Transforming Master Data Management for Customer Experience
Remember when the iPhone was introduced eleven years ago? It was nothing short of a miracle. A revolutionary device that shipped with an easy to use interface and comprised of carefully crafted apps that appeared as a grid of eye-candy icons. “An iPod, a phone, and an Internet communicator” as Steve Jobs introduced it to the world. It was revolutionary and made our lives much simpler.
Along with many of you, I own an iPhoneX today. It has all the three functions Jobs introduced but the X now makes it even easier to use these features. A high-resolution screen, a 12-megapixel camera that is capable of capturing wide-angle pictures with an optical zoom, FaceID that lets you unlock the device securely through facial recognition, Siri — powered by Artificial Intelligence — that understands your unique voice and learns your habits. It also has one of the fastest processors in the market today giving you an ability to do a lot more than the first-generation iPhone. All of these new features are designed with the goal of a customer experience that’s differentiated and unique.
Where I am going with this, you ask? For me, this is a perfect analogy that illustrates the evolution of Master Data Management (MDM) solutions.
Like the iPhone when it was first introduced, when I first started working on MDM in 2005 it was a new way to manage data that no one anticipated would have the impact it does. Early adopters used it very effectively to solve a number of their critical challenges. They used MDM mostly to improve the quality of their customer and product data. A number of vendors positioned their existing tools as master data solutions, but only a few were capable of building the vision of where the next generation of MDM solutions would lead.
Fast forward to today. There’s now an abundance of data sources, systems and applications. Master data management strategies now include a wide variety of data domains and should be a critical area of focus for organizations of all sizes. MDM has also expanded to address a variety of use cases in virtually every industry. It is playing a crucial role in analytics and efficiency, customer and prospect engagement, compliance initiatives such as GDPR, growth initiatives enabled by mergers and acquisitions, and more.
The success of your master data management strategy depends on a few key elements:
Business User Focus
The rise of business users and the need for companies to accelerate how they differentiate on customer experience and engagement relies on trusted, authoritative and relevant master data. It’s critical to provide superior user experience designed to enhance business user collaboration when managing and consuming master data.
Master data contains sensitive information about your customers, prospects, suppliers, patients, citizens and other entities. It is why selection teams follow extreme caution while evaluating a master data management tool. Data security is a huge concern whether you are looking to use cloud-based or on-premises solutions to persist sensitive data. In light of GDPR, The California Consumer Privacy Act, and other privacy and security regulations, organizations must ensure master data remains protected.
Rich Data Insights and Visualization
Rich, interactive visuals are a powerful way to discover the status and quality of your master data and make it easy to manage. Visibility to master data tasks and quality allow users to quickly take the right actions and resolve open issues.
Key to MDM success is ongoing data stewardship and governance requirements. Advanced workflow-based monitoring and corrective-action techniques allow data stewards to become more efficient and deliver trusted data faster.
Just like my iPhone, MDM has continued to evolve to address the changing needs of users while leveraging the advancements in cloud, big data, and artificial intelligence. And of course, the ultimate goal is to deliver a superior customer experience.
With a focus on the business user, enhanced security, rich data insights and visualization, and advanced stewardship, Informatica has created new innovations for MDM. These innovations deliver a comprehensive view of trusted, contextual, and relevant data that’s easy for business users and data stewards to trust, manage, curate and consume.
To learn more about our new MDM innovations, please register for our virtual launch event on 6th September.
I look forward to seeing you at our virtual event. You can also reach out to me at @MDMGeek or leave comments here.