MDM was devised from the need for businesses to improve both the consistency and the quality of their key data assets, ranging from product to customer and location data. This is no more prevalent than with address data, where data integrity is paramount - especially when it comes to migrating that data across disparate systems. As it stands, companies frequently house data collected at multiple, fragmented touchpoints, creating the opportunity for duplicated and inaccurate records to pollute.
MDM offers a solution to eradicate this by having one base to house all company data. To gain the most benefit from this system, one must first ensure they collect, store and maintain high-quality data. This is where data governance comes in, overseeing the integrity, security, and overall cleanliness of an organization’s data. Let’s explore how one can keep your data in the best shape possible from the beginning.
According to a report by KPMG, just one-third of CEOs are reported to trust the accuracy of their data. The repercussions of bad quality data are shocking: Poor data quality costs the U.S. economy approximately $3.1 trillion annually, according to IBM.
In contrast, organizations that establish policies and technologies to ensure the ongoing integrity of their customer databases reap all the profits. SearchDataManagement shares a case study detailing how fixing one single pricing error - which had remained hidden until transferred into the MDM - paid for the entire cost of the MDM project rollout.
The common method of ensuring consistent data entry is to have ‘data stewards’ to maintain an agreed data input process. Regular audits may also take place to sweep any inconsistencies or errors further. But, issues will still slip through the process as human error occurs frequently.
A trusted route to overcoming human error for the most entered data, “an address” is with Loqate’s Capture. This tool uses type-ahead address verification and fuzzy matching to ensure that only accurate, error-free, high-quality data is collected at the point of capture, eliminating any human error from the outset.
Customer insights are only as valid as the data entered - and if it is full of inconsistencies from abbreviations to spelling, it can impact any data vantage point. Take a straightforward example of a file naming conventions. Most organizations have a policy on how it is done, but the results may vary from department to department.
Now, imagine this on a much grander scale. Within an MDM, there is the possibility that data is entered by multiple users from multiple departments, using contrasting naming conventions. From this lack of standardization, we see duplicate customer profiles and invalid or incomplete records. Loqate’s address verification solutions can eliminate this concern: using address verification, entries are matched, verified, and enriched, allowing businesses to gain one single version of customers’ true address.
It is essential for businesses to have a golden record for each data point to ensure that insights can be taken and used effectively. Otherwise, efforts are futile, and it’s a waste of time, money, and resources mining inaccurate data.
Using Loqate’s address capture solution will ensure the best possible data quality at the point of entry, reducing the need to clean it once it is in your database, in turn, saving costs and time. The tool is capable of verifying addresses from all countries and territories and utilizes real-time address search technology alongside autocomplete to help prevent inconsistencies that result from fuzzy errors, mobile data entry, and duplicate customer profiles.
Quality data is an essential component in any businesses’ MDM. Make sure you invest in sound data capturing solutions at the point of new data creation to reduce roadblocks further down the line and grant yourself access to the most insightful data possible from the start.
Loqate’s Global Partner Program connects businesses with address verification software powered by the most accurate global location data available in the market. To learn more about our solutions and the benefits of joining our Global Partner Program, click here.