Companies work with a lot of data and use it to track their customer success. The data helps them to understand the customer preferences, their likes and dislikes to draw insights for their campaigns. With customer profiling, they can map the product to the right prospect that initiates a sale. The bottomline is more data leads to more customers. But, there’s a catch. That data has to be clutter free across various databases or else companies can face the problem of data duplication. data deduplication is a technique for eliminating duplicate copies of repeating data.
The key area of concern is to filter out relevant pieces of Customer Data from the redundant ones. Once they achieve this feat, companies can push only the relevant products to the right target audience. The blog outlines a new-age deduplication solution that clears the data clutter and gives the data in a refined form without any duplicates.
The pitfalls in the existing process of data storage
- No unified approach for data storage and retrieval.
- No proper framework to differentiate customers and prospects.
- No single view of customer identification and communication co-ordinates.
- Multiple storage facilities and data redundancy.
- No dynamic process to identify the most recent and accurate data.
- Data duplication leading to bad customer experience.
The idea to arm companies with a deduplication tool stemmed out of these problems the companies faced during their data cleaning process. Project Golden Record by Fragma Data solves these problems with a single, well defined version of all the customers and prospects. The golden record would encompass all the data in every system of record within the organisation.
The Solution – Golden Record
Golden Record is an ultimate prize in data world. A fundamental concept within Master Data Management is defined as the single source of truth; one data point that captures all the necessary information we need to know about a member, a resource, or an item in our catalogue – assumed to be 100% accurate.
Fragma Data’s solution provides a unique and single view for client to pull records for a single customer which would fetch all the details from various databases in one place with a Golden Record ID. This helps companies to avoid duplicate data and they can reach out to prospects and customers with more efficiency.
The solution by Fragma Data was built in a way that would make sure the scattered data is now represented in the same Golden Record ID, if they have similar sounding names in conjunction with one or more of matches with Name, PAN, DOB or similar looking address. Once the data is organized as per these details, it will be easy for the sales team to track and engage the prospects. We used fuzzy matching techniques for names and addresses.
Client Success with Golden Record
The client is an NBFC and the core businesses are spread across Lending, Insurance and Wealth Advisory. With the large customer base and even larger prospect base, there is a need to eliminate duplicate records of customers and prospects. The duplicate data is leading executives to a prospect who is already a client or someone who vehemently said no when offered a service in the first interaction. The unified approach helped the company avoid these unflattering scenarios. This also eliminated financial risks, enhanced the campaign outcome and provided a better customer experience.
Once the duplicate customers are identified, the company avoided rolling out offers to the same customer. Deduping customers helped in tracing intentional defaulters by having the trail of the addresses submitted. This drastically reduced the number of defaulters which is considered a major pain point for the NBFCs and Banking & Financial Services industry at large.
The Way Forward
The success story of Fragma Data in the deduplication space is a testimony to collaborative effort leading to better customer experience. The company is receiving a lot of enquiries about this amazing tool. That shows that building a better customer ecosystem with an optimal use of the data is on the top priority. If you are a company handling huge chunks of data and are looking for a partner who can make your simple, then look no further.
To know more about the solution, click here.