0% found this document useful (0 votes)
77 views

Profiseee Customer 360 Ebook Web

The document discusses the concept of customer 360 - having a unified view of all customer data. A customer 360 is important for organizations to comprehensively understand customers, increase revenue, and improve customer experience. It explains what a customer 360 is, why it's important, how it benefits businesses, and how organizations can achieve a 360-degree view of their customers through approaches like master data management.

Uploaded by

FELISIA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
77 views

Profiseee Customer 360 Ebook Web

The document discusses the concept of customer 360 - having a unified view of all customer data. A customer 360 is important for organizations to comprehensively understand customers, increase revenue, and improve customer experience. It explains what a customer 360 is, why it's important, how it benefits businesses, and how organizations can achieve a 360-degree view of their customers through approaches like master data management.

Uploaded by

FELISIA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 20

CUSTOMER 360

WHAT, WHY, AND HOW?


The concept of ‘customer 360’ — having a Factor that across the potentially thousands
unified view of all your customer data — is of customer records (and not to mention the
having a moment in trade publications, scores of touchpoints with each customer)
throughout the analyst community and and it is easy to see why companies have
even in mainstream media. But what is a trouble answering seemingly basic
customer 360 view, exactly? questions:

• Who are my most profitable customers?


While the concept of a ‘customer 360’ is
• Where do I have up- and cross-sell
much narrower than master data
opportunities with existing accounts?
management, it’s grown in popularity
• Which of my marketing efforts are
among IT professionals, the business
increased purchasing behavior?
community and mainstream publications
• How can improve customer service?
alike.

To answer these questions, organizations are


And it is easy to see why. Today,
increasingly turning to the notion of a
organizations are accumulating
customer 360 to help comprehensively
exponentially larger volumes of customer
identify and understand their customers to
data, and it often becomes fragmented,
increase revenue, reduce costs, identify
duplicated, inconsistent, incomplete,
inefficiencies and improve the customer
ungoverned and out-of-date as it travels
experience.
throughout the organization.
What you’ll learn from this article:

This article explains what the concept of a Customer 360 is, why it is important for your organization
and how you can achieve a 360-degree customer view — while identifying some of the
shortcomings of customer-specific applications like Customer Relationship Management (CRM) and
Customer Data Platforms (CDP).

What Is Customer 360? ............................................................................................................................................................................ 4

How a 360 Customer View Benefits Your Business ............................................................................................................... 7

Why You Should Care .................................................................................................................................................................................. 9

Why Do You Need Customer 360? .....................................................................................................................................................11

How does a Customer 360 Effect Your Industry

Manufacturing........................................................................................................................................................................................12

Insurance ....................................................................................................................................................................................................12

Healthcare .................................................................................................................................................................................................13

Banks and Credit Unions ................................................................................................................................................................13

How Do I Get a Customer 360?........................................................................................................................................................... 14

How Master Data Management Goes Beyond Customer 360 ..................................................................................... 19

2
What is a Customer 360? Others also claim that customer 360s must
import or integrate with external data

The problem with the term ‘customer 360’ is sources, i.e., Dun & Bradstreet for financial

that it is a great idea that is not so well services companies. There are also customer

defined. It is a concept — all your customer 360 proponents selling the idea that it

data in one place — that has different (and involves all the above, insinuating that

oftentimes conflicting) definitions. It is one of solutions with just some of these capabilities

those things people think they will know are not sufficient.

when they see it yet cannot quite articulate


exactly what it is. Most importantly, customer 360
platforms only offer a part of the

Some vendors, customers, publications and solution in that nearly all real-world

analysts consider a customer 360 to be just a business challenges involve both

hub with all their customer data within it. customer data and other business

Others view it as the primary domain of information like the products they

some data management tool like a master buy, locations they visit or campaigns

data management (MDM) system or data they engage with.

warehouse. Some people say it is one or the


other of these things but enriched with While a customer 360 vendor may claim that

external data, like social media profiles, their platform can master over 100 customer

employer information and more. attributes, it will not truly add business value
if a user cannot analyze those in the context

