In a fast-paced world, data changes by the minute. Most business struggle to keep up. Whether managing debtors, handling queries, or dealing with customers via a call centre or service desk, it is essential that companies have access to the most current, complete and accurate information about their customers.
With disparate data stored in Excel, in a bottom drawer, in legacy systems and systems that haven’t been renewed so access has been revoked, the reality is that many businesses can’t find their data. Most large financial, telecoms, pharma, services and retail providers have complex organisational structures. Multiple business units must manage numerous products and service offerings to a segmented audience profile and a high-volume customer base – and the right information must be immediately available.
Achieving this in 2020 means embracing applications like enterprise data quality (EDQ), with a focus on master data management (MDM). According to Debbie Fernandes, Business Unit Head, iOCO, the management of data quality must be executed with the understanding that customer-centricity is key. “To achieve true customer-centricity in any industry, reliable data must be consolidated as part of a strategic move to acquire a 360-degree view of the customer,” confirms Fernandes.
The first step in ensuring data quality is identifying historical, disparate data. “Once this has been identified, the Oracle Services team advises clients what the quality of the data is, while cleansing and standardising it. Algorithms are run to match relevant data, ensuring there’s only one version of the most accurate data. Data is then enriched or enhanced, pulling varying information from different sources. The data is then incorporated into an MDM, offering an easily accessible view of customer records, while ensuring a single point of truth,” adds Fernandes.
While this explanation offers a somewhat simplified version of the process, it offers insight into how EDQ and MDM solutions enrich all existing data. With one true view of the customer – known as the “Golden Record” – the business will improve customer attestation, paving the way for enhanced product decisioning.
The benefits of embracing EDQ through MDM are vast. As a back-end solution, there is no front-end disruption. Once implemented, functions such as onboarding, pre-populating forms and tailored product or service solutions deliver an improved data management foundation, increased ROI on existing systems, enhanced IT agility, improved customer revenue and retention, accelerated go-to-market with new products, and increased scalability and contact-ability.
“The result is threefold. Data quality is increased through the enrichment of data. Fraud is prevented as fraudulent accounts are more readily detected and closed. Customer sales are boosted through the establishment of one golden record, providing cross-selling and upselling opportunities,” concludes Fernandes. “With this approach, data is effectively managed and leveraged throughout its entire life cycle – from inception right up to visualisation.”
