Customer Golden Records for a holistic view of customer data

“Customer Golden Record” is an established term in the management for customer master data. It describes the complete view of each individual customer and business partner from a data perspective. In consolidated form, it contains all the information that is stored in a company in various data sources relating to a customer or business partner. The result is a holistic understanding as a prerequisite for a personalized and therefore focused approach to target groups. Companies create Customer Golden Records with the Uniserv Customer Data Hub.

The Customer Golden Record is a customer master data record that combines the attributes of a customer from all data sources. It is the base for a 360° view. It also contains the links to all master data records in the various data sources in which attributes from the Customer Golden Record are used. Based on this holistic view, a company can address its target groups in a personalized manner. This is an essential prerequisite for customer centricity.

Customer-centric companies have one primary goal: to offer and deliver the right product to the right customer in the right quantity at the right price with the right invoice via the right channel. However, it is not easy to meet this requirement. Customer master data must be consistent, complete, up-to-date and correct. Otherwise, customer data management becomes a nightmare.

Advantages of a holistic customer view with Customer Golden Records

• direct and individual customer approach
• increased customer satisfaction and increased customer loyalty through better service and individual advice
• hidden potential for cross-selling and up-selling becomes clear as all relevant information is available
• significant cost savings through avoidance of returns, cancellations, unnecessary postage, etc.
• improved process flow through increased productivity
• precise customer segmentation significantly increases the response rate and also the conversion rate. Marketing costs fall, campaigns are successful
• consistent and reliable reports that form a solid foundation for management decisions

On average, companies have 50 applications in use. As each one works with its own customer data, data silos are created. Customer and business partner master data is stored redundantly and scattered across these applications. A little bit everywhere, but never completely. If data is updated in one application, other applications lack this data update.
This process leads to ever more and ever greater deficiencies in data quality. Data is incomplete, outdated, duplicated and available multiple times. This limits its usability more and more. The workload in the specialist departments is increasing. The volume of data is increasing. Sooner or later, these inconsistencies also lead to errors in the operational business, loss of sales and earnings and damage to the company's image.

With the Uniserv Customer Data Hub, companies can draw a line under this data chaos. This is because the Uniserv Customer Data Hub merges all the data stored about a person in a company's data sources into a centrally stored complete data set.
To do this, the individual data sources are connected to the Uniserv Customer Data Hub. By means of address validation, the data available in the individual sources is first checked by post and, if necessary, corrected. Identity Resolution assigns similar data records from the various sources to a single central “golden data record”. This also improves the data quality as a whole. The Customer Golden Record as a superordinate data record also contains the links to all master data records in various data sources, such as Customer Relationship Management (Golden Record CRM), in which components (attributes) from the Customer Golden Record are used. If one of these attributes changes in one of the data sources, you can specify whether other sources should also receive this update or not. This ensures that the CRM Golden Record is always up-to-date and complete.
The data remains consistent and is no longer stored twice in different systems. Data silos are broken up, fragmented data is a thing of the past.