Three Drivers for an Effective Customer Reference Data Foundation – Part 3

Our recent Customer Reference Data Surveys in both North America and Europe revealed an industry-wide focus to improve customer reference data with most companies currently undertaking or planning initiatives to improve their data foundation. Following part 1 (improving data quality) and part 2 (addressing the need for speed) of our series, we look at the final key driver and investment priority across both regions.

Driver #3 – Harmonizing data for a single customer view

Many parts of the business rely on accurate customer data for their activities but there is an apparent disconnect when it comes to integration between data and systems. Many companies, particularly in Europe, are affected by siloed data preventing a 360-view of the customer and inhibiting digital transformation efforts.

In Europe:

• 98% say that customer data is important for defining targeting, segmentation, and alignments and for developing accurate analysis and reporting (95%). These initiatives all require that data be integrated across the organization and easily accessible.
• 68% have data in multiple, unintegrated systems making it harder for end-users to access.
• 76% have difficulty in matching all data channels to get a single view of the customer.

In North America:

• 88% of reps are now using digital channels such as email and video conferencing to connect with healthcare professionals (HCPs), increasing the need for a single view of all customer interactions.
• More than 80% of reps struggle with limited visibility into relationships between HCPs and healthcare organizations (HCOs).

The challenge of integrating disparate sources of customer data was echoed by the head of integrated multichannel marketing and sales at a top pharma company who said, “There remains a gap between intentions and investment. This is mainly due to companies underestimating the complexity of data management and implementing ad-hoc systems without integration.”

Industry-wide push to connect the dots

Many companies are improving their customer data to achieve a single view of the customer and facilitate digital transformation efforts.

In Europe:

• 78% are currently undertaking or planning a customer data enhancement initiative.
• Top initiatives include achieving a 360-degree view of the customer (77%) and gaining the ability to easily match all channel data to master data (71%).

In North America:

• 57% rank visibility into HCP/HCO relationships as a top priority.
• 27% plan to switch to a new system to house and/or maintain customer reference data.

To gain more insights into the state of customer reference data, download the full reports for North America and Europe.

Originally posted on LinkedIn