The amount of data collected is growing in all industries at an exponential rate and companies that leverage this fact will have a competitive advantage. But in order to capitalize on this resource, organizations are required to have a stringent data strategy that decides how data will be managed, governed and analyzed, and a system in place to transform data into information.
What is an MDM system?
The main function of an MDM system is to gather data from a multitude of systems (ERP, CRM, web etc.) and standardize it, turning data into information. Raw data is turned into structured data in real- time, using rules and artificial intelligence – serving the organization with information as a foundation to base decisions on.
Using structured data in digital commerce is a huge opportunity for companies to enhance insights and customer experience when interacting in all channels (online and offline) with a customer. The multitude of variables, the significance of these, as well as their influence on a purchase decision will interact in the MDM system creating a 360 view of the customer.
In practice this means increased relevance of the products offered to customers, leading to an enhanced customer experience, optimized conversion, and increased sales.
Avensia works with Riversand — one of the leading MDM systems on the market