The relevance of data is nothing new, and Stibo Systems is addressing the future of business data management by way of assimilating customer profile data. Essentially creating a single view of the consumer that can help retailers thrive.
A lot has changed for Denmark-based Stibo Systems, which was founded in 1794 as a printing house in Aarhus called Aarhus Stiftsbogtrykkerie. The company originally used a catalogue system to propagate the importance of information and aid decision-makers. But with worldwide expansion and innovations across the supply chain including the company’s digital business core and data consolidation via the “golden customer record” — the essence of data management is still simple.
“If you don’t have the right data at the right time to create the right [customer] experience — you will lose,” said Prashant Bhatia, global chief product and marketing officer at Stibo Systems.
Representing an upward of 300 clients in the retail industry alone, Stibo Systems is in the business of cleaning up “bad data” and consolidating data to reinforce “accurate and credible” decisions.
And through its “golden record” approach to customer data, which is a 100 percent back-end solution, the goal is to streamline decisions for not only business owners but also entire systems of command, including those in human resources, finance or customer relationship management by providing one record for one customer.
As a shopper derives value through frequent in-store visits, making friendly conversation and receiving individualized product recommendations, so a customer shopping online at Abercrombie and Fitch, Old Navy and Gap “wants to be seen as one customer,” Bhatia said.
The relief Stibo Systems hopes to provide is through consolidating this customer data.
Managing customer data in separate locations such as enterprise resource planning, customer relationship management, e-commerce, finance systems and so on means one customer has numerous records and that opportunity for personalization is lost.
Having a single view of the consumer can increase conversions and increase loyalty, which build lifetime customer value.