9 - A single customer view Flashcards
What is a single customer view (SCV)?
The process of collecting data from disparate data sources, then matching and merging it to form a single, accurate, up-to-date record for each customer.
Also known as a ‘golden ID’ or ‘360-degree customer view’.
What are the key components of a single customer view?
- Data model
- Customer data sources
- Customer base health dashboard
- Data science models
These components help in creating a comprehensive view of the customer.
Define ‘Golden ID’.
The field in an SCV that identifies the customer, created by stitching customer records together.
A Golden ID avoids creating duplicate records.
What is a data model?
A visual representation and design of the data in your organization, showing business components and the data elements within them, the relationships among these data elements, and the data’s formats and attributes.
What is the significance of customer data integration?
It allows businesses to have a unified view of customers, reducing inconsistencies and improving customer experience.
Different parts of an organization may have different views of the SCV.
True or False: Only marketing departments benefit from a single customer view.
False.
Different departments like data science and risk management also benefit from an SCV.
What are the challenges in delivering a good customer experience (CX)?
- Existence of internal silos
- Lack of data integration
- Low confidence in data quality
As per a survey, these are significant challenges faced by companies.
Fill in the blank: The SCV needs to meet the needs of the whole organization, but more importantly the needs of the _______.
[customer]
What is a customer data 360?
The data repository that stores the data captured from the data sources in the same structure as the data model, from which data will be extracted to feed reports, dashboards, data science, etc.
What is the role of a customer business rules in SCV?
They define how customer organization and hierarchies are structured, which is important for delivering a better customer experience.
What are the expected outcomes of implementing an SCV in customer-facing activities?
- Improved customer relationship management
- Enhanced marketing effectiveness
- Better customer service
The SCV serves as the engine for success in these activities.
What is the importance of a customer base health dashboard?
It provides a view of customers in various prescribed ways, allowing businesses to analyze customer data effectively.
How does an SCV reduce the total number of unique customers counted?
It gives one ID per customer, known as the Golden ID, which rationalizes the total number of unique customers.
What was a significant finding in the gambling company’s SCV case study?
In some businesses, almost 9 percent of customer records were duplicates, and a third had incomplete customer data.
What does the SCV engine provide for data scientists?
High-quality data needed to analyze customer churn, recognize VIP customers, or identify potential problem gamblers.
List the stages of building the SCV in the gambling company case study.
- Version 0: Cleaning and de-duping of accounts
- Version 1: CRM automation, multi-channel customer service, and crucial metrics
- Version 2: Wider metrics, customer journey mapping, and customer preferences
What impact did Covid-19 have on customer interactions in businesses?
Companies were forced to rethink how they deal with their customers, leading to a shift towards digital interactions.
What is the risk associated with creating an SCV?
The data created is extremely valuable to the business but may also attract those who want to steal customer information.
What is an SCV?
A powerful driver of all customer-facing activity that provides data for customer dashboards and analysis.
What are the two broad categories of benefits of the SCV?
- Benefits for the customer
- Benefits for the business
How does SCV enhance communication effectiveness?
Enables more effective and personalized communications based on customer data.
What is the cost comparison between acquiring new customers and retaining existing ones?
It costs five times as much to acquire new customers as to keep existing ones.
What is the primary benefit of SCV for customers?
A better experience.
What is a Single Supplier View (SSV)?
The process of collecting data from disparate sources to form a single, accurate record for each supplier.
What advantages does a Single Supplier View provide?
- Review spending across products
- Identify cost reduction opportunities
- Ensure invoices are from approved suppliers
What does a Single Employee View offer?
A 360-degree view of an employee, combining data across various HR systems.
What are the four principles of data quality?
- Availability
- Timeliness
- Accuracy
- Validity
What is data governance?
The key principles ensuring data is accurately described and consistent across the business.
What is the role of data architecture in building an SCV?
To ensure all components work together and deliver expected outcomes.
What is shadow data?
Data collected and stored by departments or individuals without management knowledge.
How can shadow data impact the SCV project?
It can undermine the purpose of having a coordinated SCV and lead to inconsistencies.
What is the importance of establishing ownership of the SCV?
To prevent the creation of shadow data resources and ensure coordinated efforts across the organization.
What are the key outcomes of implementing an SCV?
- Improved multi-channel offerings
- Creation of new digital services
- Better customer communication
True or False: Trust in an SCV project is fundamental to its success.
True
Fill in the blank: The SCV is the basis for ______ and ______, both of which are large revenue-generating opportunities.
[upselling], [cross-selling]
What does the process of creating an SCV require?
Data governance, data quality, and data architecture.
What does a Single Product View provide?
A view of products including sales, development, pricing, support costs, and customer feedback.
