In today’s data-driven economy, businesses of all sizes are grappling with how to best utilise the deluge of data at their disposal. But as any business owner knows, it’s not just about having data—it’s about having accurate data. And when it comes to address data, accuracy is critical. Why? Because poor address data can have a direct and negative impact on your business’s bottom line.
Consider this: 48% of organizations have lost revenue due to inaccurate customer address data, and 40% of them experience a decrease in customer retention rates. What’s more, 30% of organisations say they don’t even know how much bad address data is costing them. If you suspect that your organisation is losing money due to poor address data quality, read on to learn more about the impact it can have on your bottom line.
The Cost of Duplicate Data Entry
One common way that businesses lose money due to poor address data quality is by spending too much money on duplicate data entry. When address data is inaccurate, businesses often have no choice but to enter it manually, which takes time and valuable resources away from other tasks. Moreover, manual entry increases the likelihood for human error, further compounding the problem. Inaccurate address data can also lead to undeliverable mail, which not only wastes time and money but can also damage your company’s reputation with customers.
Increased Shipping Costs
Another way that businesses lose money due to poor address quality is through increased shipping costs. If your organization ships products or services to customers, you know that getting the addressing right is essential for ensuring timely delivery. But when address data is incorrect or incomplete, it can cause delays and result in higher shipping costs. In fact, 60% of organisations say they spend more on shipping due to bad address data. Not only does this eat into profits, but it can also jeopardise customer satisfaction and loyalty.
Decreased Customer Satisfaction and Loyalty
Finally, businesses lose money when bad address quality leads to decreased customer satisfaction and loyalty. Consider the following statistics: 59% of consumers say they would take their business elsewhere if they received just one wrong piece of information from a company; 78% of consumers have abandoned a purchase due to poor customer service; and 82% of consumers say they need help from a live person when making an online purchase decision. It’s clear that even small errors can have a big impact on customer satisfaction—and ultimately, on your business’s bottom line profits.
If you suspect that your organisation is losing money due to poor address data quality, you’re probably right. The cost of duplicate data entry, increased shipping costs, and decreased customer satisfaction and loyalty can all add up quickly—and take a big bite out of your bottom line profits.
Fortunately, there are steps you can take to improve the accuracy of your address data.
By investing in a good quality database management system and implementing regular cleansing and validation processes, you can ensure that your address data is accurate—and help improve your business’s bottom line in the process.
Our solutions provide you an opportunity to correct and set the standard for your existing address data, and leverage cloud or online services to ensure it stays that way.
We’re proud to resell the world class data quality IQ Office solutions in New Zealand and Australia. In our opinion, there is no better address validation and geocoding solution for NZ and Australia, given its ability to handle Māori and Aboriginal addresses and place names.
We challenge you!
Let us run your address data through our secure service and demonstrate the improvements that IQ Office can deliver out of the box.
No one has ever come close!
What is IQ Office?
IQ Office® provides a complete solution to resolve Information Quality (IQ) issues in complex, high-volume and multi-platform business environments. IQ Office is available with native support for multiple operating systems including Windows, Linux and Unix, and as a SaaS.
IQ Office provides data profiling, parsing and standardisation, record matching, de-duplication, address validation and geocoding functionality within an integrated set of components.
we are Fill The Gap
Scott Kennedy, Managing Director and Digital Change Leader, pictured here with Chris Buxton, Hemlock Consulting
Fill The Gap is not just a company, we’re a network of skilled and experienced professionals with a history of successful digital enablement deliveries. We partner with the best of the best, both software and service providers, to ensure the “gaps” that exist in our clients digital transformation journeys are filled.
we are Fill The Gap
Fill The Gap is not just a company, we’re a network of skilled and experienced professionals with a history of successful digital enablement deliveries. We partner with the best of the best, both software and service providers, to ensure the “gaps” that exist in our clients digital transformation journeys are filled.
Our software partners
We don’t sell, we partner with our clients to identify opportunities to accelerate their Digital Enablement journey. Often that results in one of our world-class solutions adding value, other times it provides our clients with better content to source solutions elsewhere. We’re happy either way.
