Understanding address data and ensuring that it is clean and accurate is essential for retailers whether their store is physical or online, as it means that parcels and communications are effectively delivered without the issue of an address not being found.
It isn’t just new data that retailers should be focusing their efforts on. Best practice data management means also considering the data that is already sitting in a database. The longer a company waits to clean their customer address data, the more it will cost them. Financially, from poor business operations, as well as from a reputation point of view - poor data quality can result in very unhappy customers.
From the moment address data is entered, it should be verified, handled and enhanced to ensure that whoever uses it, down the line, will have the most accurate record possible. On the journey to the “Golden Record’, this address data road map is essential.
Ultimately the customer benefits greatly through the implementation of a data quality strategy driven by the need to achieve the best address data record. By taking a look at the 1-10-100 rule, which refers to the hidden costs of waste associated with poor quality, it is pretty clear that it's a win-win situation - prevention is better than remediation and address verification can help achieve this.
Achieving the golden record
You can learn more about Achieving the Golden Record in our online guide to creating the best address record for online retailers.