Data Enrichment
What is Data Enrichment?
Data enrichment in general is the process of enhancing, refining, cleaning and improving your data.
Typically, data enrichment will combine your data (first party data, coming from your own systems like CRM, Sales, Finance and marketing platforms) with disparate data coming from other internal systems or third party data from external sources (e.g. social media, contact lists, 3P data providers, search engines, etc.).
Example
Lead qualification and scoring: Imagine you have a simple contact form on your webiste that you use to generate inbound sales leads. The form gather the usual business details (company name, website, key contact person, email, etc.).
Once the data is submitted and your sales teams are reviewing and qualifying the lead, data enrichment can provide insights using 3P data sources. The view your sales teams get is not just the submission through the contact form but also a number of enrichments coming via 3P data providers: (a) company’s credit profile and score, (b) key contact person’s position, work history and tenure in the company, (c) whether the key contact person is a decision maker, and (d) company’s turn over and size of organization.
Forrester forecasts that 40 insights-driven public companies and a horde of insights-driven startups are on track to grow from $333 billion in revenue in 2015 to $1.2 trillion in 2020. This new kind of company harnesses digital insights to optimize products, services, and operations and will grow at least eight times faster than global GDP, or 27% annually, and the startups will grow 40%.
Why use Data Enrichment?
Data Enrichment allows your business to build strategic data sets that drive valuable insights for your business. These enriched datasets are unique to your business and serve as a competitive advantage through their ability to generate vital insights.
Who uses Data Enrichment?
In live in the world of data. Data Enrichment is not specific to a few industries or roles. Businesses – big and small – from a variety a industries are able to use modern tools to enrich their data and generate various insights needed to enhance and optimize their business.
How can Data Enrichment help me & my business?
Data enrichment has numerous benefits that make it a great infrastructure for companies.
Deeper Customer Relationships
Enriched Data paves the path for more personalized communications and increases the likelihood of really knowing your customers, building meaningful customer relationships and as a result drive more business opportunities. Enriched Data will help you develop your communication strategies tailed around your customer's preferences and as a result customer is more likely to conclude their business as you are able to better understand their needs.
Advanced Segmentation
Data enrichment enables you to have additional dimensions and categories to segment your customers or targetted audience. This helps in breaking your marketing budget, focus and messaging into smaller interest groups, track your spend, maximize customer nurturing targetted to those segments and finally drive up the impact on your business's bottom line. A simple example here will be to enrich your existing customer base with the data from their social profiles (such as LinkedIn). LinkedIn profile of a customer will give you additional categories and data points that you can use to segment.
Personalization & Targeted Marketing
Be more relevant to your customers and prospects. One size fits all marketing approach is a thing of the past. Related to the above point (Advance Segmentation), data enrichment provides opportunities for very targeted marketing tailored to segments or micro-interests. This helps you gain the attention of the decision makers you’re trying to convert, and to demonstrate that you already understand their pain points. A further step towards personalization is to use enriched data and customer profiles, and apply machine learning techniques to create bespoke messages and experiences.
Data Compliance & Governance
Data privacy regulations (like EU's GDPR, HIPAA, etc) impose limits on what types of customer data can be stored, and for how long. If your business lacks governance processes to fully support such data compliance and privacy regulations then you are unable to store potentially valuable data without risking fines and penalties. Data enrichment processes can be set up to optimize for compliance (such as GDPR and any other regulatory requirements). For instance, third-party sources - who are compliance with these regulations - can be used to augment your own data without the need to store these data yourself. This ensures that your data is complete, accurate as well as compliant with regulations.
Data pipelines to deliver data enrichment
We deliver simple, robust and reliable data integration for your sales, marketing and finance teams
Fully Automated Pipelines
We automate data integration – combining multiple sources, normalizing & cleaning your data and then publishing to your desired destination.
Unlock New Insights
Improve your ROI by having your data in a single place; enabling teams to generate deeper, richer insights around your business and customers.
Truly Own Your Data
Reduce reliance on third-party SaaS apps, software and services to retain your most valuable asset: Data. We aggregate and replicate data to a destination that you own.
Proven, Resilient & Secure
We partner with best-of-breed technology providers and industry leaders to build your data pipeline solutions.
Advance Usage Supported
Have your own data science or engineering or BI teams? No problem. We support custom code to be executed in order to clean, normalize and transform your data.
Fully Transparent
We develop full transparency through logging and adding SLA alerts around your data pipelines to comply with your governance and audit requirements.
