MDM and CRM strategy
The MDM and CRM strategy should be considered hand in hand because CRM is typically the entry point for customer data. Large companies also have multiple CRMs and there is usually an overlap of customer data within these systems. There is also the need to manage customer hierarchies and typical CRMs are not optimized to manage hierarchies.
Some of the specific challenges include the following:
- Multiple versions of the truth with no rules for matching and merging. As mentioned, CRMs are not optimized for hierarchy management and multiple records for a customer in a CRM system with no standardized hierarchies makes reporting a challenge.
- With mergers and acquisitions (M&A), multiple copies of customer records can exist in many CRMs, resulting in multiple versions of the truth with no rules for matching and merging, nor a clear identification of the source of specific data elements.
- Multiple systems of record also result in the duplication of...