Continuing our endeavor to explain you about master data
management ,we bring to you a classic master data maintenance process worst case
scenario: A credit-card customer moves from one address to another. The
customer immediately changes his billing address, but does not receive a bill
for months on end. One day, the customer received a threatening phone call from
the credit-card billing department, asking why is he\she defaulting on the bill
payment . The customer tells them that while moving he/she had verified that
they have the new address, and the billing department verifies that the address
on file was changed. The customer asks for a copy of the bill, to settle the
account ,but finds out after two weeks that their account has been turned over
to s collection agency. This time, they find out that even though the address
in the file was the old address, the billing address had been changed to the
new one. After a bunch of phone calls and letters between lawyers, the bill
finally gets resolved and the credit-card company has lost a customer for life.
There couldn’t
be a better example to highlight the importance of master data management. In this case, the master copy of the data was
accurate, but another copy of it was flawed. Master data must be both correct
and consistent.
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