Relevancy of Master Data is key to the customer experience. In my earlier post Why MDM should be part of CRM Strategy I mentioned Uber which has the Master Data integrated with other Enterprise Data to deliver the best customer experience. As technologies evolve and more and more customers with smart phone access makes it real possible to be in touch with customer almost 24/7 barring the sleep time hopefully.
The other day I walked into the grocery store and my store app ‘woke up ‘and informed me I am in the store and it had suggestions, coupons etc for me to click and load up for electronic redemption. The convenience of using this app and the probability of customers using the offer will improve over time through better data and prescriptive analytics. But the fact is usage of these options can sustain only if it can deliver value and not being another unwanted telemarketing call you try to avoid.
The engine behind all these cool customer experience tools is the Master Data and the types of information gathered, summarized, statistically matched and the technology which makes it possible to deliver to millions of customers instantly. Technology is moving at a break neck speed while Data Management is barely meeting the challenge. Many companies have not come to terms with the fact that they have as much data outside their enterprise as inside their enterprise. The process of managing, sharing and integrating the key master data with your suppliers, partners, and peers has to be strategically aligned.
The tools of the modern architectures are changing rapidly and so is the customer demands and expectations. Putting together a solid Data Management strategy with proper Governance is going to be the bare minimum to compete.