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What is data enrichment?

The 21stcentury is data-driven, and you need the best data to be successful in any field. The right way to ensure that your data is top-notch in terms of quality is data enrichment. What is data enrichment? Read this article to find out.

What Is Data Enrichment?

There are no items that hold as much value as data in this century. It has managed to stir up the whole industry that has several elements, including data enrichment. What is data enrichment? The simplest answer to this question is describing data enrichment as a process of “beefing up” the data that is already available.

Data Enrichment Definition

The standard data enrichment definition describes this process as appending or enhancing the collected information with contextual data taken from additional sources. Depending on the context, the data enrichment definition may be tweaked a bit. The best part is, some services can enrich your data in real-time.

Data Enrichment Examples

Data enrichment has two main forms. That is demographic data enrichment and geographic data enrichment. The addition of information like marital status and number of kids are data enrichment examples in the demographic form. 

Geographic data enrichment involves information like a client's home address or zip code. These two forms of data enrichment are equally important. Updating phone numbers or an email address also counts as data enrichment examples. There is a need to make sure that the data verification takes place for the process to yield results.

Most businesses have a database that has various data entities, but as the business grows and expands, there is a need also to ensure that the database gets better. That is generally what data enrichment entails, too. Over the years, developers have created several data enrichment tools, as well as data enrichment services. The main motive was to make the data enrichment process faster and more accurate. Most of these services make sure that verification is a prerequisite to ensure that data quality is at its optimum. We will be getting to those a bit later on. First, let's look at why you need to enrich your data.

Security and Data Enrichment

Data and security always go together; that is why it is essential to ensure that the relationship

between security and data enrichment is well-monitored. Employing external data enrichment services and tools can be a threat to security. It becomes very important to only use reputable data enrichment tools and services. That way, the security and data enrichment relationship remains solid.

Data Enrichment Services and Data Enrichment Tools

There are several data enrichment services and data enrichment companies available. Belkins is a perfect example. Their main role in the data industry is to find data on B2B leads and add them to an existing database. These data enrichment services and data enrichment tools are gaining popularity because they make work easier. Manually enriching data is a tedious and comprehensive process that involves data verification. It might be very difficult to reach most of your customers on the platform you are using.  Data enrichment services or data enrichment tools do all this for you, and, in most instances, it results in substantial growth for the business because they improve customer experience. Hiring a data enrichment service for your business is a good idea, and there are several benefits to back this up.

Benefits of Data Enrichment Service

Data enrichment is a process that gives any business a bigger shot at success, but incorporating a data enrichment service makes it even easier for any business to succeed. Several benefits come with hiring a data enrichment service. These include the following ones.

  • Speed and Efficiency

Manually enriching your data can take quite a while and a lot of human resources for your company, especially if you are using one platform. It may harm the profitability of the entire data collection process. With a data-enriching service now, you are assured of an efficient process that yields results in a short period. Data-enriching services already have a working method when it comes to the data-enrichment process. It means that they do not waste time trying to come up with a working method for the process. Most of these services use real-time data collection - that’s another advantage. Most services create tailored data enrichment tools that usually involve machine learning. Speedy and efficient data enrichment makes data management easier.

  • Rigorous Validation

Inaccurate data is just as good as no data. Ensuring top-tier data quality is imperative when it comes to data enrichment. Accuracy is an essential element when it comes to data management. It also extends to data enrichment. Adding inaccurate data is as good as doing nothing. If you hire a data encryption service, however, you reassure validated data. 

Most data enrichment services often have data verification techniques. Verification and validation of information are essential, especially when it comes to data, such as phone numbers and email addresses. Data enrichment services employ people that validate the information to ensure that it is accurate as well as relevant. Most of these services offer real-time validation, which means the data is validated as it is collected. Data quality won’t have to be a concern.

  • Detailed Customer Insight

With an accurate phone, email, and a plethora of other forms of data on your customers, you will have a deeper insight into them. It will allow you to tailor marketing campaigns to their tastes, which is important if you plan to provide your customers with the best customer experience. With this information, you have insight into their preferred platform as well as interests. It allows you to create marketing content tailored to different B2B sales lead groups. There is a need for proper data management to ensure that the data is used legally to avoid run-ins with the law.

  • How Our Data Collection Tools Work

Belkins is one of the top data companies available. Belkins team can optimize your email strategy and undertake lead generation among other top-notch services. Data enrichment is one of our services – all thanks to the army of data enrichment tools. These tools work in a strategic way that can easily be summarized into several processes, such as the following ones.

  • Data Collection

Our data enrichment tools work extensively, and one of the main processes they undertake is data collection. We have already highlighted that inaccurate information is just as good as no data. Our tools are designed in a way that allows them only to collect data from reliable sources. Our tools get information from a variety of sources using top-of-the-range technology like machine learning. Data sources include surveys, internet-based directories, as well as a huge collection of blogs. Data is collected in real-time to ensure accuracy.

  • Social Media Data Sourcing 

Now, it is one thing that you are not likely going to get from other companies. For the past years, social media has proved to be one of the most lucrative sources of new business leads, and there is a need to tap into that market. Our data enrichment tools allow you to tap into the social media scene and follow up on potential leads.

Our data enrichment services will reveal your customers’ interests based on their social media content. It will help map out social behavior and assist with structuring targeted marketing campaigns. Our data collection team is extensive and quite efficient. They can help any business source customer data from several social media platforms. Social media data is not always accurate - there is a need for verification and validation.

  • Validation

Once the data has been collected, our tools undertake a rigorous validation process to ensure that the information collected for our sources is accurate and still relevant. The process can involve phone verification. Data that is not collected from one platform is usually not uniform, and there is a need to streamline it. Our tools can undertake that process.

  • Record Replacement

As new data is collected, some old information tends to become redundant. Our data enrichment tools ensure that it is up-to-date. Redundant data is deleted, and inaccurate data is replaced with new and relevant information. Once it is done, the new information sets are completed and can be used for whatever purpose the client desires.

  • Analytics

As part of our data enrichment package, we have tools that help with analytics. Our analytics tools help in giving feedback on the collected and edited information, and which data sets were altered as part of the data enrichment process. Our data enrichment analytics tools allow a business to create marketing campaigns that best fit a segment of the customer base. It will improve customer experience and, in the end, boost revenue.

Data enrichment can easily be the line between a struggling business and a successful one. With over 25% of companies planning to invest in data enrichment, there is no reason for you not to jump on the same ship. The reason why the increase in data enrichment has peaked is simply that it works!

Winding Up

Are you looking to enrich your data so that you can yield all the discussed benefits? Well, data enrichment tools are surely a good place to start – the most obvious and effective solution ever! Of course, finding the best tool provider in the business will also maximize the effectiveness of your toolset in improving your business performance. Good luck!