Data Enrichment: Sources, Use Cases, and More Info!
Explaining data enrichment
Data enrichment is the process of supplementing data sets with additional data points from other sources to enhance both the quality and quantity of the information. Data must be relevant and appropriate for particular purposes to add value.
Where does the data come from?
Internal data is the information a firm already has in its data sets or can quickly gather from the usual sources. Internal data can be enriching to a data set due to data silo, which is a situation where useful information is divided among different databases within the same organization and cannot be easily accessed by everyone.
Who does that?
Data enrichment is used by governmental organizations, scientific agencies, researchers, AI development, and businesses of all sizes and industries for a variety of purposes. It can be used to improve user experience and survey rates.
Business use cases
One of the most procedures for any business is lead generation. Enriching leads data helps to qualify the leads faster, increasing the efficiency of the entire sales funnel. The data that comes with enrichment can also generate new leads that would have gone under the radar otherwise.
Better customer retention
Customers today want personalization and deep relationships. Enriching your CRM data enables you to provide better service. Naturally, that increases the probability of them staying with you.
Improved HR management
Data enrichment boosts both hiring procedures and workplace practices that allow for building a favorable employer brand.
Looking for seed funding or additional investments for the growth of your startup? You need to know the right people, then. Data about angel investors can also be brought in through enrichment.
Enriching your intelligence on similar products with data points from a third-party source enables you to make the necessary improvements. Additionally, it provides you with a better idea of what competing products you are up against and what your target audience wants in such products.
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