Automated partner integration and master data management creates competitive advantages and reduces the cost of partner management
The smooth exchange of data across multiple channels is a prerequisite to conduct fast, efficient and profitable business with partners such as banks, suppliers, and customers as well as logistics and service providers.
However to connect partners, the necessary coordination of processes, both technical and organizational, are lengthy and often involve different systems and interdepartmental communication to meet compliance regulations. Additionally, it is time consuming to maintain up-to-date connections for current partners.Usually, manual steps such as phone calls and follow up emails are required, and various internal departments such as sales and IT are needed to complete the information gathering process.
Although this data maintenance can be process-ridden and involved–requiring numerous online and offline steps with various stakeholders – connection data and master data is imperative to keep it up to date because this information can function as a big asset used to increase customer understanding, cross channel selling and for supply chain management and improvement.