“Look after your data. In many cases, it’s all you have got!”
This is how Kennedy Warwick closed his session at our MDM 360 Summit in London this year. Those words of wisdom come from a man who has spent the past 3 years working on the enterprise-wide customer data initiative as the subject matter expert for the Finance & Risk business of Thomson Reuters. The initiative spans 100 countries, five divisions, 60,000 employees, and 6 million customers and prospects.
As a company that bases its business on information, Thomson Reuters has long recognized the strategic value of data.
Kennedy Warwick, Head of Customer Data Strategy and Management, shared with us how Thomson Reuters is solving its customer data challenges on a global scale and in an environment that became even more complex as Thomson Reuters finalized 70 acquisitions over four years (14 of which Kennedy was directly involved with).
A global footprint and many acquisitions will practically guarantee that many groups, processes, and technologies would develop independently across a company. It was no surprise, then, that Thomson Reuters was faced with the challenge of multiple systems managed by different areas, inefficient and manual processes, duplicate records, and lack of governance that made it difficult to work across the organization and have one view of the customer. As an example, Kennedy commented that one customer had 475 different iterations in one country alone.
The Vision: Deliver a Single View of the Customer Worldwide
The company created a vision to deliver a single view of the customer worldwide that could be relied upon by sales, executives, and the business at-large.