Why Oracle Now Offers Customer Data Management to B2C Brands

Oracle announcedOpens a new window the launch of its Customer Data ManagementOpens a new window (CDM) for B2C service on November 20, 2019. Daniel FoppenOpens a new window , Sr. Principal Product Manager, Oracle CX Service talks about why Oracle is bringing their proven CDM platformOpens a new window to Oracle CX Service. In this exclusive with MarTech Advisor, Foppen throws light on how the solution will offer B2C enterprise brands the ability to create and maintain a “golden customer record” for tens of millions of customers in siloed systems.

As the senior principal product manager, Foppen leads customer service, technology, contact centers, innovation, design, and strategy at Oracle.

Here are the edited excerpts from our exclusive conversation with Daniel Foppen:

MarTech Advisor: Oracle recently announced its Digital Sales Solution and customer data managementOpens a new window (CDM) platform for B2C Service. What are the top 3 reasons B2C marketers need to integrate CDM into their marketing strategies?

Daniel: Clean, consistent customer dataOpens a new window is vital for brands to be able to gain a full view of a customer and provide a stand-out customer experience. While there are many benefits to implementing CDM, the top three benefits for both B2B and B2C organizations are financial impact, efficiency and personalization. 

• Financial Impact: Duplicate, siloed and out-of-sync customer data continues to be a major issue for brands worldwide, costing them millions of dollars each year. In fact, it’s estimated that 20% to 40% of all customer records within an organization are duplicates that can cost between $20 to $100 per duplicate annually! With CDM, brands can easily create and maintain customer data as well as clean rogue data, remove duplicates and ensure data is accurate and up to date.
   
• Efficiency: Our CDM for B2C Service offers three key components to provide brands with a more efficient way to manage customer data. First, we offer a customer data hub, this is where brands create and maintain a customer master record that is used by multiple systems (i.e. sales, marketing, ERP, etc.). Next, we offer unique data quality management, this is where the real magic happens! Brands leverage AI-fueled tools to match and clean rogue data at-scale. Lastly, our enrichment capabilities ensure correct address information globally, thanks to our friends at Loqate. Combined, these components give brands the ability to create and maintain the “golden customer record.”
   
• Personalization: Brands want to ensure the best possible experience for their customers based on their individual tastes and preferences. Meaningful data and comprehensive datasets can help brands identify opportunities to personalize based on deep insights into every customer interaction. A more personalized customer experience leads to a happier customer. As a result, brands that can effectively leverage CDM are more likely to experience revenue growth, increased profitability and higher customer lifetime values. 

 
MarTech Advisor: What is the biggest challenge in executing a customer data management strategy at scale across sales, marketing and operations?

Daniel: The biggest challenge brands face in executing a customer data management strategy is connecting siloed, out-of-sync customer data into one unified view across all internal organizations sales, service, marketing, ERP, fulfillment, billing etc. To build and maintain that “golden customer record,” the right hand must be talking to the left. That means teams need to be updating and accessing the same, unified customer profile. Therefore, our customer data hub plays such a key role in CDM for B2C Service. It enables brands to create and maintain a customer master record through one, centralized data hub. While the hub connects the different systems to the same golden record, that by itself doesn’t ensure clean records.

Remember, any given organization may face 20-40% of their customer records to be duplicates, leading to a lot of inefficiency. Having robust tools to match, deduplicate, and merge these records is equally important. While in a B2B organization the number of records may run into the thousands or tens of thousands, meaning cleaning those records is still a relatively easy task, in the B2C space the number runs into millions or tens of millions of records; cleaning duplicates at that kind of scale is really hard if you do not have the right solution to do this in an intelligent and efficient way.

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MarTech Advisor: What are the biggest changes you see taking place in Oracle’s service lines and your go-to-market strategy after this launch?

Daniel: Oracle CX Service has always been an integral part of the Oracle CX suite. Practically, all our customers integrate Oracle CX Service with back-office functions and processes out of necessity. After all, customers contact customer service to get their issues solved, and to do that service agents need to be able to connect to these systems for order management, coupon-codes, RMA processes, fulfillment, billing, and so forth. Since ever, integrating with these systems involves integration work to make the data flow.

Now with CDM for B2C Service streamlining these processes between Oracle CX Service and back-office functions will become as easy as “just turning it on.” We believe that Oracle’s single cloud platform for back-office and front-office applications will become an irresistible proposition of superior TCO and increased agility that will basically become a business transformation accelerator. We are looking forward to making much more noise about this in the market.

MarTech Advisor: After AI-enabled tools, what’s next for the customer data management programs at Oracle?

Daniel: We will continue to further strengthen the data cleaning capabilities as that’s the secret sauce of our CDM solution. In addition, we’ll continue our investment in expanding to even more pre-built actions to make it easier and easier to innovate through our streamlined processes and data.

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About OracleOpens a new window :

The Oracle Cloud offers a complete suite of integrated applications for sales, service, marketing, human resources, finance, supply chain and manufacturing, plus highly automated and secure Generation 2 infrastructure featuring the Oracle Autonomous Database.

 

 

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