Let’s face it. Companies capture Customer Information in multiple stages through multiple systems even in a Small / Medium Business (SMB segment). Not all the latest Customer information is readily available for all the applications. Applications need Customer Master Data to link the transactions and every Application has different data model for capturing the Customer Master. Companies embarking on the CRM strategy have the unique opportunity to streamline the Master Data creation and consumption across the Enterprise.
CRM may capture the majority of the Customer related details but it is not designed to capture all the information to Master the Customer Data. Also it does not avoid creating duplicate data or capturing incomplete data. Adding Master Data Management to CRM will not only improve the Data Quality but also provide the framework for improving the overall customer experience through the sharing of Master Data to Enterprise Applications.
Forrester recommends that
“Before Modernization of CRM, Shore up your foundation’.
Also according to Forrester,
“Modern CRM deployments only succeed if the foundations are solid. CRM deployments must be scalable, highly performant, and must support security protocols, data privacy requirements, and third-party credentials like the Payment Card Industry (PCI) and the Health Insurance Portability and Accountability Act (HIPAA) that matter in your industry. All actions must be logged and be auditable. Master Data Management and Data Governance policies must be put in place.”
Focusing on Customer Experience and managing end-to-end journey involve multiple applications besides CRM. Having the Master Data Strategy provides the framework for sharing the most current Customer Information across applications at the Enterprise level. Several companies are already looking at cloud options for their CRM needs. (See fig. on the left) – CRM is at the top of the CFO list (41% said they are considering the move to cloud) for Cloud Application. Having the Master Data strategy is vital for implementing new CRM to address all customer touch points in order to provide superior customer experience.
- Enables CRM to deeply personalize customer interactions
- Enhance user experience and ability to interact using multiple devices, avenues (See Uber’s Customer Experience through seamless Customer interface)
- Improved customer journey at every touch point (Imagine providing your account details repeatedly when your call get transferred to another department)
- Provide seamless integration / sharing of best available Customer Data across Enterprise applications