Data breaches are rising, with 44% of consumers reporting that they have experienced fraud, identity theft or financial loss due to breaches. Almost a fifth of consumers unfortunately take no extra data security precautions unless they have personally experienced direct financial harm. So it is up to businesses that hold customer data to take care of it. One measure, is offering two-factor or multifactor authentication on banking or ecommerce websites. After a breach, nearly three quarters of consumers lose trust in that business. Seventy percent say that they would consider taking their business or money elsewhere after a breach and 73% believe that the companies holding their data should be doing more to protect it. Pretectum CMDM can help. Visit www.pretectum.com to learn how we encrypt and secure customer master data profiles with data quality and consent.
Data policies serve as the guardrails for how organizations manage their most valuable asset: data. Just as communities establish guidelines for shared community spaces, data policies provide the framework for how teams access, utilize, and govern their collective and shared data resources. These policies aren’t merely bureaucratic exercises. They establish the rules of engagement for […]
Digital co-workers are no longer hypothetical. AI-driven agents (“Agentics”) are creeping into every function, every decision process, and every interaction within organizations. In some ways, they are the executive dream — they don’t need coffee breaks, demand raises, or call in sick. And yet, they’re reshaping work in ways few leaders are prepared to handle. […]
In January, CDO Magazine carried an article by a consortium of authors including Dr. Tom Redman, John Ladley, Dr. Anne-Marie Smith, and others. The eye-catching headline: “Data Governance is failing — here’s why.” The article sets out the results of a Force Field Analysis study carried out by the authors to try and understand why, […]
When I read about new technologies, I often think of the movie “Field of Dreams.” The protagonist builds a baseball field in the middle of a corn field because he hears a voice. “If you build it, they will come.” In the movie’s case, “they” are ghostly baseball players. For technology companies, “they” are businesses […]
If you haven’t already heard, a number of organizations have laid off their CDOs and CDO groups and data teams because of a perceived lack of significant or measurable business value. In addition, a recently released report from MIT Sloan delivers some very depressing numbers about the efficacy of CDO groupsi: The average tenure of […]
My name is Bill Burkett, and I am a data modeler. I don’t call myself that often and sometimes have misgivings about doing so. I often get the feeling that being a “data modeler,” when considered in isolation of other engineering skills, is a less-than-flattering job title. To practical engineers, data modeling conjures images of […]
A business that is able to process and utilize customer master data handling in real-time will find it brings great advantages for maintaining a competitive edge. Pretectum’s Customer Master Data Management (CMDM) platform is at the forefront of such capability, offering a robust platform that integrates, transforms, and utilizes customer data in real-time to enhance customer relationships and drive business success.
Integration and Centralization
One of the key benefits of Pretectum’s CMDM is its ability to integrate customer data from multiple sources across the organization. This centralization creates a single, unified view of each customer, often referred to as a “golden record” or “single customer view.” By consolidating data from various systems such as ERPs, CRMs, CDPs, and DMPs, businesses can ensure that all departments have access to the same accurate and up-to-date customer information. Such a unified view is essential for making informed decisions and delivering personalized customer experiences.
At the same time, Pretectum facilitates real-time data syndication, a process of distributing data to multiple channels or platforms simultaneously. Syndication ensures that customer data is consistently updated and available across all integrated systems, whether it’s a website, mobile app, or customer service platform. Consider a boutique retailer using Pretectum to securely integrate customer profile data automatically with customer loyalty program information in real-time, ensuring that customers can receive personalized offers and rewards based on their latest interactions using the best possible data without the associative risks of data leakage so commonly present when multiple applications are in use.
Foundations of CMDM in the wider organizational systems landscape
Data Assessment and Handling
The platform’s data transformation capabilities allow businesses to map and transform data into the required formats for different channels. This process is automated, ensuring that data is always consistent and accurate. When data is loaded into the system, it undergoes real-time transformation to align with the organization’s data standards, reducing the need for manual interventions and minimizing errors. Defined data schema with strong typing, lookup pick lists or defined patterns and masks mean that Pretectum CMDM supports robust data quality assessment that ensures data accuracy and completeness from the moment it is ingested.
The system performs real-time data validation, supports profile de-duplication efforts, and even data enrichment to maintain high-quality customer data. Such capabilities are particularly important during interactive data capture, where incorrect or incomplete information can be promptly identified and corrected. A customer can even update their contact information by themselves, the system validating this data in real-time to prevent errors and ensure that all subsequent interactions are based on accurate information.