It is often difficult to determine which data to of the 25 product attributes their customers

include in a customer 360 view because of actually interact with,

the marketing hype that vendors use to sell


products. As such, some claim it requires Rather than approaching each of these data

customer interactions. Others maintain it categories, or domains, individually or

involves transactional data, while some say it sequentially, it is important to view them

simply requires static data — like customer holistically and consider how they together

demographic data or master data in one make up the 360-degree view of a customer.

place. Using master data management to


understand these domains together will add
exponentially more business value than
adding another siloed application that only

3
Which Channels Are Involved For example, Domino’s Pizza should know

with a Customer 360? it’s the same customer interacting with


them whether he or she does so via a mobile

Channel visibility is another key application, Domino’s website, a phone call

consideration for implementing customer or in the cloud — even across different retail

360. Today, many companies have an locations.

omnichannel approach to customer sales


and communications, further compounding This example hits at the core of why it is

the amount of customer data they need to important to thoughtfully consider which

manage. data is included in a customer 360 view.


Whichever data are involved must provide

Customer channels can include: this visibility to the enterprise, so customers


get the same experience no matter how
• In-person at a company-owned,
they interact with the organization. In this
brick-and-mortar location
case, Domino’s needs to quickly aggregate
• Phone order through sales affiliate or
data across these transactional sources to
partner
understand the factors that impact their
• Online through a company website or customer relationships and determine
mobile app
which channels they can use to improve
their customer service.
Regardless of what
communication channels your
customers use, it is imperative to
Multi-channel communication only works
understand who they are and how when there’s consistency in the underlying
they interact with your business. customer data and how it is managed. It is
difficult to provide that consistency when
there’s often inconsistent data about the
same customer spread across several IT
systems — each of which may include data
for every customer communication channel.
True customer 360s provide that consistency
regardless of how many sources are involved.

Another widespread problem that customer


360 views can help solve is related to
customer data quality. Oftentimes, the same
customer’s name (or address, phone
number, etc.) is represented differently in
disparate systems — or even within the same
system. For example, John Doe might be
spelled in several ways like Jonathan Doe,
Jon Doe, Johnny Doe or some other
variation. Street addresses might be spelled
out or abbreviated; phone numbers could
include dashes and hyphens (or not). Each of
these points of distinction makes it difficult
to tell whether the person in one system is
the same in another, and your business
applications like CRM and ERP systems often
do little to enforce consistency within their
customer data.

Customer 360s attempt to resolve this issue


so users can identify which person or
business constitutes a customer entity and
include their attributes for informed
interactions with them. Without it,
leveraging third-party external sources like
Dun & Bradstreet or social media data
becomes difficult because there is no
standardization for how customer records
are represented.

5
How a Customer 360 Benefits
Your Business

Having a comprehensive, 360-degree view of Creating a customer 360 also has


your customers and your interactions with innumerable” defensive” benefits that
them has economic, “offensive” benefits like reduce the risk of issuing unfavorable credit
increased revenues with better cross-selling terms and regulatory non-compliance—
and up-selling opportunities. They also especially with new customer privacy
support a better customer experience for regulations that require organizations to
more personalized marketing experiences, secure personal data and provide it to
driving higher conversion rates and higher customers upon request — while helping
revenues. Additionally, a 360-degree with general risk management, a critical
customer view boosts retention rates and benefit for financial service firms.
helps you understand customer profitability
across varying products and services so you
can intelligently segment your customers
according to meaningful data and trends.

