Essay On Single Customer View

Why is getting a single customer view more important than it ever was?
I was chatting with a friend and we concluded that it is a human nature which prefers doing difficult things, however, that may not be the best way out. This is precisely what most organisations try to do it today’s world – “Win new customers “. A recent article which I read by International data organisation states “It costs 5 to 10 times as much to win a new customer as it does to keep a customer, and a 5% increase in customer loyalty can translate into a 75% increase in profitability”. The only way to understand a customer’s history, their lifetime value, stickiness, risk or their future potential to an organisation is if we have a single customer view!
1. What is a

Needless to say data privacy is important to all organisations and to top it up with multiple databases across varying country level legal implications; this does come across as a difficult task to achieve.
 While the amount of data which will be captured over the time is going to grow multi-fold; along with the additional cost to store this redundant data across various departments. In my personal opinion it is a bitter cost that organisation’s must absorb to be in the race.

3. How to achieve a single customer view:
The answer to this question may differ based on the structure of the organisation, while the principles continue to remain the same and are as follow
A. Agreeing to rules – This has to be the starting point, set and agree to the rules and processes upfront to ensure it remains same across the organisation
B. Data cleansing and validation rules – Data cleansing is an important first step, standardising the data maximises the chances of finding a match
C. De-duplication – Once the data is cleansed it easy to remove the duplicates based on a bespoke algorithm to produce required