CRM and the Three Pillars of Data Management
Learn more about CRM data management at CRM Evolution 2022.
See more videos from CX Connect 2021 on the CRM YouTube channel.
Read the complete transcript of this clip:
Jeff Foley: We've established how important it is to have your CRM data be accurate, because that's going to power all the other initiatives, all the fancier things that we talked about, in the future with you know machine learning and next best action and recommendation engines and all that stuff to make sure that people are getting as personalized an experience as possible. But it all starts with the data.
There are three pillars of data management that really are required if you want to get out of the whack-a-mole level of fixing data problems as they come in. The first one is simply the data quality side of things. That's the profiling, the standardization, the deduplication, the enrichment, the automation of monitoring. That's the table stakes from data quality. But you also need what we call data governance, the idea of the people, the processes, the technologies that come together to give you a plan, and give you a strategy for taking care of these, and give you standards so that you know what good looks like, and you know what you're trying to achieve.
And the third pillar is the idea of leadership support. If you don't have buy-in from every level of your organization, then all of these standards and processes aren't going to actually mean anything when the next shiny thing comes by to distract everybody and send some people off in a new direction. If you've got that buy-in at all levels, cross-functionally across the organization, and that trust in this process and the need for these this governance and to achieve this quality, then you're less likely to run into challenges.
So the interesting thing is talking about, "Hey, great thought leadership, Jeff, wow, whoo -hoo, you're mom and apple pie." High data quality is good, bad, low data quality is bad. You probably could have figured that out yourself. So what's the big deal? Well, before you dismiss those pillars let's, let's look at some data from the study that we did to show what the results are of doing these pillars. We found that companies with higher-quality CRM data had three traits that you see here. One is, the leadership was aware of the quality issues and made it a priority. Two was the data governance process in place. They had one in there. They thought it was effective. And three, that idea of it being not just people in the back room or one department, but a full-time responsibility of the whole team. Everybody that touches it--marketing sales, service, operations, IT--they're all bought in and contributing to this data quality initiative.
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