6
The Challenges of Implementing
a Customer 360

The biggest challenges for implementing a These situations make it hard to overcome
customer 360 are fragmentation and customer data quality problems to compare
inconsistency of master data. This data is sources for the same record. Customer
often stored in different warehouses and records contain missing, overlapping,
across disparate systems — and does not conflicting, outdated and inaccurate
follow the same format or share the same information that must be resolved to achieve
dimensions, or even the same definitions. trusted and reliable data. You can fix some of
This is largely due to inconsistent these issues with automation, but others
governance and data structures within and temporarily (or permanently) require human
across sources like marketing and sales tools, efforts for data stewardship to address
Customer Relationship Management (CRM) contradictory information. These errors also
platforms and Customer Data Platforms make compound your issues with analyzing
(CDPs), which each have different ways of other data domains when trying to identify
representing information. Therefore, there is customers and understand their product
often a lack of comprehensive insight across purchase history or other associated
source systems, no single version of the truth information.
and an inability to adapt to business
conditions and market forces.
Why Should You Care about a Additionally, the increasingly distributed,
Customer 360? diverse data landscape and the broadening
IT infrastructure for business apps make it
There are many reasons you should care impossible not to care about a customer 360
about a customer 360, with the significant view as this has caused customer data to be
cost of mishandling data sitting at the top of more decentralized than ever before and has
the list. Improperly managed customer data made it extremely difficult to preserve
directly results in missed sales and marketing customer data quality. This creates a need to
opportunities and makes it exceedingly better manage absolute customer data
difficult to manage regulatory compliance quality (where fields are missing or
about how consumer data must be incorrectly populated with information) and
managed. Several regulations have emerged relative customer data quality (where fields
in this area with costly penalties for are complete, but the information is
non-compliance, and more are on the represented in different forms with
horizon. Current examples of this include the potentially different meanings and cannot be
General Data Protection Regulation (GDPR) reconciled across systems).
and the California Consumer Privacy Act
(CCPA), both of which aim to give individuals Implementing a customer 360 has several
control over their personal data while benefits, but it is also important to consider
mandating that controllers and processors of all the things you cannot do without it, like
personal data, i.e., your organization, put the properly understand the demand for things
appropriate technical measures to like products, services and supplies. You also
implement specific data-protection cannot do accurate sentiment analysis, which
principles. is critical for understanding just what
customers are saying about your company as
Companies can put their reputation well as your products and services.
and goodwill on the line when they
poorly manage customer data.

As an example, if a customer service


representative does not know whether they
are speaking to a customer even after they
have identified themselves — or perhaps
doesn’t know which products or services the
customer has — companies create risk
through the poor customer experience that
is caused by low-quality customer data.

8
Most of all, you cannot benefit from modern impossible to accurately conduct a

technologies like machine learning (ML) and root-cause analysis — even when

artificial intelligence (AI). These tools are recognizable issues arise, and most

great for providing real-time real-world business issues are not

recommendations, customer immediately recognizable.

micro-segmentation, targeted marketing


offers and more. But their high data volumes Customer master data management

amplify the old “garbage in, garbage out” interacts with these technologies in two

problem to epic proportions. If you have poor ways. It enables and supports them by

customer data quality, your training data will standardizing data for them, effectively

create faulty models. If you feed good models de-risking your data. Effective MDM also

poor-quality data, you will get the wrong uses machine learning for intelligently

results. Businesses are looking to monetize matching and grouping similar records,

these technologies and empower their helping data stewards by learning from their

employees, but without the right data actions (i.e., how to match and resolve

foundation, AI and ML can easily mislead conflicting information) and suggesting

them, wasting resources and increasing those actions in the future to accelerate

costs. Moreover, it may be difficult or virtually processes.

9
Why Do I Need a Customer 360 understanding is critical for improving

View? revenue generation with relevant


cross-selling and up-selling opportunities

A customer 360 view can be considered the and increasing your marketing conversation

cost of entry for satisfying, maintaining and rates by reaching the right customer with

increasing your customer base. It gives you a the right message at the right time. For

set of universal benefits while also helping instance, understanding its customers better

solve problems specific to industries like empowers Domino’s to reduce marketing

manufacturing, finance and retail. spend by cutting down on duplicate

Regardless of your industry or vertical, you direct-mail campaigns.

need a 360-degree customer view to


optimize the customer experience. Other universal benefits include increased
agility to adapt to business and economic

By understanding your profit margins by conditions. By quickly showing companies all

industry, account and even individual relevant information about their customers,

customer, you can identify which of your customer 360 views enable companies to

customers are underperforming and work to react to situations like the COVID-19

increase your gross margins. Understanding pandemic through means of reducing costs

this helps to more accurately segment while still leveraging the most meaningful

customers accordingly to reduce risk and customer interaction channels. Customer

maximize profitability. 360 capabilities are also extremely important


to ensure accuracy in your analytics tools and

By increasing your understanding of who reporting by giving you the right data for

your customers are, a customer 360 view also customer data analytics and Business

enables you to boost retention rates. That Intelligence tools.

