Data Integration and Master Data Management Edition
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Master the Customer Experience: Five Key Master Data Management Best Practices

Greater competition increases the importance of retaining customers and building a better customer experience. However, poor customer data quality and management stop many organizations from maximizing service, and up-selling and cross-selling opportunities that would deepen their customer relationships and increase loyalty. Here are five key considerations for master data management that will put you on a path toward mastering customer experience.

1. Consolidate to Ensure Completeness
A comprehensive, accurate, up-to-date view of customer information is the foundation of great customer relationships. A consolidated view can enable you to extract the insight you need to improve customer service and spot new sales opportunities. Look for a tool that delivers the interfaces, services, and processes necessary to consolidate customer data from multiple heterogeneous systems.

2. Cleanse to Minimize Errors and Duplication
Ensuring data accuracy requires effective tools to analyze, standardize, cleanse, and deduplicate data to eliminate errors and redundant information. Ideally, it should also be possible to easily enrich each customer record by integrating additional, external information.

3. Support Compliance Fulfillment with Good Governance
Secure data handling and privacy policy compliance is essential for building and maintaining customer trust. Proper data governance provides a solid framework for determining who can access and edit specific data fields. This helps ensure full internal accountability for data management and reduces the chances of data errors or misuse.

4. Share Data Among Operational Systems
To extract maximum value from centralized master customer data, you need to be able to share it across the systems that support key business processes. For example, sales personnel should be able to call up information on a customer’s most recent service requests that might affect their next conversation.

5. Integrate Data with Execution Tools
Once a complete, centralized set of master customer data (and corresponding product data) has been established, it can be used to improve service levels and maximize possible up- or cross-selling opportunities. This requires integration with tools that help you extract insight from customer data and use it, for example, to design loyalty campaigns based on a more thorough understanding of a customer’s buying behavior, service experience, and likely needs.

Oracle Master Data Management solutions are a key part of Oracle’s approach to enriching the customer experience. Download the master data management resource kit to learn more.
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