2019 CX Agenda: 360 Data Views Fuel Intelligent Customer Experience
Marketers and boardrooms are reviewing their customer experience strategies for 2019. A recent Forbes article looks at seven priority issues for marketers, all of which are focused on customer experience, customer insights, and personalization. While Gartner forecasts that by 2020, more than 40 percent of all data analytics projects will relate to an aspect of customer experience.
With CX programs ramping up, it’s imperative that the data used for customer engagement and customer centricity initiatives has high integrity.
Here’s an example we can all relate to. I have 200+ apps on my iPhone. They simplify my life. Their value to me is directly related to the data that’s connected across them. For example, my text app links to my contacts; and now, there’s new intelligence that identifies who may have sent me a text even if they aren’t in my contacts. But, it’s not enough to just connect the data between apps; this streamlined experience works because of trusted data. That’s easy enough to control on a single iPhone, even with 200+ apps.
The apps that support a company are much like iPhone apps: they’re purpose-built and the number continues to grow. And, as with iPhone apps, value is delivered when the data is trusted and connected. Even more so because long-term revenue and growing market share hinges on trusted data.
Why trusted data matters
App proliferation often leads to fragmented, duplicated, and inconsistent data. According to a recent survey, the average organization has 1,020 individual apps deployed across the entire breadth of the business. This makes it nearly impossible to answer difficult questions
Marketing, sales, finance, customer service, operations, product management all use apps to get the job done. Sometimes the data is the complete or the same across them; and sometimes it’s not. Assembling that data into a single trusted customer profile is a prerequisite to drive the insights that fuel customer centricity programs. Ensuring data is trusted should be job number one.
Why? Because great customer experiences are convenient, consistent and connected. And great customer experiences start with great customer data. It’s data that empowers the degree to which companies know and connect with customers. The more reliable, complete, and relevant customer data is, the more a company can differentiate itself, improve how it engages with customers, and compete on the experiences they can deliver.
By 2020, Gartner predicts 60% of large organizations will try to design a customer engagement hub, yet only half of them will select the correct technologies to make it work. – Nadine LeBlanc, Gartner, at the Informatica CX Summit, NYC, October 2018
And it’s not only about customers any longer. Customer experience now extends across the complete end-to-end value chain. It includes the ability to provide an engaging, consistent and high-quality product experience across all channels, while better understanding suppliers and their associated risks.
The bond created with customers happens across time, channels, and departments. It’s fueled by an intelligent 360 view of enterprise data that includes customers, products and suppliers alike. And, as organizations rely on AI and ML to guide internal and external processes and decisions, great data becomes even more critical. Otherwise, it’s garbage-in, garbage-out (GIGO).
Comprehensive 360 View with Master Data Management
During our Fall Launch on December 4th, Informatica® will announce the industry’s first comprehensive data hub reference architecture for customer engagement. The data hub is built on a modular, microservices architecture to simplify and automate the delivery of trusted, contextual and relevant data. A major component is master data management (MDM) to fuel better customer engagement across all channels.
A flexible, end-to-end MDM solution is multidomain. It scales to the demands of today’s needs and addresses a variety of business challenges by creating a comprehensive, trusted 360 view of enterprise data.
When companies are empowered by a 360 view of enterprise data, it results in better customer engagement, improved business outcomes, and competitive advantage. Only end-to-end master data management delivers and synchronizes trusted and relevant customer, product, supplier, and reference data for a complete view of any data and any relationship, including interactions, transactions and IoT data.
MDM Solutions Manage what Matters Most
If you think you know MDM, think again. MDM has shifted from its origins of a dozen or so slowly changing attributes such as address, phone, email… to being able to manage the 100’s of attributes that matter the most to the business and reconcile them into a trusted 360 view.
MDM solutions discover, connect, cleanse, enrich, match and merge, relate, secure, and deliver authoritative data for analytical or operational needs, in batch or in real time, on premises or in the cloud (or both). Together with best in class data integration, data quality, business process management, data security, and governance, MDM solutions deliver much-needed relevance and context of data.
Along with the data hub reference architecture, Informatica continues to invest in MDM solutions to include:
- Modular master data fueled applications. These applications fast-track how MDM creates a single, trusted view of data. Tailored for the business user, they deliver rapid value at scale across regions, functions, and lines of business through configurable user interfaces that make it easy to manage, curate and consume master data.
- Complete customer data management. Consistent customer experience requires uniform data across business applications, including Salesforce, CDPs, data lakes, and other customer, analytic and operational applications. Great data improves how businesses interact with customers by delivering the right information to the right person at the right time.
- Multidomain capabilities. Product experience and customer experience go hand-in-hand. Informatica offers collaborative and streamlined Product Information Management that integrates with Customer, Supplier and Reference data management for complete, contextual views.
Join us on December 4th for our Fall Launch to learn more about our data hub reference architecture for customer engagement; and how MDM plays a pivotal role in delivering trusted data to the enterprise. We’ll show a demo of how to maintain trusted data in Salesforce. And you’ll hear from our own customers who have been implementing their vision to deliver great customer experiences.
Find more information and register for your session at one of the following links: