Customer Data Management

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Definition

Companies have more data about their customers than ever before, thanks to public sources like Facebook and Twitter, customer engagement through digital channels such as mobile, and the increasing presence of sensors, geolocation, and clickstream. Customer data just got big, and this changes everything about Customer Data Management (CDM). The traditional 360-degree view of the customer is no longer adequate to have world-class CDM capabilities. The future of CDM is also big — meaning that firms must capture, store, analyze, and use a plethora of data from new sources to create a multidimensional view of customers. Firms that invest heavily in new CDM architecture will use customer data to create intensely personal customer experiences and products, respond more quickly to customer needs and competitive threats, grow faster than their competitors, and deliver innovative new products and services. Source: Forrester

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