MDM is the Foundation for Intelligent Engagement

MDM

Time and again, experts say that customer experience (CX) is the new battlefield for companies and brands. Considering, “52 percent of consumers have switched providers in the past year due to poor customer service,” [1] it’s undeniable.

For businesses undergoing data-driven digital transformation, one of the key drivers for success is incorporating master data management (MDM) into the overall CX strategy. This winning combination creates a 360-degree view of the customer, which is crucial for building a customer-centric business and outmaneuvering the competition in the battle for customer loyalty.

Top-Notch Customer Engagement Starts with MDM

Today’s sophisticated consumers set a high bar. They don’t have patience for subpar customer experiences – especially when it’s due to faulty data. With fundamental errors running rampant, such as invoices arriving at previous addresses or payments applied to the wrong accounts, these consumers switch providers without an ounce of apprehension.

This scene plays out across countless enterprises, both large and small. Even some of the biggest brands struggle with duplicate, conflicted and disparate data from siloed systems. Business leaders know their data must be relevant and trustworthy for operations to run smoothly, yet many haven’t focused on the management of their business-critical data using MDM and data governance. Consequently, connecting data to the right customers and building a comprehensive customer profile is virtually impossible.

MDM is at the Heart of Customer-Centricity

Today, those winning at CX know that MDM is an integral part in succeeding a hyper-competitive marketplace. They understand that customer centricity requires strategically employing technologies, such as MDM, which provide the versatility for them to move at the pace of the ever-evolving demands from modern consumers. Scott Galloway, CEO and founder of L2 (now part of Gartner), said it best, “The future doesn’t belong to the big – it belongs to the fast.” [2]

The commitment to keeping up with today’s consumers begins with unifying and reconciling disparate information across application silos to build an accurate view of the customer. At its beginnings, MDM unified and reconciled this critical contact data, such as name, phone numbers, postal and email addresses across multiple systems and applications. But today, MDM focuses well beyond basic contact information. It’s the only glue that provides insights into the data relationships that bind customer data with the preferences and behaviors derived from previously untapped data, including:

  • Transaction Data: Customer Relationship Management (CRM) systems, order management and billing systems, point of sale systems, credit card transactions and ATM withdrawals.
  • Interaction Data: Phone calls, emails, online chat, web logs and social media interactions.

The result is that elusive 360-degree customer view, which helps businesses better engage, segment, target and personalize experiences; identify up-sell and cross-sell opportunities; and largely enhance their overall customer engagement strategy.

Take Hyatt Hotels, for example. Through the power of data and MDM, Hyatt delights guests by tailoring their experience to the individual guest by noting and securely sharing guest preference data – not just in one location, but across all of their hotels. Read about Hyatt’s MDM Journey from the perspective of SriHari Thotapalli, Hyatt Director of Customer Data Management. He highlights MDM’s role in improving customer experience and refining customer intimacy, from both a rational and emotional perspective.

The Role of the Internet of Things (IoT) in Customer Experience

The IoT plays an ever-increasing role in CX across a variety of industries, and MDM delivers the context it requires to deliver value. Wearables, smart meters, Google Home, Amazon Echo, and other devices tell a remarkable story about customer behaviors and preferences – like never before. The key is to unleash this information, uncover its value, and utilize it strategically.

Automotive companies like Renault already see the benefits of MDM and IoT. They use MDM to centralize customer and vehicle information and track and understand the entire vehicle lifecycle. Their strategic management of business-critical data empowers them to deliver the best experience that become the source of brand-loyal customers.

These use cases aren’t limited to a small number of industries. Wearables and other smart devices open a whole new world for healthcare, retail, real estate, aviation, manufacturing, oil & gas, utilities and other sectors across the board.

High Value Opportunities for Informatica Channel Partners

For Informatica Channel Partners, there are vast opportunities to distinguish your practices through the delivery of specialized MDM solutions and services. Today, our MDM-powered applications such as Customer 360 address a wide variety of industries – 35 and growing.

We work collectively with our partners who have specific industry and domain knowledge to create vertical and functional solutions to address a variety of use cases. For example, Wipro Limited partnered with Informatica to launch Total Customer Centricity (TCC), an MDM solution for the Manufacturing sector, which helps global manufacturers transition from a product-centric to a customer-centric approach by providing visibility into the relationships between devices, locations and customers.

We encourage you to reach out to our Sales or Marketing teams to learn how you can intelligently disrupt your industry. By working together, we can build solutions that accelerate our customer’s CX strategies through the disruptive power of data and MDM.

Learn More Through These Resources:

For more information, please contact us at Partners@informatica.com – we’d be happy to help.

[1] Accenture, Digital Disconnect in Customer Engagement

[2] Gartner, Marketing in the Age of Disruption

 

Comments