Much attention is typically paid to ensuring your customer contact information is accurate – that is names, phone numbers, and emails. But how much effort are you spending on your address data?
Despite your best efforts, it’s hard to stay on top of address updates. Even with strong address governance, correct information at the time of entry can quickly change. Between municipal amalgamations, street name and postal code changes, millions of addresses are affected every year in Canada. Studies have shown that 85% of all business data has a location component associated with it, and with complex analytics and “big data” becoming more popular, the quality of your address data is now more important than ever.
The impacts of incomplete, inaccurate and out-of-date address data can be numerous:
- Reduced insight into the locations of your current customers, making segmentation, market analysis, accumulation, and exposure analysis more difficult.
- Increased costs of acquiring new customers as it becomes more difficult to identify optimal segments for marketing campaigns.
- Missed opportunity by not being able to accurately identify potential customers that are within your trade area or close to existing infrastructure who are eligible for your products, services or special offers.
- Inefficient site planning as you may not be able to accurately geographically locate where your existing customers are and where the ideal location is to attract potential new customers.
- Mismanagement of your sales territories as you may not be able to accurately ensure that you have the correct coverage based on the location of your sales staff and your customers.
- Increased IT costs and systems overhead due to managing and reconciling multiple disparate databases with duplicate address entries.
DMTI is Canada’s expert when it comes to address quality. We offer a variety of solutions to help your organization ensure it’s working with the best quality address data available when you need it.
- Ensure address accuracy upon entry to your enterprise business systems by integrating Location Hub®’s Address Suggest service into your address data capture screens.
- Ensure address accuracy and improve address context in process by integrating Location Hub Address Recognition and Geocoding service into your transactional business systems.
- Ensure address database currency and accuracy in batch by cleaning, correcting and standardizing all your addresses at once with Location Hub.
Wondering how accurate your address data is? Find out with our Free Address Quality Assessment, click here to learn more.