10
How Does Customer 360 Apply in acquisition costs by capturing these
Manufacturing? primarily familial relationships for sales
opportunities. The result is lower sales
Customer 360 views primarily help and marketing costs combined with
manufacturers by modeling and unifying improved marketing effectiveness.
a potentially diverse customer base. Householding also works across personal
Manufacturing customers can include a and commercial relationships, like giving
company that is a product end-user a homeowner liability customer — who is
(B2B), a retail channel (like Best Buy) or also a business owner — a discount on a
end-users in that retail channel (B2B2C). commercial liability protection policy.
Increasingly, manufacturers are trying to
get direct relationships with Other business applications of a
end-customers in a B2C model. Still, the Customer 360 for insurance companies
goal in all these models is to get a include developing a normalized
complete picture of customer party-relationship model, where
requirements and their purchasing companies market to employees or
behavior. That way, manufacturers can owners of businesses and their
deliver better service, anticipate subsidiaries. For example, insurers can
customer needs, refine their operational use this approach to market to the
processes and deliver customized offers various locations of a specific franchisee.
to drive revenue. Such offers may require There is also potential for "super
AI and ML, which only further amplifies householding” —grouping or linking
the need for trusted, high-quality data relationships outside of a contract, i.e., if
that a Customer 360 delivers. a bank has a beneficiary notification of a
customer’s cousin who might not live
with the customer but is still related to
How Does Customer 360 Apply to
him.
Insurance?
It is important to note that Customer
Data Platforms and CRMs either cannot
Customer 360s in the insurance side of
do these householding items at all or
financial services support householding,
cannot do them well. These functions are
which is the process of identifying which
at the upper end of customer service
customers live together. Customer 360 views
and care, as opposed to the basic
resolve these customer identification issues
marketing and sales/service capabilities
by understanding the connections between
that CDP and CRM support. Although
customer records at a given address. This
householding and super householding
capability helps to decrease new customer
originated as ways to boost marketing

11
and sales opportunities, they are also useful for managing patients and providers but
for helping with financial regulations and is not a complete solution.
risk-management use cases for
understanding customers. How Does Customer 360 Apply to
Banks and Credit Unions?

Another key benefit that customer 360 views


A 360-degree customer view helps the
provide insurance companies is better
banking and credit union side of
underwriting by more accurately identifying
financial services by improving
and pricing customer risk. Insurers must see
regulatory compliance. There are several
customers across all systems to accurately
specific regulations, like Know Your
assess risk. Customer 360s deliver this
Customer (KYC) and Anti-Money
visibility across even third-party providers
Laundering (AML), that companies must
like fraud-prevention services to determine a
follow that require them to fully know
customer’s risk of fraud, which enhances risk
their customers. The intimate customer
management for underwriting policies
understanding 360s provide is critical for

How Does Customer 360 Apply to reducing risk for regulatory compliance

Healthcare? and other use cases like credit risk a


reputational risk.

The biggest benefit customer 360s offer


the healthcare industry is interoperability Establishing a customer 360 view in the

assistance — although in this case, we banking industry is especially difficult

are not modeling ‘customers’ but because financial data is often stored in

patients and healthcare providers. The different formats across systems,

CMS Interoperability and Patient Access subsidiaries and global operations —

Final Rule is at the heart of the attempt and addressing these differences with

to make healthcare more efficient. customer data integration is a complex

Complying with it requires creating task. Third-party data providers like

customer master data across various LexisNexis for KYC and AML further

patients, diagnoses, billing/payment files, complicate this issue and are costly and

medical supplies, insurance, medical time-consuming if you are unable to

equipment and healthcare providers — leverage MDM to match and merge

to name just a few areas. A Customer customer records. These customer

Data Platform is poor suited for this use master data capabilities also help with

case partly because of its single-domain consuming the Dun & Bradstreet

focus; it may be a decent starting point corporate structure hierarchy for


business lending.

