{"id":7845,"date":"2015-09-29T17:36:21","date_gmt":"2015-09-29T21:36:21","guid":{"rendered":"http:\/\/www.iri.com\/blog\/?p=7845"},"modified":"2017-11-06T13:38:42","modified_gmt":"2017-11-06T18:38:42","slug":"the-importance-of-a-unified-view-of-the-customer-2","status":"publish","type":"post","link":"https:\/\/beta.iri.com\/blog\/iri\/business\/the-importance-of-a-unified-view-of-the-customer-2\/","title":{"rendered":"The Importance of a Unified View of the Customer"},"content":{"rendered":"

Customers drive business, and they want to be understood and valued. That starts with getting their (only) name right, and having an accurate view of their transaction history, preferences, and related information.\u00a0Through master data management (MDM), a company can create a unified view of each customer … a single, holistic accounting of that person as an individual rather than a jumbled, redundant, or otherwise mismanaged abstract of information.<\/p>\n

As a starting point, if master data is not in accord, John Smith to the accounting department could be John Smyth to marketing, Jon Smith to sales, John Smithe to IT, and J.\u00a0Smith to customer service. Beyond the visual errors, real danger exists when a company cannot determine if all of these identities of John Smith are, in fact, the same person. Because John Smith\u2019s identity has been siloed and fragmented, both the business and John Smith\u00a0never\u00a0reconcile.<\/p>\n


\nWhat\u2019s in a Name?<\/strong><\/p>\n

Frequently, the unified view of the customer is also called the \u201csingle view of the customer\u201d and\u00a0the \u201c360-degree view of the customer\u201d in business literature. There are problems with these terms.\u00a0A single view is limited\u00a0because customer\u00a0scope differs\u00a0accounting, IT, and other departments. <\/span>Meanwhile, a 360-degree view\u00a0is two-dimensional\u00a0while\u00a0customers are not.<\/p>\n

When customer information is maintained accurately, and holistically in one place, all facts and relationship facets can be\u00a0common knowledge\u00a0in\u00a0the organization.\u00a0And while\u00a0different views exist, they are at least\u00a0aligned. The\u00a0customer becomes a personalized and interactive multidimensional aggregate of characteristics\u00a0that leads to\u00a0common understandings\u00a0and\u00a0away from silo views.<\/p>\n

\"Realizing<\/a><\/p>\n

Source: Tata Consultancy Services<\/em><\/p>\n


\nBenefits of the Unified View<\/strong><\/p>\n

With\u00a0a unified view, a company can instantly report on\u00a0all their customer touchpoints and views. All interactions, including purchases, phone calls, email, chats, and social media dialogues, are compiled\u00a0with other customer data, which may\u00a0include buying preferences, addresses, and credit card numbers. Having this data integrated and centralized supports\u00a0more meaningful and successful\u00a0interactions with customers; it helps them\u00a0feel as if the company sees\u00a0them for the real, appreciated people they are.<\/p>\n

According to the 2014 American Express Global Customer Service Barometer, \u201cthree out of four (74%) consumers say they have spent more with a company because of a history of\u00a0positive customer service experiences.\u201d Maximizing customer experience ensures happy customers, who then become loyal customers. Customer satisfaction is a natural by-product of compiling a unified view of the customer, and companies embracing that unified view stand only to profit from its implementation. \u00a0Here are some benefits of having a unified view of the customer:<\/p>\n

\"Some<\/a>
Source: Tata Consultancy Services<\/figcaption><\/figure>\n

The 2011 Consumer Experience Impact Report found that 89% of customers switched companies after experiencing a poor service interaction. Coincidentally, a Gartner survey found that \u201cnearly all companies . . . (89%) believe that customer experience will be their primary basis for competition by 2016,\u201d according to Gartner Predicts a Customer Service Battlefield\u00a0by Tom McCall.\u00a0To remain competitive, companies must not only deliver a solid product or service, but follow through with outstanding customer interaction. If all of the data regarding a customer is in accord, that follow-through can be performed\u00a0more accurately, consistently, quickly, and comprehensively.<\/p>\n

Importantly though, the acquisition of customer information must be a symbiotic relationship. Businesses must provide some incentive of value equal to obtain customer information in the exchange. If both parties come away from the transaction feeling satisfied, the exchange succeeds. Consequently, businesses have an obligation to protect customer privacy, and to otherwise\u00a0explicitly disclose when their data need be shared. It is only those enterprises that earn and retain\u00a0customer trust\u00a0that enjoy\u00a0long-term customer relationships.<\/p>\n

IRI Software\u2019s Role<\/strong><\/p>\n

Data discovery<\/em>\u00a0wizards\u00a0featured in\u00a0the new IRI data management platform, Voracity<\/a>, enable pattern, string, and fuzzy logic searches to find matching or similar data based on various algorithms. Another wizard for\u00a0<\/a>Data Unification<\/a>\u00a0<\/em>aids MDM efforts by determining\u00a0redundancies and allowing the user to bucket standardized (master) values into target\u00a0tables or flat files for centralized reference and reuse.<\/p>\n

Additional data scrubbing features and validation functions in the core SortCL<\/a> program underlying Voracity and CoSort support the quality of both reference and related data. Built-in, field-level data masking routines protect PII at the column level in every connected DB or file. Data integration, embedded\u00a0reporting, and fast data preparation\u00a0are also Voracity strengths, and can be leveraged for historical analysis and promotional decisions.<\/p>\n

Thus with IRI Voracity, there is no longer a need to procure, learn, and maintain separate software and interfaces for data discovery, homogenization, cleansing, protection, and capitalization. Obtaining a unified view of customers, products, and other data can now be a\u00a0simpler, more affordable exercise that’s also built into the larger framework of data life-cycle management.<\/p>\n","protected":false},"excerpt":{"rendered":"

Customers drive business, and they want to be understood and valued. That starts with getting their (only) name right, and having an accurate view of their transaction history, preferences, and related information.\u00a0Through master data management (MDM), a company can create a unified view of each customer … a single, holistic accounting of that person as<\/p>\n

Read More<\/a><\/div>\n","protected":false},"author":62,"featured_media":7848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[363,776,217,34,232,216],"tags":[44,857,280,14,13,856,855,71,338,854,789,850,852,851,149,68,853],"class_list":["post-7845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-quality","category-etl","category-iri","category-business","category-master-data-management","category-master-data-metadata-management","tag-cosort","tag-data-cleansing","tag-data-discovery","tag-data-masking","tag-data-protection-2","tag-data-scrubbing","tag-database-tables","tag-eclipse","tag-flat-files","tag-fuzzy-logic","tag-iri-voracity","tag-iri-workbench","tag-master-data-management","tag-master-data-metadata-management","tag-pii","tag-sortcl","tag-unified-view-of-customer"],"acf":[],"yoast_head":"\nThe Importance of a Unified View of the Customer - 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