In today’s experience economy and in the age of digital transformation, there are two distinct ways you can use modern master data management to drive positive business outcomes:
- Automating existing business processing so you can increase operational effectiveness, cut costs, reduce risk and drive incremental growth.
- Developing new data-driven revenue streams that result in new substantial growth opportunities.
As customer centricity is vital to any digitisation project, so it must follow that improving the customer experience (CX) is a key objective of any digital transformation project.
Getting a comprehensive 360-degree view of customers in digital business processes involves the ability to connect customer master data with other master data entities, hierarchies, transactions, big data, and reference data.
As the diagram above shows, a connected and extended master data landscape (aka data hub) will give you the essential capabilities you need in order to understand your customers. Knowing your customers better allows you to develop better products, drive new streams of revenue, and deliver the best customer experience through hyper-personalization.
Learn more in the white paper co-authored by Reltio and yours truly: Taking Customer 360 to The Next Level: Fueling New Digital Business