12
How Do I Get a 360 Customer Another disconnect between aspiration and
View? reality for achieving a customer 360 view can
be attributed to lofty sales pitches from CDP
Considering these numerous benefits, it is and customer 360 vendors. Since many of
understandable why organizations have them cannot achieve the full scope of MDM,
been seeking a comprehensive view of their they end up offering subsets of its customer
customers. But for all the various approaches, 360 utility as if they are the real thing. This
vendors, technologies and resources put leads to confusion about what this solution
toward achieving this objective, companies is and is not supposed to do while
often have trouble with realizing success for a contributing to wasted funding and even
few several reasons. more failed implementation attempts.

One of the main reasons for failure to The good news is it is relatively
implement a Customer 360 is a lack of straightforward to classify some of the
measurable business goals and misleading claims that different vendors are
implementation roadmap, which relates to selling about customer 360 solutions. There
the previously mentioned “I’ll know it when I are a few specific solutions routinely offered
see it” fallacy. Without defining a way to as customer 360s, but each of them only has
gauge the success of this solution, two things a few of the features that MDM brings to the
frequently derail these projects. The first is table for this particular use case.
that companies that will not actually get
started because they lack a clear end goal.
The second is they suffer from “scope creep”
that encompasses several use cases and
becomes far too impractical to ever achieve.

FPO

13
Customer Data Platform (CDP)

CDP

SOURCES DESTINATIONS

There is a huge gap between perception and same or if they actually did something, like
reality when it comes to Customer Data redeem a free trial. There are even fewer
Platforms. What often happens is that capabilities for matching, de-duplicating and
people project expectations onto these supporting data stewardship, which are
solutions that are far beyond the scope and critical in arriving at a single source of truth
functionality of a CDP. A Customer Data that is available across all enterprise systems
Platform is not technically a platform; it is an and data warehouses.
application with connectors to the major
marketing databases you can use for Moreover, the power of linking and grouping
campaigns. They let you aggregate data — identifying relationships between entities
across these sources use with your customer outside of contracts or business, like familial
master data, transactions and interactions relationships or attorney-client relations —
while enabling analytics for downstream also is not supported by Customer Data
applications like targeted marketing Platforms. Significantly, most Customer Data
campaigns. Platform vendors do not even claim to do any
of these things that are important for
Although Customer Data Platforms may be establishing comprehensive customer views.
good enough for building marketing Compared to MDM, they are also notoriously
profiles, they are inappropriate for customer difficult to perform customer data
service and customer data management. integration with business applications and
They have few means of ensuring customer customer data analytics platforms.
data quality for core use cases like
determining if people are or are not the

14
Salesforce Customer 360 Just like other business applications
“enhanced” for customer centricity, it will be
Salesforce’s Customer 360 is one of the best limited by the application’s data models for
examples of business application suite storage and rationalization and integrating
vendors jumping in on the comprehensive outside of the Salesforce ecosystem will be
customer view action. This offering connects exponentially more difficult for organizations.
all your Salesforce applications, which is why
it is limited to Salesforce’s internal data It also allows for only minimal data-quality
models and their integrations. Salesforce standards — you may be able to enforce a
Customer 360 gives you a single global ID minimum character limit for a company
and profile for customers across Salesforce name — and falls far short of creating a
applications, as well as a hub for connecting golden record of your customer data.
sources across clouds. Coupling this with its inability to connect
with applications outside the Salesforce
Customer data integration capabilities are ecosystem much less enforce survivorship
centered around structured internal sources rules or write data back to other source
like ERP and transactional systems, as systems, Salesforce Customer 360 will only
opposed to external (Dun & Bradstreet) or exacerbate the single-domain, siloed state of
unstructured (such as social media your enterprise data.
sentiment) sources. Salesforce Customer 360
also claims to support segmentation while
giving you mechanisms for data privacy. But
remember, this is not a generalized
customer data management tool.

