How to Use Connected Master Data to Enable New Revenue Models

In today's experience economy and in the age of digital transformation, there are two distinct ways you can use modern master data management (MDM) to drive positive business outcomes:

  • Automate existing business processes so you can increase operational effectiveness, cut costs, reduce risk and drive incremental growth
  • Develop new data-driven revenue streams that result in new substantial growth opportunities

As customer centricity is vital to any digitization project, so it must follow that improving the customer experience (CX) is a key objective of any digital transformation project.

To get a comprehensive 360-degree view of customers in digital business processes, you need to be able to connect customer master data with other master data entities, hierarchies, transactions, big data and reference data.

As the diagram above shows, a connected and extended master data landscape (aka data hub) will give you the essential capabilities you need in order to understand your customers.  Knowing your customers better allows you to develop better products, drive new streams of revenue, and deliver the best customer experience through hyper-personalization.


Want to learn more?

Learn more in this white paper co-authored by Reltio and myself:
Taking Customer 360 to The Next Level: Fueling New Digital Business

Also, don't miss this on-demand webinar where I walk you through some core concepts of how to approach multi-domain MDM with CX in mind. In a short product demo, Ramon Chen, chief product officer at Reltio, also shows how you can do this using Reltio Connected Customer 360.
View the on-demand webinar


 

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