How Do You Score on the 5 "Cs" of Data Quality? [Customer Relationship Management]
(Customer Relationship Management Via Acquire Media NewsEdge) It seems like everyone today is talking about data quality. But how many businesses understand how to evaluate and correct issues related to data quality The 5 "Cs" of data quality provides a handy scorecard to help organizations assess the health of their contact data.
1. CAN YOU CERTIFY YOUR DATA IS ACCURATE
Do you know what percentage of your addresses are deliverable In direct mailing costs alone, the average company spends $180,000 a year on mail that never reaches its intended recipients. Consider employing a CASS Certified(TM) address verification solution that will validate, correct and standardize customer address data to qualify for the highest postal discounts. Offered by the USPS®, CASS(TM) certification verifies the accuracy of software that cleans and matches addresses.
2 DO YOU HAVE CONFIDENCE IN YOUR DATA
Did you know that identify theft costs business and financial institutions nearly 48 billion dollars a year, with an average loss of S5,000 per instance Do you have confidence that your customer is who they say they are Identity authentication is a type of data quality that can instantly check an individual's self-entered information. Built-in intelligence and proprietary matching algorithms and advanced data linkage can give your company access to millions of public records to match a customer's name to their address and confirm identity.
3. ARE YOU ON TARGET FOR COST SAVINGS
Did you know that businesses lose $600 billion a year because of bad data, with more than 25% ofthat total due to customer data entry errors Save your company money by stopping bad data before it enters your database in the first place. Consider the "110-100 Rule" which posits that it takes $1 to verify the accuracy of a record at point-ofentry, $10 to clean it in batch form, and $100 per record if nothing is done (which includes the ultimate costs associated with undeliverable shipments, low customer retention, and inefficient CRM initiatives). Therefore, the best ROI can be attained by employing a "data quality firewall" at pointof-entry to immediately verify the accuracy of information
4. IS YOUR DATA CONSOLIDATED
Did you know that on average 8-10% of the records in a typical database are duplicates Unmatched records scattered across a company's various databases prevent you from gaining a single, accurate view of customers, which ultimately impacts business decisions. One of the fundamentals of data quality is to search across the spectrum of a company's data and merge duplicate information into one "golden master record" to gain valuable insight into user behavior and improve overall sales and marketing performance.
5. IS YOUR DATA COMPLETE
Have you ever worked in a company that's deployed a new CRM application with the idea that it will lead to more leads, more sales, and better customer satisfaction, only to find the data is just not good enough For example, if the user does not have an email address, then the record cannot be completed. Fewer email addresses means smaller email campaigns with less lead generation and revenue potential. Look for a data quality provider that can help alleviate this problem by filling in the gaps of your CRM database (appending additional information) with missing phone numbers and email addresses, and other pertinent information, ensuring your data is fit for its intended purpose.
Now that you've rated your business on the 5 "Cs" of quality data, take the next step and upload your data for a complimentary data quality audit from the professionals at Melissa Data. Go to www.melissadata.com/score for your free assessment.
ABOUT MELISSA DATA
Melissa Data is a global leader in data quality and address management. Our powerful, yet affordable data quality software and developer tools verify, cleanse, standardize, consolidate, enhance, and update U.S., Canadian and international contact data. More than 5,000 companies rely on Melissa Data to gain a complete, accurate and trusted view of critical information assets for improved communications and ROI.
(c) 2013 Information Today, Inc.
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