The Green Sheet Online Edition
December 26, 2016 • Issue 16:12:02
Customer data management insights
Aberdeen Group, in collaboration with Informatica, interviewed companies about how data is fueling customer experience strategies. What researchers found was that managing master data management (MDM) systems that connect all channels to guide the customer journey has its challenges. Following are excerpts from a webinar discussion on the topic.
Top data management challenges identified by enterprises:
- 69 percent expressed concern about data quality
- 66 percent said linking data across siloed systems was an issue
- 65 percent felt that data accuracy and insufficient data were issues
- 63 percent said timeliness of data presented was a problem
- 57 percent were concerned about the validity of data received
Business outcomes: data management system users versus non-users
- Brand awareness With MDM 17.4% No MDM 6.5%
- Customer lifetime value With MDM 16.3% No MDM 2.0%
- Annual company revenue With MDM 13.0% No MDM 7.4%
- Improvement in shopping cart abandonment rate With MDM 2.7% No MDM -4.5%
- Gross margin return on inventory investment With MDM 2.3% No MDM -16.1%
- Inventory turnover With MDM 1.3% No MDM -11.6%
Top technology enablers identified by best-in-class businesses:
- Business intelligence 67%
- Data quality/integration 65%
- Real-time decision assist and guidance 54%
- Real-time reporting and alerting 48%
- Predictive analytics 35%
- Speech analytics 23%
- Customer sentiment analytics 22%
Seven steps for building upon data streams:
- Connect only the most valuable customer data across all systems and applications.
- Clean the data by purging inaccurate information and filling in gaps.
- Master the data by consolidating duplicate information into a single view.
- Relate the data by linking it to other relevant data points.
- Enrich the data with demographic, geographic, social, call log, other third party data.
- Deliver data to the right teams via a consistent flow to apps and analytics tools used.
- Govern the data by deploying secure company-wide strategies, policies and standards.
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