An Overview of Data Enrichment for Business Efficiency
Information is the key to success in the way business is done today. Thus, firms fill their databases with various data. Business data improvement is among the most sought-after advantages and debated topics.
One of the major ways to enhance databases is by adding data points acquired from trusted third-party data providers. Known as data enrichment, this procedure has multiple ways of adding value and boosting efficiency. Here we will look at how those ways work and what you need to do to enrich your data.
Data enrichment definition usually starts with describing it as the process of adding third-party data to the data sets owned by the company. This additional data supplements first-party information by filling in the gaps and correcting the errors.
Thus, for example, let us say that your data on B2B customers miss the job title of the contact person field. This information is often crucial as you want to know what the role and responsibilities of your contact point are, and what sort of decisions they are entitled to make themselves.
Third-party data providers might have data sets on this company, including such personnel information. Integrating these data points with your own will enrich your data and give you the full picture you want.
This is a typical case of business data enrichment. There are, of course, many other versions of this procedure. They are, however, all unified by the factor of using supplementary third-party data.
Third-party data providers
The data integrated into the company’s data sets to enrich them is acquired from third-party data suppliers. Who exactly are they?
Data providers, or data suppliers, are companies that specialize in collecting, cleaning, and, if needed, structuring data used for business purposes. These firms also make the data accessible in various ways, from structured formats, like excel or text files to APIs that browse databases.
When conducting data enrichment, one would look at various data providers and see which one suits their requirements the best. In doing this, it is important to consider the reputation and reliability of the provider. If the website design seems like something a mediocre school student could put together with little to no investment, it is likely to be a scam.
On the other hand, if the company is acknowledged by various rating sites and industry peers, it is almost definitely legit. You can ask for data samples from such companies to find the data products you need for your database enhancements.
Boosting efficiency with data enrichment
After choosing your data provider and integrating the newly received third-party data with your own, you will naturally expect to see some positive results. You can find many such ways to leverage data enrichment for improvements in your procedures. Here are some examples.
- Data enrichment enables you to reduce the size of your online forms. The less information you ask for on an online form, the more likely the person is to go through with it. The fewer details prospects need to disclose, the more assured they feel and the more time they save. And since you can get the rest of the data later through enrichment, you can make your survey very concise.
- Enrichment is a great alternative to data collection when you find yourself in need of additional information. The data you need might already be available in the provider’s data sets, enabling you to get it on demand immediately. Thus, instead of spending extra time gathering data, you can efficiently move on with your tasks.
- Lead scoring is more adequate with enriched data. The more you know about leads,the better you are atcorrectly determining their potential value and readiness to make a deal. Thus, you can allocate your resources efficiently, dedicating enough attention to turn the best leads into customers.
- Data enrichment boosts HR analytics. Finding out as much as you can about the potential recruits and differentiating between them is time-consuming. By turning to third-party sources, you can get all the information you need to sort out the best prospects. The faster you fill essential positions, the better it is for your daily business.
- Correct data is necessary for automation. Low-quality data sets will only stagnate automated procedures and lead to untrustworthy outcomes. And automation is the key to business efficiency. Data enrichment corrects the information you have, enabling you to take full advantage of data-driven, automated procedures.
Bringing data back to life
Data waste is another hot topic of data management and beyond, as it is even linked to environmental concerns. The technology used to store data adds to energy usage and CO2 emissions, thus, we better make sure that we put to use the data that we have set aside.
Data enrichment is a great way to give data a new life by reviving its utility. For example, old B2B leads that have led nowhere before might actually have value now. If the conditions in which the company is or its key decision-makers have changed, they may be up for a deal now. To know that, however, we need updated information.
Thus, it is worth periodically enriching even those leads deemed dead to see if they can be brought back to life now. This way, enrichment ensures that nothing has to go to waste.
Another way to fight off data decay is by filling the gaps that previously rendered data useless. If you know quite a lot about prospects but realize that plenty of them have incorrect or missing contact details, enrichment is more efficient than checking for each contact individually.
Data enrichment is essential for business productivity and efficiency. When it comes to the automation of data-driven procedures, nothing is more lethal than bad-quality data. Avoiding such obstacles and excessive data decay is much easier with enriched data.
The use cases for enriched data in business and finance span across all departments, from marketing to human resources. Thus, find your data provider today and become richer both figuratively and literally.
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