It’s not made easy for Data Managers and IT leaders with the current hype around customer data platforms or CDPs. If you already have a Master Data software, why invest in a CDP? Or does a CDP alone guarantee qualitative data? And therefore, immediately qualitative insights and campaigns? The Black Tiger Master Data Platform combines CDP and MDM functionalities in a unique way. Competitive advantage guaranteed.
The ideal data stack?
First and foremost, you need to figure out what the ideal data stack is for your business to use and turn data into a better customer experience and higher revenue. Start at the beginning. CDP and/or MDM? And what do I need?
How can a CDP help me?
For marketers, the focus is on activating customer data through analytics, personalization, ad targeting and optimizing the targeting of their messages and offers.
They therefore need a Customer Data Platform that collects, manages and activates customer data from all possible sources – first, second- and third-party data. In other words, a CDP collects data about your customers and how they interact with your brand, builds a holistic picture of each customer and facilitates the connection of this data to external systems. Once you have built your profiles and target groups, you put them to work in platforms like Google or Facebook, via email marketing and SMS tools, personalization software, business intelligence tools or customer service applications.
But don’t forget that this requires quality data: clean, accurate and high-quality data. ‘Garbage in is garbage out.’ And this is no different in the case of a CDP.
Emphasis on qualitative master data
And then we get into the realm of Master Data Management, processes and systems that ensure consistency, accuracy, stewardship and governance of companies’ master data. MDM processes are typically technical processes in the backend and manage a wide range of data: for example CRM data, but also ERP and production data etc. These MDM processes collect, clean and organize data from all sources to obtain a single dataset, structured in such a way that it can be further used in the organization. A unique view of each unique customer.
From the marketer’s point of view, Master Data is not very useful unless you can make the data accessible, visualize it and activate it in the form of campaigns. Which brings you back to a CDP!
Performance is the key
As a business professional, it is not only necessary to have access to correct data, but the speed of availability of the desired information also plays a crucial role. Unlocking Big Data from different sources and of different natures therefore requires significant computing power, which is lacking in CDPs, but which is in turn the strength of MDMs.
The Master Data platform: no need to choose!
Black Tiger Belgium developed the Master Data Platform, which combines the functionalities of both a CDP and an MDM. Malcolm Hawker, Senior Director Analyst at GARTNER, made the analysis and concluded, “A platform that offers both MDM and CDP capabilities is a unique proposition”
Boasting 30 years of international experience in data quality, the Master Data Platform additionally integrates data quality into modules for business activation and optimal compliance thanks to an optional GDPR module.