What is the link between data quality and customer centricity? There’s no doubt that organisations across the globe are shifting towards a customer-centric approach. Knowing this, reliance on customer data quality increases – and as it does, the risks of poor data become ever more significant.
Achieving one true view of the customer is a strategic imperative that restores visibility across the organisation.
The Results of Poor Data Quality
- Reduced ROI associated with time and cost inefficiencies
- Vulnerability to fraud
- Poor customer relationships
- Inaccurate customer contact-ability
- Additional, expensive downstream consequences for the organization
It becomes clear that having one true view of the customer (a Golden Record) is essential.
The Benefits of a Golden Record
Coupled with effective, scalable customer-centric business solutions delivered by cutting edge data management, this Golden Record offers businesses:
- Improved revenue
- Strategic growth
- Advanced market positioning
How to Achieve the Golden Record
The development of Enterprise Data Quality (EDQ) is inextricably linked to Master Data Management (MDM). Oracle Services meets this need with a two-phase approach:
Phase 1:
- Conduct a data quality assessment
- Develop an understanding of the extent to which the current data is “fit for purpose”
- Improve the data by enriching, cleansing, standardising, matching and verifying
- Bring all current data down to one baseline
Phase 2:
- Place the cleansed data into a staging area
- Incorporate the data into an MDM (consolidating master data from disparate systems to create one view of the customer across multiple channels)
- Distribute data as a single point of truth
The Benefits of MDM
As a back-end solution, there is no disruption to customer-facing business operations on the front-end. Once delivered, the service MDM provides helps render customer information, effectively assisting with functions such as on-boarding, pre-populating forms and tailored product or service solutions.
Going forward, whenever customer details are changed, MDM ensures the details are passed back into the downstream system, ensuring continued accuracy throughout the data life-cycle.
With this view, businesses enjoy the following benefits:
- Customer attestation
- Increased ROI on existing systems
- Enhanced IT agility by building an enterprise-wide data management foundation
- Increased customer revenue, retention and satisfaction
- Accelerated new product introduction and order management processes
- Enhanced ability to comply with regulations and manage business risk
- Increased scalability
- Increased contact-ability
What Makes the Oracle Services’ EDQ Offering Unique?
The Oracle Services team specialises in applying the EDQ methodology to various data, for any enterprise organisation, including:
- Legacy data
- Applications
- Online Transactional Processing
- Unstructured data
If you need assistance with ensuring your Enterprise Data Quality, from inception to visualisation, contact the Oracle Services team at Debbie.fernandes@ioco.tech or on 083-296-2222
