It is easy to get caught up in the source and target paradigm when implementing master data management. The logical model looms large to identify where master data resides for linkage and makes the project -- well -- logical.
If this is the first step in your customer MDM endeavor and creating a master data definition based on identifying relevant data elements, STOP!
The first step is to articulate the story that customer MDM will support. This is the customer MDM blueprint.
For example, if the driving business strategy is to create a winning customer experience, customer MDM puts the customer definition at the center of what the customer experience looks like. The customer experience is the story. You need to understand and have data points for elements such as preferences, sentiment, lifestyle, and friends/relationships. These elements may be available within your CRM system, in social networks, with partners, and third-party data providers. The elements may be discrete or derived from analytics. If you only look for name, address, phone, and email, there is nothing about this definition that helps determine how you place that contact into context of engagement.
Ultimately, isn’t that what the business is asking for when they want the promised 360-degree view of the customer? Demands for complete, relevant, and timely are not grounded in the databases, data dictionaries, and integration/transformation processes of your warehouses and applications; they are grounded in the story.
So, don’t start with the data. Start with the story you want to tell.
The only source of competitive advantage is the one that can survive technology-fueled disruption — an obsession with understanding, connecting with, serving, and delighting customers. But as organizations strive to succeed in the age of the customer, business and IT professionals responsible for customer-facing processes still struggle with how to define CRM strategies, re-engineer customer-facing business processes, acquire and deploy the appropriate supporting technologies, and lead and sustain the necessary organizational changes.
Technology is radically changing your customers and your business. So how do you cope with digital disruption? The CRM playbook is a practical guide that focuses our research and recommendations to help you: discover opportunities; plan for success; take action; and optimize your customer relationships. Read the CRM executive overview and companion reports to take advantage of research, methodologies, and tools to guide you through these critical phases:
Over the weekend, an experience with Apple prompted me to think about marketing technology’s role in creating economic moats. According to Warren Buffet:
In days of old, a castle was protected by the moat that circled it. The wider the moat, the more easily a castle could be defended, as a wide moat made it very difficult for enemies to approach. A narrow moat did not offer much protection and allowed enemies easy access to the castle. To Buffett, the castle is the business and the moat is the competitive advantage the company has. He wants his managers to continually increase the size of the moats around their castles.
Apple’s retail presence is both a revenue engine and a cornerstone of its customer experience strategy. Retail pulls in average revenue of $10.8 million per store for Q3, 2011, generating the highest retail sales per square foot of all US retailers. Importantly, the stores guarantee the company a beachhead from which the company can educate consumers and resolve problems directly. For the quarter, 73.7 million people visited Apple stores.
Recently on a cross-country flight, I was just waking up when the flight attendant asked me what I wanted for lunch. She was a little annoyed because I kept her waiting while I looked through the magazine for food choices, and gummed up the whole works. And who could blame her for being annoyed? She had a whole bunch of people to get serve. I made a hasty selection and mistakenly picked the healthy snack box (organic pumpkinflas granola and apple slices instead of pepperoni and a chocolate chip cookie).
About an hour later, I had some serious hunger pains and would have killed for one of those old-school gummy chicken casserole airline dinners.
What would have solved this? A proper online engagement architecture, naturally. I usually print my boarding passes out ahead of time. So why doesn’t an airline print out the food choices under the boarding pass, or distribute via mobile devices as people increasingly use them for check-in? The airlines could provide other information, too, like how full the flight is, and whether NBC in the Sky will show something good like “The Office” or something not-so-good like “The Marriage Ref”.
So, what’s the problem? Content management and delivery systems aren’t unified. There are all kinds of opportunities to present rich, consistent, engaging multichannel experiences by integrating technologies such as content management, customer relationship management, document output management, email campaign management, and others. But these are still siloed, due to legacy issues as well as market dynamics (there is no unified solution on the market).
Oracle Siebel CRM and SAP CRM still offer the most complete solutions, with improved usability. SAP has been steadily working to fill out its CRM offering, resulting in end-to-end process integration support that no longer comes at the expense of missing CRM functionality. Meanwhile, Oracle Siebel CRM is still the most full-featured CRM solution, with a breadth and depth of functionality for many industry verticals. Both vendors have moved to address key complaints: poor usability, high cost, and long implementation times. Siebel 8.1 features the Siebel User Interface, which can be highly personalized and is task-driven. The SAP CRM 7.0 UI is flexible to support varying roles and offers drag-and-drop personalization that allows any section of any page to be rearranged by the end user. Both vendors are working to lower total cost of ownership (TCO) for their customers by introducing more preintegrations with other solutions from within their respective corporate families and offering “rapid implementation” methodologies and tools to reduce upgrade costs.