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Why every finance team needs a master customer record

In our customer-led economy, the finance team must more than ever be hyper-focused on customer experience. It’s what drives customer renewals and revenue growth. But does your finance team have the visibility and data it needs to improve customer experience?

The most customer-centric finance departments have found that connecting all back-office functions and data (ERP) to the front office (CRM) to produce one master customer record is the proven path to success. Here’s why:

Single view of customer activity

Imagine everyone – sales, finance, service delivery, support, and beyond – having real-time access to all the customer information that matters most. Every conversation, every transaction, every request, and every documented customer interaction can be accessed from one place. Instead of waiting days or even weeks for teams to be in sync, everyone from sellers to accountants can do their work with the same view of critical customer data.

Companies like digital media giant FCR media are calling these 360-views “game-changing.”

Superior customer service

With a single record, you see everything that’s happening across the customer journey in real-time. Customer-facing staff can answer any question and provide immediate, high-quality support. At the same time, financial leaders gain a wealth of data with which to develop strategic insight into things like pricing adjustments, contract amendments, service delivery tracking, and more – all of which lead to amazing customer service.

Unparalleled efficiency and accuracy

With a master customer record, you can generate an invoice straight from a sales opportunity. You only have to manage one customer dataset, so reporting is easy and accurate. And with just one system of record, you’ll also simplify compliance processes and production of audit trails.

By using a master customer record in this way, organizations like Methods have seen a 40% reduction in back office costs.

Anticipate customer needs

The more you know about your customers, the better you can anticipate what they’ll want from you next. This not only saves your business time, money, and resources, but it’s also a great way to develop new products and services to better serve your customers.

See it in action

Experience the inner workings of a master customer record and see how it can benefit your department and business. Also, check out some additional real-life stories of how companies of all industries and sizes are benefiting.

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