If you use a Customer Relationship Management (CRM) system you can’t afford to ignore proper data management techniques. Proper data management is critical to effective information governance. And, Master Data Management (MDM) plays a vital role in building results-oriented and effective CRM processes. With the evolution of Big Data, mastering MDM has become an even more critical entity.
“Over the last several years, CRM software sales have outstripped overall IT spending,” said Bill O’Kane, research director at Gartner. “CRM leaders must understand the benefits of the MDM discipline to CRM and make it part of their CRM strategy. MDM is critical to enabling CRM leaders to create the 360-degree view of the customer required for an optimized customer experience.”
Customer data is generated through different platforms, including: social media, third-party applications, and other external data enrichment providers. Organizations can’t go wrong by using these platforms with their MDM for customer segmentation, customer acquisition, prospecting, and overall consistent reporting. This especially applies in marketing or sales departments, where today a coordinated effort is required to improve efficiency and generate more revenue.
To achieve success with an MDM program, it’s important to measure strategies effectively. To help you in your efforts, we’re providing you with a few simple steps to consider before implementing your MDM strategy.
- Define an enterprise data management objective
- Identify usable sources of master data
- Create a data quality benchmark- ensure the master data is free of redundancies and duplicates. (Tools, processes, and people are generally used to maintain the data quality).
- Continuously audit programs and update to newer versions of software and applications
Creating and maintaining accurate and complete master data should be the top priority of every organization. To be successful, an organization must acquire and maintain accurate master data by developing data maintenance and governance processes and procedures. The strategy adopted to determine the success of an MDM program can vary from one organization to another, but the core value remains the same: optimizing spending and growing business.
Balaji has spent over 18 years in the IT Services Industry. With an experience encompassing Services and Product Marketing, he has successfully managed globally distributed Marketing and Product teams. He’s an analytical marketer with strong understanding and experience across marketing strategy, demand generation, field marketing, technology partner marketing, account based marketing, digital marketing, event management, analysis and third party relationship, PR/Media, people management, etc.
