Most of us understand the criticality of creating and maintaining a single version of the truth for business data. We “get” the problem instinctively because so often, as individual consumers, we are the victims of disjointed, inaccurate, siloed information. To operate effectively, businesses must have trusted data that provides a 360-degree view of the customer and a comprehensive, accurate view of product information. This need has driven many companies to invest in master data management (MDM) and has even fueled the acquisition of MDM software by BPMS vendors who have a vision for how process and data technologies can work together.
As my colleagues have noted in other research reports, a single version of the truth for data helps companies:
Deliver a consistent and reliable experience across multiple communication channels — such as voice, email, chat, and social channels.
Optimize customer-facing processes such as contact management, customer segmentation, and campaign management using trusted customer, transaction, and third-party data.
Deliver product information management for merchandising.
Maintain an official system of record for employees.