Customer data resides in many databases and systems, and can be used to formulate insights to help improve the customer experience. But, the precise benefits driven by that data will depend partly upon your unique business needs, and partly on the chosen solution used to manage it, so it’s advisable to think about the desired outcomes before settling on the most appropriate data management tool for you.
Customer data management is a three-pronged process for businesses, whereby customer information is first of all collected and stored in one place. This may be part of a data warehouse or data lake project managed by the IT department, part of a master data management solution, a tailored CRM project, or indeed marketers and businesses may choose to store their data in a Customer Data Platform (CDP).