CUSTOMER360

15
Conventional Customer Relationship Management (CRM)

Traditional CRM is designed to administer customer or prospect interactions for sales. Like
Salesforce Customer 360, these applications do not offer either customer data management or data
governance, resulting in serious technical debt, and should not be considered the de facto systems
of record for customer data. This takes the form of suspect customer data quality, duplications and a
general lack of trust in data — resulting in issues like sales and marketing teams repeatedly
contacting the same targets because they cannot check multiple applications for the best email
address based on business functions.

The other drawback is you are unable to match or use this data with other sources in real-time,
making it hard to issue relevant recommendations across sources with machine learning. This
option also lacks support for grouping or matching.

EMAIL
INTEGRATION

CRM
RELATIONSHIP FOLLOW UP
MANAGEMENT & PROJECTS

SALES CALLS DOCUMENTS

EMAIL
MARKETING

Augmented Data Catalogs

Augmented data catalogs are the newcomers on the block; they couple metadata management
with more extensive customer data management capabilities. Because they are relatively new
offerings, they cannot match MDM’s exhaustive data management functionality like matching,
merging and enforcing survivorship rules to create a trusted golden record. Additionally,
multi-domain MDM provides excellent metadata management control through creating a
metadata domain — without the need for additional, stand-alone software.

A DATASET ENRICHED WITH METADATA IN A DATA CATALOG

LINEAGE PEOPLE
who created & uses dataset
how the dataset is created

DATASET

CHANGE SCHEMA
how the dataset is changing
who created & uses dataset
Master Data Management without the domain-specific limitations of
the application model.
Strategic Customer Data Management Journey

Data Master Data Data Quality


Governance Management Some MDM vendors have also responded to
market noise about customer 360 by taking a
Data Glossary Data Data Data Profiling
Stewardship Quality Rules
Data Catalog
Data
Modeling Deduplication
‘360-application’ approach to delivering
Policies
Workflow
Management
Data
Verification/ MDM.
Standardization
Golden
Record
Management
While this may initially seem appealing — as
Tactical Customer Data Management Journey
it appears to offer a pre-built application for a
given domain — this is most often not the
The only way to truly achieve a customer 360
case, as pre-built applications must be
view is to tackle the customer master data
modified to fit the specifications of the
management challenge at its core. The
business, legacy data sources and use case in
above applications realize they cannot match
question. MDM platforms can serve as
MDM’s core integrated capabilities of data
customer data hubs, a centralized repository
modeling, customer data integration and
of customer information from which multiple
customer data quality, which is why they
applications and downstream systems can
market subsets of these functional
pull the most accurate and timely
capabilities while claiming to be customer
information. In harmonizing data across
360s. Nevertheless, there are significant
disparate systems, MDM can sync the master
differences in MDM capabilities for customer
golden record to the source systems, so every
360s that are important to be aware of.
application and data source has access to the
same clean, trusted data (a benefit often
The core advantage of using master data
missing from application-based ‘360’
management to achieve a customer (or
approaches).
product or location) 360 is that it is a
comprehensive platform approach rather
It is important to know there are even MDM
than an individual application approach to
vendors that sell ‘Customer 360’ applications
data management.
that they claim are multidomain solutions.
But what they often mean is that they offer
While an application-centric approach may
several single-domain, application-centric
seem appealing at first, it often takes as long
solutions under the guise of MDM. Even if
or even longer to implement than MDM and
this approach is sold by MDM vendors, it still
is much more restrictive overall especially if
has the core limitations of the
the MDM platform had starter solution
application-based approach in that multiple
templates. These templates allow
domains are not mastered in the same
organizations to implement MDM quickly
environment.

