers with Informatica Customer Centricity Solution (with MDM at the core)
From our experience at Informatica, the business is absolutely involved! In fact, it’s often a high-impact business event that triggers the alarm that a company needs MDM and data quality to deliver trusted and complete data. Many times, the root cause of these business problems is inconsistent, incomplete and duplicated customer data. Two examples:
1) An $8 billion technology manufacturer implemented Informatica MDM after its IT team couldn’t quickly and accurately respond to an executive’s request for a list of the company’s top 400 B2B customers. It took IT six weeks to assemble the information because it was scattered across applications, and many large customers had complex hierarchies with multiple subsidiaries that all had to be reconciled by hand. Next step, focus on the next 400 customers. (more…)
Are You Building The Right Foundation For CRM 2.0? Bridge Your Data Silos With MDM
Improving your company’s ability to attract and retain customers requires that you take your customer relationship management (CRM) system to the next level of effectiveness—regardless of whether it’s a Software-as-a-Service (SaaS) application like salesforce.com or on-premise such as Siebel CRM or a custom-built application. (more…)
MDM-Embarking on CRM 2.0? Then You Know It’s All About The Data
Arguably the top lesson of CRM 1.0 was simply this—data matters. Though CRM 1.0 promised to deliver a 360-degree customer view, untold numbers of multimillion-dollar CRM systems fell short of expectations because they failed to address the incomplete, incorrect, inconsistent and duplicate data that proliferated across the enterprise.
Acquire & Retain Customers with Trusted & Complete Customer Data
Now companies are moving to CRM 2.0, in many cases to the cloud with salesforce.com or another software as a service (SaaS) provider. And this time, determined to get the data right, many businesses are looking to master data management (MDM) and data quality to generate a true 360-degree customer view. (more…)
MDM In Action: A New Demo On Customer Account & Channel Partner Management
One of the hottest areas of master data management (MDM) is using high quality master data to drive revenue by supporting sales and channel operations. Informatica customers have racked up some terrific successes using MDM to generate a single, reliable view of customer and account information—and here’s a key reason why.
Acquire & Retain Customers with Trusted & Complete Customer Data
With Informatica MDM and Informatica Data Quality, sales and channel personnel gain hands-on control of customer data, product data and channel partner data and the relationships between this data. Those customer-facing teams no longer need to spend most of their time hunting for information in the CRM system, SFA system, billing system, partner management and other systems and reconciling it in spreadsheets. And they don’t need to wait on IT to round up and deliver the data they need right away.
If you’re wondering how this works, check out our six-minute how-to demo on MDM for customer account and channel partner management. This new demo offers a practical, step-by-step walk-through of how a sales, marketing and channel operations personnel can evolve from trying to sort through the clutter of contradictory data from multiple systems to leveraging a single, actionable customer account data set that powers a 360-degree customer view in their CRM system so they can improve customer acquisition and retention.
How Banks Can Use MDM To Increase Customer Share of Wallet
If you mention master data management (MDM) to sales, marketing or customer service personnel in a bank, their eyes might glaze over. After all, MDM sounds like something for the IT folks to worry about—not something that can help customer-facing staff and managers do their jobs better.
Acquire & Retain Customers with Trusted & Complete Customer Data
But show them this new online demo on the business benefits of MDM, and you’d get a different reaction … quite possibly, “When can we have this up and running?”
This six-minute business-focused demo, Customer Centricity in Financial Services, gives you a step-by-step look at how sales, marketing and customer service in the banking industry can use Informatica MDM and Informatica Data Quality, to get a single view of each customer (also known as the single customer view), including which products and services they are using, and customer relationships (also known as house-holding). This information helps customer-facing employees improve customer acquisition and retention by identifying relevant cross-sell and up-sell opportunities to increase customer share of wallet, and by delivering better customer service because they have visibility into a customer’s full relationship with the bank. (And, it helps IT maximize the value of their customer relationship management (CRM) investment). This demo shows how easy it is to create three levels of customer views:
1) Single customer view: Creating golden records by reconciling names, addresses, emails, phone numbers, and other data from disparate sources for a single view of a customer.
2) 360-degree customer view: Expanding the single customer view to include the customer’s products across lines of business (checking, mortgage, IRA, car loan, etc.)
3) Extended customer view: Expanding the 360-degree customer view to reflect the customer’s network of people, business, and product relationships and help customer teams pursue long-term, multigenerational value. (more…)
Seven Ways To Reduce IT Costs With MDM
We often hear from our Informatica MDM customers about the main benefits they’ve realized from master data management (MDM)—smarter, faster decision-making and greater productivity though timely and reliable data. What’s less widely recognized is that MDM is proving to be a powerful cost-saving engine, as well.
For instance, a global investment bank saved millions of dollars by using Informatica MDM to virtually eliminate maintenance and support costs for a complex web of point-to-point integrations. If you’re using or considering MDM, it’s a smart idea to assess the costs of unintegrated data systems and examine cost-saving strategies and tactics available through a multidomain, model-driven MDM solution.
We’ve just published a new white paper, “Seven Ways to Reduce IT Costs with Master Data Management,” that drills down into using MDM to target the redundancy, waste, inefficiency, and unnecessary maintenance and licensing typical of a heterogeneous data infrastructure. A sampling of these seven critical areas includes:
- Interface costs: How you can minimize costly point-to-point integrations that support key business processes
- Redundant third-party data: How you reduce acquisition costs of duplicate data from third-party providers such as Dun & Bradstreet or Acxiom
- Data cleanup: How you can efficiently centralize data quality to eliminate expensive manual efforts (more…)