Data enrichment is an ongoing practice to ensure that information is accurate, reliable, and up-to-date. Enrichment focuses specifically on adding new and supplementary information to an existing dataset. Data enrichment is the improving the accuracy and reliability of your customer data. The team updates the data by adding new and supplementary information and verifying information with third-party sources. Data enrichment, also known as data integration, helps ensure that your data is accurate and comprehensive.
Cleaning Data and Adding Data:
While data enhancement is mostly about adding additional data that strengthens your CRM, data cleansing is the process of removing incorrect data that needs to be more relevant and updated. Both are important components in keeping a database healthy and vibrant. However, data cleansing typically occurs first to make room for the updated supplementary information gained from data enrichment, as with your CRM data, including demographics, geography, and psychographics. The goal of your CRM is to collect less data than possible. It is a compilation of the highest quality data that best represents your leads and customers. Keep a close eye on your engagement rates relative to your total subscribers.
Best Practices for Adding Data and Creating Clear Criteria
Each company’s value-adding process, though, will look different depending on the type of data they collect and their strategic business goals. However, there are general best practices that will benefit brands no matter what approach they take. The first step is to create clear criteria considering the goals of your Financial Data Enrichment efforts. Then, set criteria that will help you measure this goal. Suppose you want to improve the completeness and accuracy of customer data. You might aim for a customer profile accuracy of 90% or better when testing against third-party verification sources. If the goal is not achieved, you will know that additional work is required.
Make the Process Repeatable
Designing and implementing new processes over and over is a waste of time and money to create a framework for consistent and reliable data analysis. You can apply it to more than one value-adding effort. Consider the process of validating customer profile data using a set of standard third-party data sources by creating a process that automatically checks for these things. Clear Bit’s data enrichment tool provides updated company and contact information for your sales records. Clear bit provides updated company and contact information for your sales records. Clear bit gives the team access to more than 200 million contacts. The platform also continuously updates and adds contact information automatically.
Reverse Contact and Lead Space:
Reverse Contact is a Reverse Email search engine that gives you instant access to relevant, real-time information about people and their companies using just their email addresses. This software is ideal for improving, qualifying, and scoring inbound leads. Unlike systems that rely on existing databases, Reverse Contact prioritizes retrieving real-time, publicly available data. Leadspace is software that combines multiple data sources with a contact database and customer relationship management system to increase the value of your data. LeadSpace also uses artificial intelligence (AI) to collect data and target potential customers based on online user behavior. You can target potential customers more precisely and track their needs.