17
Master Data Management: Beyond Customer 360

The challenges above are often harder to address when using a Customer Data Platform for
customer 360s. It may be better than doing nothing — but with its limited data-quality capabilities
and inherent lack of multi-domain functionality, will a Customer Data Platform truly solve the
whole customer 360 problem, or will it simply limit your future growth? Although they are an
interesting proposition, Customer Data Platforms ultimately will not resolve the above challenges,
produce the above benefits and solve common data problems customer 360s should. Top-tier
MDM, however, will.

Perhaps the most important aspect of customer 360 that is missing is the vital need for a
multi-domain context. Nearly all real-world business use cases require the mastering of multiple
domains to deliver a solution — so any ‘customer 360’ is only a part of the solution.

Master Data Management: only encompasses a single domain — and


Customer 360, Product 360 quickly see this is one of the primary
and More weaknesses of using a Customer Data
Platform.
No domain exists in a vacuum; the others
provide necessary context on how your Manufacturing companies, for example,
company should handle customers. For must understand their customers’ products,
instance, financial services companies procurement information, suppliers and
should know where customers purchased vendors, types of equipment used, locations
products, what channels were used, their and various warehouse supplies to effectively
payment history and other factors like their serve them. Customer Data Platforms
risk scores and claims history for a cannot deliver this multi-domain
comprehensive, 360-degree view of them. functionality.

Combining this information across domains Customer 360, then, is just a piece of the
enables an insurance company to assess risk puzzle when it comes to managing your
across the entire customer journey. It company’s data estate and leveraging it as a
provides this benefit to banks, credit unions source of competitive advantage. While your
and FinServ/FinTech players, too. immediate problem may include the lack of
a unified customer view and the inherent
Multi-domain MDM excels in providing challenges that come with that — like
multi-domain insight that simply is not knowing your most profitable customer —
possible with a Customer Data Platform. As you will need to manage your product,
you begin to address real-world business supplier, asset or location data. And you
problems, you will notice that no problem need a platform that can scale up with your
needs.
Choosing the Right Master Data Regardless of the solution you choose, you
Management Solution will need to justify your investment and gain
buy-in from stakeholders throughout your
Rather than a one-time fix, you need a organization. It is no surprise that according
trusted partner along your journey to to Gartner, the No. 1 reason that a master
building a trusted foundation of key data management program fails is the lack
enterprise data. And implementing MDM is of a structured framework to qualify and
not just a technological problem. In many quantify the value that data management
cases, organizations require fundamental creates for the organization.
changes to their business process to
maintain clean master data, and some of the Because of this, Profisee has developed what
most difficult MDM issues are more is called a Business Impact Roadmap, or BIR,
organizational than technical. to help put our customers on the path to a
successful MDM implementation and
Once you identify the need for MDM journey. It starts with a compelling business
software, you need to determine the best case that:
solution for your organization. But that in and • Clearly describes the business
of itself can be an overwhelming task, opportunity.
especially given the number of MDM • Helps prioritize initiatives and resources.
solutions available today. • Identifies key performance indicators.
• Quantifies a projected return on
To help you along this process, take a look at investment.

35 of the best master data management


tools on the market today and compare them For more information about choosing and

based on numerous factors such as strengths evaluating Master Data Management

and weaknesses. solutions, visit the Profisee MDM resource


hub.

19
Trust Your Data

Profisee is the platform for trusted data. The


Profisee master data management (MDM)
platform provides organizations a fast,
affordable and scalable solution to deliver
trusted data across the enterprise without the
cost, complexity, risk and data-domain
boundaries of traditional MDM solutions.

Built for the cloud, Profisee offers the


industry’s first and only cloud-native,
containerized Platform-as-a-Service (PaaS)
MDM solution, giving customers the freedom
to choose their deployment whether that is
on-premises, in the cloud or via a hybrid model
— all with industry-leading implementation
speeds, a low total cost of ownership and a
truly flexible multi-domain platform.

Visit Profisee.com to learn more or


contact us to get a conversation started.

+1 678 202 8990

www.profisee.com
Doc_20210712

You might also like