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Master Data Management (MDM), a Platform to Improve Customer Experience in Retail

Vinod Bidarkoppa, SVP & Group - CIO, Future Group India
Friday, October 7, 2016
Vinod Bidarkoppa, SVP & Group - CIO, Future Group India
Headquartered in Mumbai, Future Group is one of the leading retail businesses in India. Spread across 240 cities, it specializes in Retail, Electronics and Consumer Durables, Home Fashion, Insurance, Supply Chain Management, Food & FMCG, Apparels, Loyalty Programs.

Delighting the customer by driving better customer experience is the holy-grail for all businesses, and Retail is no exception. In today’s ever changing dynamics of consumer buying behavior and various engagement touch points, it is imperative that organizations have a defined strategy and data driven mechanisms to manage the customer data. To build a stable foundation for Omni channel engagement and presence, one needs to address aspects of Customer Master Data Management.

Classically MDM is defined as comprising a set of processes and tools that consistently define and manage the non-transactional data entities of an organization (which may include reference data). MDM has the objective of providing processes for collecting, aggregating, matching, consolidating, quality assuring, persisting and distributing such data throughout an organization to ensure consistency and control in the on-going maintenance and application use of this information.

MDM can help retailers maintain focus on the customer in today’s multi-channel retail environment, and the resulting benefits – customer-centricity with a single, consistent view of each customer; correlating data across channels for more effective engagement and cross-sell/up-sell; tapping into social sentiment to drive customer loyalty and sales; helping increase the speed and number of new product introductions; synchronizing information within the enterprise and with external entities.

As data is being shared and shuttled across more and more systems, would it not make sense to have a centralized philosophy and approach to manage/share all of this data? How many silos have you built? Maybe it is time to break down those silos and consider an MDM approach to your data.

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