Continue reading at
https://www.pretectum.com/the-role-of-real-time-customer-master-data-processing/
6 Reasons to Rethink Your Use of CRM for Customer MDM
1. Data Quality Issues
CRM systems often lack sophisticated data matching capabilities, leading to duplicate records and inconsistent customer information. Without robust data validation and deduplication features, CRMs can accumulate low-quality data over time, creating "technical debt" that impacts business processes.
2. Limited Data Governance
CRMs typically lack robust data governance features needed to ensure compliance with regulations and maintain strict control over data access and modifications. This makes it challenging to implement proper data stewardship practices.
3. Integration Challenges
CRM systems can become data silos, making it difficult to integrate customer data with other enterprise systems. This limits the ability to create a unified view of customer data across the organization.
4. Scalability Problems
As customer databases grow, CRMs may not scale effectively to handle large volumes of complex data. This can lead to performance issues and increased risk of data errors.
5. Limited Flexibility for Complex Data
CRMs are not designed to handle the complexities of detailed customer hierarchies. They lack the flexibility needed to manage and relate various data entities in sophisticated ways.
6. Inefficient for Non-CRM Data
Using CRM for MDM creates additional work for teams who must manually input or update information that doesn’t naturally belong in a CRM system. This leads to inefficiencies and takes focus away from core sales and service activities.
While CRMs excel at managing customer interactions, they fall short as comprehensive MDM solutions. Organizations should consider dedicated MDM platforms that offer robust data quality management, governance, integration capabilities, and scalability to effectively manage customer master data across the enterprise.
Organizations often assume they have data governance under control, but in reality, many are simply reacting to data chaos rather than actively managing it. This isn’t due to negligence or a lack of concern — rather, it’s because they don’t recognize that governance is already happening, albeit informally and inconsistently. Every day, employees make critical […]
The Death of the Data Silo Is Not the End of the Problem For years, we’ve heard that breaking down data silos is the holy grail of business transformation. We’ve been told that better pipelines, integrated analytics, and AI-driven decision-making will finally unlock the full potential of enterprise data. But here’s the question no one […]
Data often arrives from multiple sources in inconsistent forms, including duplicate entries from CRM systems, incomplete spreadsheet records, and mismatched naming conventions across databases. These issues slow analysis pipelines and demand time-consuming cleanup. Organizations now use machine learning-assisted data preparation to address these challenges, which automatically standardizes formats, detects anomalies, and applies business rules. Data […]
This column will expand on a Systems Thinking approach to Data Governance and focus on process control. The vendors of myriad governance tools focus on metadata, dictionaries, and quality metrics. Their marketing is a sea of buzzwords and bling — bells and whistles. Yet, where is the evidence of adding actual business value, defined as […]
The EDM Council’s Data Excellence Program has reached a significant milestone: its first anniversary. The program is proving to be a game-changer in the data management landscape for promoting commitment to best practices and data excellence at the organizational level. Designed to recognize and support organizations dedicated to elevating their data management capabilities, the program […]
The importance of Citizen Data Scientists has become a focus for the wise business executive and manager. Understanding Citizen Data Scientists and how they can supplement analytics and help the organization to be more successful can be a real competitive advantage for a business, whether that business is in a local market, a global industry, […]
Data steward forums are catalysts for organizational data wisdom and cultural transformation. When executed thoughtfully, they become your strongest asset in building a data-driven organization. However, their success hangs delicately on implementation — the difference between fostering lasting engagement and watching enthusiasm fade lies in the fundamental framework you establish from day one. 1. Building […]
In 2024, our research at Dresner Advisory Services revealed that only 32% of organizations have a formal data governance organization in place. This statistic highlights a critical gap, especially as machine learning (ML) and artificial intelligence (AI) are increasingly integrated into operations, expanding business reliance on data and analytic content. Despite the growing importance of […]
Unsurprisingly, my last two columns discussed artificial intelligence (AI), specifically the impact of language models (LMs) on data curation. My August 2024 column, “The Shift from Syntactic to Semantic Data Curation and What It Means for Data Quality,” and my November 2024 column, “Data Validation, the Data Accuracy Imposter or Assistant?” addressed some of the […]
There is always the need for computing to be more available and distributed, especially given the data volume generated from IoT. On the surface, it makes sense that most proponents of data processing have been advocating for cloud computing, to always send IoT data to the cloud. With IoT and cloud computing (later referred to […]
PDF files are one of the most popular file formats today. Because they can preserve the visual layout of documents and are compatible with a wide range of devices and operating systems, PDFs are used for everything from business forms and educational material to creative designs. However, PDF files also present multiple challenges when it… Read more
Organizations today are on a quest to enhance their Customer Master Data Management (CMDM) capabilities, striving to reach Level 6 and beyond in their data maturity journey. At this pinnacle, businesses can leverage first-party and zero-party data to foster deeper customer relationships and drive personalized experiences.
