Business process management and master data management programs, when working in concert, offer businesses a clear view of customers while also giving them the process-level innovation needed to act on this information, DestinationCRM.com reported.
According to the news source, the need for improved master data management is clear in the hospitality and gaming industry, where there is still debate over whether hotels and casinos should target low- or high-value customers.
Conventional wisdom says that while low-value visitors may not spend a lot at the hotel or casino, using a promotion to get them to come in increases the chances of making money because the casino floor is better populated and the hotel is not filled with empty rooms, the report said. However, experts increasingly believe that filling the hotel with low-value customers is wasting rooms that would be better devoted to individuals who will spend more on the casino floor.
Attracting high-value customers through promotions can be difficult. The news source explained that master data management systems are becoming more popular to resolve this problem because they provide the core information necessary to help sales, customer service, marketing and other departments make the most of data to draw high-value customers in.
Citing a Gartner study, the report said master data management solutions are becoming more prominent because they use broad data from throughout an organization more effectively. However, the market is really growing because master data management and business process management solutions are being integrated to not only unify data throughout diverse operations, but also to streamline processes for a customer-centric approach.
While the news source points to hospitality and gaming to illustrate the current industry trend, the need for business process management software that can work with master data management systems applies to traditional enterprises as well. Businesses, whether in B2C or B2B sectors, can benefit substantially from using data to identify how they can reach out to high-value customers and processes to develop procedures that will attract clients and support ongoing efforts more effectively.
Integrating diverse processes and data is increasingly popular across the enterprise. Organizations have to wrangle internal data, transactional information, customer-generated content and unstructured data created on mobile devices, posted on social media sites and generated through applications. As a result, meshing BPM and MDM can offer considerable benefits.
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