What is Data Verification and How Can it Impact My Business?
Data Verification is a process where data is checked for accuracy and inconsistencies. It is a critical process that underscores the importance of your business’ data quality.
Here are a few benefits demonstrating how high-quality data can improve businesses:
• Increased revenue/cost reduction
• Enhanced customer experience
• Efficient operations
No matter the industry, data verification techniques add value. High-quality data allows greater confidence in analytic systems and decreases the time spent reconciling data. It enables a more uniform version of the truth, allowing stakeholders the ability to identify and implement necessary changes. This in turn enables companies to cut costs and increase ROI.
Data verification can occur on different types of data, but it is especially important for customer data. Customer contact information (e.g. phone numbers, addresses, emails, etc.) is notoriously volatile and difficult to maintain at high accuracy levels. Experts estimate that 2% of records in a CRM consumer database become obsolete each month due to customers dying, divorcing, marrying or moving.
We recommend utilizing real-time data quality solutions that focus on the hygiene of customer data. We suggest your business take advantage of email verification, address verification, phone number validation, and reverse phone append solutions. These cloud-based data verification techniques are easy to incorporate and great for ensuring your company has high-quality data.