By Tim J. Busche, MBA
Following is an excerpt of an article originally published on destinationcrm.com.
While the advent of cloud-based marketing tools in the past several years has accelerated CRM, it has also served as the catalyst for the rapid proliferation of disparate data sources. While leading CRM tools, such as Salesforce.com and Microsoft Dynamics, effectively streamlined workflow and automated repetitive tasks, they simply weren’t built to manage, standardize, and cleanse data that lives in unsanctioned master data files in spreadsheets, small user databases, and websites.
CMOs are just coming to the realization that they need a way to manage and eliminate variation across every data set in their organization. In short, they need an MDM solution to optimize their CRM systems. According to Bill O’Kane, research director at Gartner, “Master data management is a critical success factor in constructing optimal customer relationship management processes [...] CRM leaders who avoid MDM will derive erroneous results that annoy customers, resulting in a 25 percent reduction in potential revenue gains.” He goes on to say that companies are adopting a more integrated customer experience approach that requires an understanding of the customer’s entire relationship and interactions with the company at any point during the customer journey.
As the significance and impact of CRM has increased, it’s more important than ever that CMOs take a step back and ask the right questions about how their organization governs data, maintains the golden consumer record, and prevents data duplication. With so much at stake for marketing leaders and the organizations they serve, the onus is on CMOs and their IT experts to stay ahead of the curve. Knowledge is power. Stay informed.
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