by Angela Guess
A new article reports, “Customer centricity has become a watchword for major corporations worldwide, but a recently released survey has revealed that many enterprises are lacking in the basic knowledge of who their customers are, not to mention their attributes, tastes, purchasing histories and relationships with other customers.”
The article goes on, “According to a recent analyst report, the average accuracy of the 443 respondents’ master data – the data relied upon by the organization for everyday operations as well as strategic decision-making - was a shocking 71%. In other words, one out of every four records was either incomplete or quite simply wrong. Nearly one quarter of the companies surveyed reported accuracy levels of less than 50%.”
It adds, “These numbers are of more than academic interest. Companies that have addressed the problem of inaccurate or missing data through deployment of master data management (MDM) technology reported superior business results in areas that are deemed critical success factors to the customer-centric enterprise: They were able to respond to customer inquiries 36% faster (10.8 vs. 16.9 hours) than non-users. They achieved a 7% advantage in customer satisfaction (77% vs. 70 %). Their customer retention rate was 10% higher (87% vs. 77 %).”
photo credit: Don Fulano