Level 1 to Level 5 represent foundational steps in this evolution, where organizations establish basic data governance, integration, and analytics. However, reaching Level 6 signifies a transformative phase where data becomes a strategic asset. Here, Pretectum CMDM stands out by offering a comprehensive framework that not only consolidates customer data from various sources but also ensures its accuracy and compliance through robust governance mechanisms.
At Level 6, organizations can harness real-time insights to make informed decisions swiftly, adapting to customer behaviors as they evolve. This agility is crucial in today’s fast-paced market. Moreover, the self-service data servicing feature empowers customers to manage their own preferences, enhancing trust and transparency.
As companies embrace this advanced maturity level, they will not only improve operational efficiencies but also cultivate loyalty through personalized engagement. With Pretectum CMDM as a partner in this journey, organizations can effectively navigate the complexities of modern data management and thrive in an increasingly regulated environment.
Read more at https://www.pretectum.com/leveling-up-on-customer-mdm/
Pretectum’s Customer Master Data Management (CMDM) platform offers several key capabilities for organizations looking to improve their customer data management and enhance customer experiences:
A Centralized Data Repository
Pretectum CMDM serves as a centralized repository for customer data, consolidating information from various sources across the organization. This provides a single source of truth for customer-related data, enabling more consistent and accurate information across departments.
Data Quality and Governance
The platform incorporates robust data quality management features, including:
– Data cleansing and deduplication capabilities
– Validation rules to prevent inaccurate or incomplete information
– Automated quality monitoring and alerts
– Tools for defining data governance policies and quality rules
Security and Compliance
Pretectum CMDM includes features to help organizations meet data protection regulations:
– Encryption and access controls
– Audit trails
– Consent management
– Self-service data verification options for customers
Integration and Scalability
The platform offers:
– Seamless integration with peripheral systems
– Support for various data integration and syndication modalities
– Horizontal and vertical scalability to accommodate growing data volumes
Advanced Features
– Golden Record Management: Creating and maintaining a single, accurate view of each customer
– Data Hub Functionality: Supporting data integration from multiple sources
– Self-Service and Consent Management: Allowing customers to verify and manage their data
– Composable Architecture: Enabling configuration to specific business needs
By leveraging these capabilities, organizations can work towards creating a more customer-centric approach to data management, ultimately driving business success through improved customer experiences and operational efficiencies.
Take your customer data on a journey that explores how you source, curate and assess it, and then who and how it is used.
With Pretectum CMDM you get more than a customer MDM you get a composable platform that supports federated customer master data management with continuous data quality management, self service contributions with consent under the zero party data model; deduplication and syndication.
Data clean rooms (DCRs) are secure, collaborative environments where multiple parties can share and analyze their data while maintaining strict privacy controls. This innovative approach enables organizations, such as brands and advertisers, to leverage aggregated datasets without exposing personally identifiable information (PII) or violating privacy regulations.
Learn more by visiting https://www.pretectum.com/the-customer-data-clean-room-dcr/
Master Data Management (MDM) reduces data-related friction by centralizing and harmonizing critical data.
It creates a single source of truth, enhancing data quality through duplicate removal and automated validation. This streamlining improves operational efficiency, allowing teams to focus on strategic initiatives rather than manual tasks.
MDM enables personalized customer interactions and seamless experiences across channels, fostering better collaboration and informed decision-making. Additionally, it supports compliance with regulations by maintaining clear audit trails and enforcing data governance.
Ultimately, MDM empowers organizations to respond quickly to market changes and customer needs, driving innovation and improving overall performance.
Learn more by visiting : https://www.pretectum.com/how-can-master-data-management-help-in-reducing-data-related-friction/
