Data Auditing Solutions
The Data Audit is a health check that reviews, improves and enhances the business information you hold. Delivering better insight, improved planning and more revenue opportunities. Also, a key part of complying with the GDPR (General Data Protection Regulation) is ensuring that any data you hold is accurate and up to date.
Business data degrades on average at a rate of approximately 30% per year. Inaccurate and irrelevant data in your business database will cost you time and money. How? When customer insights are based on invalid data, marketing communication is directed to the wrong person, wrong address and wrong business. Invoices may go unpaid for the same reason and inaccurate communication with your customers and prospects will damage your reputation, ultimately cost you money and now you are also at risk of high penalties if you are in breach of the GDPR!
This situation is totally avoidable by implementing a data quality strategy. By partnering with a company like Market Location, you can have inaccuracies within your database identified and corrected, and enhancements made to the information you hold. The result is greater insight which in turn improves decision making - meaning better results.
How do we do this?
The Market Location Data Audit is an essential tool for any business that wants a ‘health check’ on the quality of the customer and prospect information they hold. It will help you better understand exactly what your information consists of, and what aspects can be improved.
The process we undertake results in a Data Evaluation Report which highlights all the key dynamics of the data supplied.
The Data Audit Process
Evaluate - Match - Deduplication - Data Correction - Append & Enhance
We will conduct an initial evaluation of the data that you supply to us. Using intelligent software developed exclusively by and for Market Location, the initial activity involves ‘normalising’ the data, to ensure that it is all in a consistent and accurate format. This process also resolves issues such as content appearing in the wrong fields. For example, postcodes may be in more than one column and formatted incorrectly. It also ensures that only the appropriate information appears in a designated field. It’s highly usual that over time data becomes ‘untidy’ and inconsistent – especially if it’s being input by different people in different parts of the business.
This next stage involves taking the ‘normalised’ information and comparing it against the Market Location UK Business Database – the process of matching. This involves comparing key elements of your data with ours, for example, postcode, telephone number and company name. This process is done using bespoke software that outputs over 100 match grades, which are then broken down into 3 subsets - good, medium, low.
Built into the Market Location intelligent matching software are levels of ‘fuzzy logic’ allowing non exact matches to be considered as part of the assessment. The objective is to provide the most accurate evaluation of your database, and selecting the best match grades for a particular business facilitates this process.
De-duplication is the process of removing records that are included multiple times within a client’s database. It does not mean losing valuable data, but ensuring that the information held on a business is in a consistent format that can be accessed as and when required. The outcome is improved processes and reduction in waste, which means better cost control for you! It also means you are not contacting customers and prospects multiple times, which again is a cost saving and protects the reputation of your business.
Business records can be identified as incorrect for a variety of reasons. For example, they may have ‘gone away’ - where the business has ceased trading or changed address, the contact details have changed or phone numbers are incorrect. This data correction activity highlights how improvements can be made by identifying specifically what areas of the database are incorrect.
The Data Evaluation Report will provide an assessment of the health, or otherwise, of the database – supplying figures to support what and where the errors appear. It also shows the impact of improving the data by illustrating the revisions across the database. There is also a section within the report which provides insight into the potential adding of records with a similar profile to those key businesses identified within the client database - based on geography, spend, business type, business size.
In addition to correcting your business data, we will also provide you with information on how we can improve and develop the information you already hold to give you even greater insight into your customers and prospects.
For example, we can increase the potential of your prospect pool by adding records with a similar profile to your key customers (as identified within your database, based on geography, spend, business type and business size).
We can also add additional data fields, such as financial details. These can be appended to your existing records to improve the depth of detail you hold and give you more insight to help increase your revenue opportunities.