Data

Data consists of distinct pieces of information, typically formatted in a specific way. In the context of address verification, the data in question refers to addresses.

In today's digital world, data plays a crucial role in business operations for almost every organisation. Data has intrinsic value, and those organisations that can best extract this value will benefit the most. On average, data accounts for 37% of a company's net worth. However, poor-quality data can lead to poor decision-making.

Address verification services ensure address accuracy by checking them against global address databases, such as USPS, Canada Post, Australia Post, the UK's Royal Mail, and other top-tier providers. These databases are regularly updated, sometimes daily, to maintain complete and accurate information.

Data Decay

Customer and business contact information has a short lifespan. Customers move, change email addresses, switch phone numbers, change jobs, or retire. Manually updating these records is an administratively intensive process that is nearly impossible to keep up with.

Business-to-business organisations must consider that each year, up to 18% of all telephone numbers and up to 21% of CEOs change. Additionally, up to 60% of individuals change job functions within their organisations annually, according to DiscoverOrg. The average annual turnover rate is 45%, and the average email bounce rate is 0.7%. Each incorrect phone number and undeliverable email address adds to the data pollution in your system.

While data decay is inevitable, it doesn't have to be accepted passively. Organisations can manage the quality of their data by capturing accurate information at the point of entry and performing regular data maintenance. This approach provides the insights needed for successful decision-making, leading to improved products, services, customer satisfaction, company reputation, new customer acquisition, and increased profits.