In an operating environment marked by transparent markets and rising global competition, the customer has undoubtedly become king. A 2017 Salesforce survey revealed that the two biggest challenges faced by organizations today are meeting customer expectations and reacting appropriately to shifts in market demand.
For the most part, businesses have responded to these issues by implementing varying levels of digital transformation across their front and backend processes. These strategies encompass everything from setting up ERP and WMS systems within supply chain functions to leveraging social media platforms and mobile applications to their make marketing and sales more accessible for users.
While technological investments may help establish your brand amongst a growing stable of forward-thinking organizations, they can only produce lasting ROI when accompanied by a comprehensive reporting and analytics framework. Take a look at industry leaders like Netflix, Apple, Amazon, and Tesla. You'll see that they all share an obsessive dedication to understanding their audience and creating personalized offerings that seamlessly meet the demands of each individual.
This outward-in strategy is built around a robust reporting and analytics framework that draws data from varied sources both within and outside the organization. From real-time user behaviors tracked through website analytics to lead lists and sales histories gathered from CRM systems to sentiment analyses drawn from customer service channels and review aggregators, each touchpoint creates a wealth of data that can be used to create end-to-end customer experiences.
Unfortunately, insights are all-too-often hidden behind siloed systems that are only accessible to specific functions. If they want to create cohesive business strategies that translate across multiple channels, businesses need to consolidate their disparate datasets and move them into a centralized repository that can provide a complete view of prospective and current customers across all targeted market segments.
Traditionally, these objectives have been served through a system of records (SOR). This architecture served as a hub for all data relating to a specific business function. Once consolidated, inputs were combined to provide a more insightful look into the underlying process.
Unfortunately, the SOR of old was often limited to a single platform, i.e., Salesforce for sales data, HubSpot for marketing information, 3PL for logistics, and supply chain. While accurate, the picture provided by these systems often lacked a greater business context.
As a result, a far more holistic approach was required to achieve the ever-elusive 360 view. That's where the concept of a golden record becomes so essential. A golden record consists of cleansed, validated, and merged data collected from disparate platforms both within and outside the enterprise. Data extraction from each of these sources is automated to ensure minimum lag time between the receipt of information into each operational store and its delivery into the golden record.
Ultimately, the 360 view acts as a "single source of truth" that offers significant advantages over the SOR.
Ultimately, the biggest obstacle to creating the 360 view isn't data extraction from disparate sources, the subsequent validation and cleansing of data, or even consolidation in an accessible repository – it's the time, resources, and expertise required to design and deploy these processes from start to finish.
Here are just some of the challenges that can arise during a manual implementation:
The best way to overcome these issues is by leveraging an enterprise data integration solution to support each aspect of your customer 360. To get insights, watch this in-depth webinar on the topic to find out how businesses can practically deploy this approach in their data architecture. The webinar will discuss the topic using the case of an auto insurance provider that employs the data integration software to build an automated data pipeline for providing a comprehensive, real-time view of customer data.