A solid customer master data management system should give you design and functionality freedom, whether for marketing, service, sales or support, or anything else. That way, you can cope with all data elements of the customer and be flexible enough to grow over time. For that, Pretectum has the best solution stack for integrated use as it accompanies you throughout the complete customer master data lifecycle management. But most importantly, it also ensures that the data you store is secured, accessible, and of good quality—a feat not seen in most customer master data management solutions.

What Is the Customer Master Data?

Collecting and storing the best available customer data can improve knowledge about consumers for different business purposes. For example, a detailed understanding of the customer helps implement a solid marketing strategy. Good consumer data can also improve customer service and pave the way for change. This is where customer master data management comes into clear focus.

By definition, customer master data is a business activity that collects precise information about clients using various data-collecting approaches. From there, a consistent customer master data management approach enables enterprises and businesses to give a personalised or tailored customer experience to remain ahead of, or at least match, competitors.

What Is Meant by Master Data Management?

To better manage customer master data, you will need a solution to handle it. It is what the industry knows as a master data management solution.

Simply put, customer master data management (CMDM) is a technology-enabled practice in which the business process is supported by information technology to guarantee that the enterprise's official and shared customer master data assets are uniform, consistent, accurate, and accounted for.

It's worth highlighting that data should be dependable. It should not be so volatile that your teams are unsure about the accuracy of the customer record representation. The solution you choose must maintain records that eliminate the need for secondary Excel spreadsheets, spreadmarts, data lakes, and sub-databases that include external references and keys to your core record set.

Using the best customer master data management software will also eliminate the need for your teams to perform extensive pre- and re-processing of the master, which is susceptible to errors and potential mistakes.

Customer Master Data Management Tools

Good data management can build confidence in customer data, especially for decision-making within the company. Customer data that is reliable, consistent, complete, and relevant help enterprises to be proactive, efficient, and responsive to the demands of their customers. And Pretectum is the ideal companion for augmenting your customer data management discipline.

Pretectum is a customer master data management system that provides enterprises with a single point of reference or a Single Customer View (SCV). This can assist in meeting compliance obligations by defining the records kept and their associated data attributes and enumerating the change of those data across time from inception to the present state.

For many businesses, the customer entity record isn't always kept in a single location. It is frequently retained on purpose in systems with highly specialized tasks, including customer records as a focus or as an essential side feature of the job. With Pretectum's SCV, or single customer view, you can decrease the costs and hazards associated with client data ownership and the friction associated with transacting or connecting with the customer. Overall, this also improves opportunities for client segmentation and targeting lists.

The process of consolidating customer master data from several systems inside an organization into a single location is referred to as Single Source of Truth (SSoT). An SSoT is frequently not a single system, technology, or even data management strategy but rather the state of customer master data for the execution of corporate objectives.

This leads us to the Golden Nominal customer master data record.  It is the consolidated and converged customer master data record. Golden nominal records, often known as the one source of truth, are an essential notion in Customer Master Data Management (CMDM). This single record provides a data point that contains all the information about a given customer that your company needs.

Additionally, it supports the Customer 360 principle, which refers to establishing a master customer record by collecting all customer records. This enables Pretectum to deliver a single trustworthy and authoritative picture of the client, including their name, contact information, and any other data you think necessary for the customer master definition.

Aside from that, Pretectum handles your Customer Golden Record, which collects all customer master data from every System of Record (SOR) inside a particular business area or the whole enterprise. Through golden record management, your company gains a better understanding of who your customer is, which helps your business meet your customers' expectations by servicing their preferences through personalization and customization of customer journeys.

Advantages

• Offers data quality that is an essential component of the customer master definition

• Customer data modeling that is adaptable and flexible

• Provides four distinct methods of implementation and application

• SaaS-based with pricing that depends on the usage

• A deployment through self-service

• Works with files and connects to the cloud and on-premises services

If you require the best customer master data management, the Pretectum platform is available for a no-obligation, time-limited free trial/evaluation. Head over to a free trial signup, fill out the form, and discuss provisioning with Pretectum.