According to Gartner, poor-quality data costs an average of $12.9 million to organizations. This not only consumes a significant chunk of the revenue, but also increases the complexity of data ecosystems, resulting in poor decision-making.
As evident, businesses need accurate data at every point in time. Enhancing data trustworthiness is a critical aspect of maintaining data quality and reliability within an organization. Enforcing quality at the time of data collection can have a far-reaching impact on maintaining data hygiene and eliminating inaccurate data. Thus, data verification services are a critical investment to ensure data quality capabilities, especially for customer data.
Business initiatives such as Know Your Consumer (KYC) require correct, comprehensive, and enriched information about their customers and services. This pressurizes data and analytics leaders to seek external support from a seasoned data verification company. These professionals provide advanced services that leverage sophisticated tools and technologies to verify and validate data, making them a worthwhile investment for organizations.
Advanced data verification services play a vital role in achieving high-quality data goals. As the name suggests, these services employ advanced technologies and methodologies to verify, validate, and enrich data, ensuring its accuracy and consistency. These services go beyond basic data validation and offer advanced functionalities to ensure data completeness and reliability.
Listed below are some of the key ways in which business verification services contribute to enhancing data trustworthiness within an organization
- Data Cleansing
Data verification services employ automated processes to remove incorrect, incomplete, irrelevant, duplicate entries, and outdated data. By identifying and eliminating or correcting erroneous, anomalous, or redundant records, these services not only improve data quality and reliability, but also maintain its hygiene. Hence, businesses get accurate and consistent data at their disposal.
- Data Standardization
The primary purpose of data standardization and normalization is to enhance data quality, optimize costs, and improve decision-making. Advanced data verification services standardize and normalize data by ensuring consistency in formatting, structure, and naming conventions. This not only fosters seamless communication and collaboration between different teams and departments but also helps eliminate inconsistencies, improve data integrity, and facilitate effective data analysis.
- Integrity Checks
Ensuring data integrity is vital for regulatory compliance, financial accounting, and amplifying sales and marketing efforts. Professionals perform various validation checks to ensure that data adheres to defined rules, codes, formats, or constraints. These checks also help in identifying and flagging data anomalies, such as invalid formats, missing values, or outliers, ensuring that data is of the highest-quality, accurate, and authoritative.
- Data Enrichment
As a part of a larger data hygiene process, enrichment is done to improve the accuracy and reliability of raw customer data. It also enhances the completeness and depth of data, providing organizations with a more comprehensive view of their customers or prospects. Advanced verification services can enrich data by appending additional relevant information from trusted external sources. This includes geographic data, firmographic data, demographic data, or other relevant attributes.
- Data Cleansing
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- Compliance and Governance
Ensuring compliance with data protection regulations and industry standards is a must for organizations, whether B2B or B2C. By validating and verifying data against regulatory requirements, businesses can maintain the integrity, confidentiality, and privacy of their data, thereby building trust with customers and stakeholders.
- Address and Contact Verification
Address and contact verification is vital for businesses to maintain up-to-date and valid customer contact data. Addressing the same, professionals leverage external databases and validation algorithms to verify the accuracy and completeness of address details, phone numbers, email addresses, and other contact information. This helps organizations to boost their marketing efforts, streamline their sales pipeline, and win more leads that translate to profitable deals.
- Real-Time Verification
Agile data verification capabilities allow companies to get validated and verified data at the point of entry or during data capture processes. Real-time verification minimizes the chances of incorrect or incomplete data being entered into systems, improving data accuracy from the outset and preventing future costs of data cleaning. This also accelerates the decision-making process, enabling companies to maintain their competitive edge in the industry.
- Data Auditing and Monitoring
With advanced data auditing and monitoring capabilities, businesses can track and assess data quality over time effectively. Regular data audits help in identifying trends, patterns, correlations, or issues related to data accuracy, consistency, or completeness, allowing for proactive data quality management and remediation.
Every business, irrespective of size, needs a structured data verification workflow in place to prevent unnecessary mishaps and poor decision-making. Organizations can establish a solid foundation of trustworthy data by leveraging advanced data verification services. This, in turn, improves operational efficiency, supports informed decision-making, enhances customer experiences, and enables organizations to derive meaningful insights from their data assets.