Managing data quality is no easy task. Statistically speaking, there are about 328.77 million terabytes of data created every day. But, simply holding a lot of data doesn’t mean much unless you can trust your data.
Businesses collect data in varied formats from multiple sources. There’s always a risk of even good customers making typographic errors while filling out forms. They don’t always update their changes in their contact details.
The challenges are manifold. That said, left unaddressed, a small error can quickly snowball. A typographic data entry error caused in a major consumer electronics company in Korea has caused a 12% drop in their shares in 2018. In addition to the financial losses, the company faced penalties from financial regulators and lost out on major contracts.
Hence the need for consistent efforts to verify incoming data and validate the existing data in your database. Rather than do this manually, businesses across industries are choosing to automate the process with verification tools. Melissa stands at the top of the list of preferred data quality vendors. Let’s take a look at the top 3 reasons businesses choose Melissa.
High Return on Investment
79% of customers surveyed said that they were willing to share personal knowledge in exchange for personalized service. While data collection is easy, there still is a cost associated with attracting customers and gathering their data. And, if the data collected is incorrect, it could increase costs further.
Let’s say, a customer shared his address when placing an online order but the address is undeliverable. The result – the company has to pay additional shipping fees for the return and delivery retries and the customer may be upset enough to turn to competitors.
Melissa’s data verification solutions help ensure that the data collected is usable and beneficial for the company. With Melissa, businesses can leverage data quality solutions designed to increase ROI while simultaneously addressing business challenges. Let’s continue with the above example.
Melissa’s data solutions verify customer addresses to ensure deliverability at the time of data entry. As a result, customers get quicker delivery thereby lowering the risk of attrition and businesses can optimize shipping costs.
More than Basic Verification
The raw form of data provides limited insights. For data-driven initiatives to be effective, the data used must be cleansed, formatted according to pre-set standards and enriched to make it fit for purpose. This is where Melissa plays an important role. The expansive range of services offered can be categorized under 3 key headings and used as required.
Data Hygiene
From individual identities and street addresses to phone numbers and email addresses, Melissa ensures that data is correct, complete and timely amongst other data quality parameters. These data verification solutions can be used to verify data collected at the source as well as to process data in batches to validate the data already in the database and prevent data decay.
Data Enrichment
In addition to verifying available data, Melissa offers enrichment solutions to increase the data value. For example, while verifying a street address, Melissa can fill in gaps such as missing pin codes or update street names as well as demographic data elements like marital status, household income and occupation.
Similarly, common typographic errors in email address formatting such as typing in ‘gmial’ instead of ‘gmail’ can be autocorrected. With Melissa, businesses can also convert street addresses to geocodes to optimize last-mile delivery routes.
Self-Service Data Quality Tools
Melissa offers a comprehensive data management solution for data cleaning, integration and data management. This all-in-one tool, Melissa’s Listware, can be used to clean and enrich data stored on a desktop, excel or the cloud.
Without getting into complicated contracts and free from hidden fees, Listware makes it easy for businesses to verify and update customer records, standardize and deduplicate records and add detailed additional information for precise lead scoring, segmentation and so on.
Easy Account Management
From government and public sector services to healthcare, finance and e-commerce service providers, Melissa offers tailored solutions for all industries. The experience gained while doing so has proved that no two businesses are alike. Hence, along with a range of services,
Melissa is built to enable easy use by clients with all levels of technical and data proficiency. Assistance and support are readily available whenever required. Enterprise customers also get a dedicated account manager.
In the words of our clients,
“I love how easy this product is to use. I manage a ton of data and their clean suite has saved me time and money in ways I cannot even express. 10/10 highly recommended.”
“Outside of the primary function as a small business, we are able to unify the state and contacts for internal and external customers. The interface is simplistic and user friendly. We liked that it was fully integrable with a couple of other solutions that we use or intend on using. There was a very little learning curve as well which made it easy to implement.”
- Jarvis J., Senior Customer Support Analyst II
Improve Your Data With Melissa
Data is an asset with immense potential. That said, this can be achieved only when it meets high quality standards. Did you know that data quality issues are common amongst 91% of all businesses? Having the right tools makes it a lot easier to keep bad data out and maintain a high-quality database.
Melissa offers data quality solutions proven to ensure compliance of data privacy regulations and empower better customer experiences. From quick identity verification checks to address verification and autocomplete APIs, Melissa can be a pivotal tool in your data quality management strategies.
By helping you build a clean, complete and up-to-date database free from decayed data, Melissa helps you know your customer better. In turn, this helps you meet their expectations and increase every customer’s lifetime value. It’s no surprise that this is one of the most preferred data quality tools for global business leaders. Sign up for a free trial today.