Having worked in the data and information quality industry for quite some years now, I've noticed that our industry feels that there is an urgent need for new acronyms every couple of years.
Here's a small selection: CRM, ERP, BI, SaaS, CDI, MDM, FTR..... Are you still with me? If so, you have probably been in this business for a substantial amount of time as well.
As these acronyms mysteriously or automagically gain and loose popularity, I am now convinced that they all, more or less, serve the same purpose: They intend to be the "theoretical foundation" for solution selling.
Organizations spend a lot of time on optimizing their production chain, their invoicing processes and the quality of their customer database(s). For this, all kinds of tools and systems are being used (and the corresponding acronyms become popular...;-) . Some of these tools and systems are really intelligent, but many times the actual purpose of the deployment of these means is lost in the process.
Having a CRM-, BI-or MDM- application in place does not mean that you have improved your customer interaction. The acronym is not the solution....
I think it eventually boils down to answering the question: How do we use our customer data to actually achieve and improve REAL customer interaction? In other words: How do we really personalize our customer interaction?
Having all the necessary data available is only the beginning of the journey.
Here’s a really nice one-minute-movie on personalized customer interaction. Check it out! It's worth it....