Organizations make both strategic and operational decisions based on their data. For this reason, it is vital that businesses maintain accurate data to gain a better insight to enable better business judgments that will give them a sustainable competitive advantage for enterprise, address governance is about putting in place the quality control processes that give their businesses current, correct, and contextual data about their facilities, assets, and customers. The principle of address governance certifies that a business can trust that their data will effectively support their critical business decisions.
Implementing Address Governance involves the following:
1. Attaining and keeping the correct address information by putting in place the following: address audits to ensure the health of the address database, address standards to maintain consistent accuracy across the enterprise addresses, and implement address validation to identify addresses that do exist and addresses that could exist.
2. Maintain the value of addresses by putting processes in place ensure address turnaround in order to consider the addition of new and the removal of old, invalid addresses, address contextual changes, place names, change to account for changes in postal information, streets, and improvements to location accuracy, and to make decisions with the most current data related to the company’s addresses.
3. Utilize the context of an address by acquiring and analyzing address characteristics to leverage information on dwelling, demographic or neighborhood characteristics; address surroundings to make better decisions based on the proximity of an address to positive and negative features, address readiness to identify gaps or duplication among your address database
4. Address verification software, identifying the IT architecture, and utilizing IT tool sets needed to facilitate effectual address governance will help to ensure the proper implementation of address governance.
Achieving effective address governance is about creating processes that better manage a business’s data. Location intelligence integrates location associated data with business data, in order for companies to acquire better insights, make more informed and accurate decisions, and better improve applications and processes. In working with addresses, there are key measures that a company should implement to better leverage location intelligence solutions. The key points to remember are the 3Cs of Address Governance – Correct, Current, and Context.
Address Governance is supported by identifying and recording how a company manages its data and then creates the appropriate metrics to monitor the efficiency and success of the practices. A simple and unstructured approach to data management can result in poor business decisions which can lead to compliance violation exposure and serious risk. To effectively resolve these issues, businesses should build an accurate and single view of enterprise data. The result of such effective data governance means a business can, with confidence; trust that their data will support their critical business decisions.
Assessing the integrity, correctives, accuracy, integrity, cleanliness, and consistency of your data will help you eliminate compliance risks, retain, customers and drive new business opportunities. Today, there are companies that specialize in helping their clients manage, leverage and protect their data as an enterprise asset. When you implement the address governance discipline and integrate the power of location intelligence solutions such as address verification software, you will make better business decisions.