It costs ten times more to attract and obtain a customer than it does to retain one. That’s why proper information management and the changing strategic use of data warehousing and operational data stores are essential if companies want to build a successful customer relationship management program for the long run. "Just because an enterprise has data on the customer does not mean that it is being used and even a data warehousing project will not ensure that the relevant information is being moved to the right customer contact point at the right time," Scott Nelson, vice president and research director, Gartner Group, told attendees Monday, Aug. 13, during his keynote presentation "Data Warehousing and CRM: Fad or Future of the Industry" at The Data Warehousing Institute World Conference Summer 2001 in Anaheim, Calif. "The key is for companies to not only integrate the sources of data, but also view data as the key to their CRM strategies."
The data warehouse is a fundamental component of a successful CRM program, but over time as more companies begin to capture, cleanse and reconcile their information, they will begin combining their warehousing/ODS structures into a new application: a marketing transaction database. "As ODS and warehousing merge, we will see the emergence of the enterprise operational data store which will serve as a marketing transaction database and provide the type of support that enterprises need to enable CRM," Nelson says. To stay on top of CRM initiatives and build a successful program, Nelson advises companies to:
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