Party Householding

Party Householding enables the grouping of Open Cloud MDM Person parties into households based on shared attributes, such as a common physical address. This feature streamlines data management and enhances the understanding of relationships among individuals within the system.

Key Aspects of Party Householding:

1. Household Formation: Open Cloud MDM allows you to create households where multiple Person parties can share a common physical address, thereby linking them as members of the same household. This simplifies the management of shared attributes among household members.
2. Custom Strategies: The Party Grouping capabilities in Open Cloud MDM offer flexibility in defining how households are formed based on the specific requirements of your business. You can customize strategies for household formation to align with your organization's needs. For instance, you can create custom householding policies to establish different household types based on attributes and associations. This flexibility is particularly valuable when different departments, such as Finance and Marketing, have distinct criteria for forming households.
3. Household Enrichment: Once households are established, you have the opportunity to enhance household entities with additional information derived from analytics. This can include data such as risk levels, income, VIP status, or rankings, providing a richer understanding of each household's characteristics.
4. Role Assignment: Within a household, each party can be assigned different roles to identify key members or contacts. Roles can distinguish the head of the household, the primary contact for promotional offers, or the individual responsible for financial decisions.

Householding Criteria:

Defining householding criteria is a critical step in managing and forming households. Open Cloud MDM allows you to establish criteria using explicit or expressed factors:

• Explicit Criteria: These criteria involve attributes managed within Open Cloud MDM. Examples include parties sharing the same address type (e.g., home address), having the same last name, falling within a defined age range, sharing contact methods (e.g., home phone numbers), having specific types of relationships (e.g., family ties), or playing specific roles in contracts (e.g., legal representatives).
• Expressed Criteria: Expressed criteria are based on information not managed within the Open Cloud MDM system. This information may have been verbally communicated by a household member or collected by an agent during the setup of a customer account.

Householding Methods:

You can create and manage household entities in Open Cloud MDM using both manual and algorithmic methods:

• Manual Householding: Manually creating, updating, or deleting household entities can be accomplished using the Groupings transaction within Open Cloud MDM. Granular and composite transactions are available for managing household entities manually.
• Algorithmic Householding: Open Cloud MDM offers the ability to configure automatic household creation and maintenance through probabilistic matching capabilities. The system can form households based on predefined householding criteria. Default and customizable algorithms are available to meet specific organizational needs.

Default Household Algorithm

The default householding algorithm provided by Open Cloud MDM is integrated within the Person algorithm of the default Party model. It uses a deterministic-style approach to match Person parties into households based on criteria such as sharing the same primary residence address or home phone number. The algorithm employs weights and matching thresholds to determine matching scores, which are used to associate relevant parties into the same household.

Use Cases for Party Householding:

• Retail Customer Loyalty: Retailers can use householding to group family members living at the same address, allowing for targeted marketing promotions and loyalty programs that consider the entire household's preferences.
• Financial Services: In the banking sector, financial institutions can create households to manage joint accounts, where individuals share financial responsibilities and account access.
• Healthcare Coordination: Healthcare providers can use householding to link patients residing in the same household, simplifying appointment scheduling and medical record management.
• Telecommunications: Telecom companies can form households for billing purposes, ensuring accurate and consolidated invoices for all services used within a household.

Party Householding in Open Cloud MDM empowers organizations to efficiently manage and organize parties within households, providing a comprehensive view of relationships and improving data-driven decision-making across various industries.