How are decaying postal addresses affecting your business? One obvious answer is that your business is wasting budget on shipping and mailing to invalid addresses. Consider the following 3 stats according to the US Postal Service:
What's less obvious is the critical impact invalid addresses have on your sales organization. Your sales teams heavily relay on precise location data;
Oracle Customer Experience solutions like CX Sales are fueled by a real-time global address verification solution, Loqate. I recently spoke with Ashley Hillard, Key Account Manager at Loqate, GbG's Location intelligence unit, and briefly asked her about the solution and why businesses should focus on accurate postal address data.
Q: Tell me about Loqate and its partnership with Oracle.
A: We’ve been an Oracle Partner for over 10 years and we’re the leading developer of global address verification solutions. We curate and develop premium global location reference datasets and verification technology engines. Our partners use Loqate to continuously update, standardize and enrich addresses across their applications. We have a seamless integration with Oracle CX Sales and integrate with other third-party applications via REST APIs.
Q: How does Loqate address verification work?
A: Our global data platform contains location reference data for all countries and territories in the world. We aggregate multiple reference data sources into a consistent and reliable single-best-record. To provide the full global coverage that our customers rely on, Loqate continuously curates official postal authorities, mapping, geospatial data sources and other relevant data sets to create our premium reference data.
Q: What benefits does it bring to your customers?
A: Bad data costs time and money. Accurate address data is a critical component to creating a complete view of data entities throughout your enterprise. Critical customer demographic information impacts businesses across all verticals.
For sales organizations, address verification helps solve issues sales teams face with inaccurate CRM data, reduces time spent on manual data entry and optimizes territory planning and management.
It also helps prevents incomplete and non-standardized data from being entered into your CRM. For example, at the point of record creation in Oracle CX Sales, ‘type ahead functionality’ ensures sales reps enter a valid postal address. As a result, businesses have found a reduction in data entry errors by 20%!
Type ahead functionality and real time address verification allow reps to spend more time selling and less time entering data into their CRM – resulting in a reduction of data entry time by 78%.
Sales organizations also need quality address data to ensure their sales territory plan is balanced and create the most opportunities for sales teams to succeed. Address verification can optimize the sales territory map, providing accurate location of customers and prospects as well as options for data-driven insights. Quality data enhances and improves the mapping process, resulting in a 30% enhanced targeting effectiveness.
For more information on how your business can leverage Address Verification by Loqate with your CX Sales environment visit here.