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As you learn more about how you can effectively use data in building your company, you might run across the term “data enrichment.” To someone who hasn’t done a lot of work in the realm of data (like skip tracing) this can be a confusing term. However, it’s also clearly an important part of effectively using your data.
The process of data enrichment is often complicated and sometimes confusing. When you use it well, you can create a great base of information for your company to pull from. If you use it poorly, you may not be able to do much with your data. Here’s how to enrich your data and make it better for your company.
What Is Data Enrichment?
In simplest terms, data enrichment is when you take your existing data on customers, then utilize a third-party resource to add more data to it. For example, if you currently only have names and phone numbers, you may be able to use a third-party resource to find out an address history. This can be beneficial for many different companies from many different industries.
Data enrichment requires the use of a third-party resource. Customers often give you certain pieces of information on their own but may prefer not to disclose other information. However, if you’re able to utilize a third-party data source, you may get access to that information anyway. It’s important that you trust the quality of that third-party source since you’re likely going to rely on that information fairly heavily.
Who Can Use Data Enrichment Tools?
Data enrichment is a great tool for a variety of different companies and industries. If you want to maximize your usage of your existing data, it’s a good idea to try some data enrichment tools. This is true whether you just want to know your customer better or you’re handling extremely sensitive health care information. Regardless of your intended usage of the data, it’s a great technique for many different industries.
If you’re wondering whether your company could potentially use data enrichment techniques, just ask yourself whether you might be able to function better with more information on your customers. Do you think your company would work better if you had more data, especially data your customers might not be forthcoming with? Data enrichment would be great for you.
What Does Data Enrichment Reveal?
In reality, data enrichment doesn’t just reveal one thing. Its selling point is that it reveals a whole host of things you can put together to maximize your customer outreach programs. When you engage in data enrichment techniques, you’re gathering information you can put together on your own. That can reveal a very interesting picture for your customers.
That means data enrichment techniques also reveal just about whatever you’re most interested in. For example, if you’re looking for other methods of contacting your customers, you might use data enrichment for phone appends, making it easier to connect with customers who didn’t initially provide a phone number. Data enrichment is many different things, which is a reason many companies appreciate it.
How Can I Start Using Data Enrichment Software?
The best way to start with data enrichment software is to utilize a third-party resource that’s used as data enrichment. These techniques work best when you have an extremely strong database of information and an efficient source for gathering that information. This is one of the reasons people have turned to Tracers for data enrichment.
When you use Tracers, you’ll first notice that there are many options for data gathering. You can use batch processing for multiple subjects at once or individual searches if you want a lot of information on a single person. Plus, it has a huge database of information and cross-checks that information across multiple sources. It’s a strong option with many potential uses.
Data Enrichment Services Will Make Your Company More Effective and Efficient
Regardless of the industry you find yourself in, data enrichment services can make it easier to accomplish your goals. With data enrichment, you’re taking existing data and adding more information to it. That makes it great for anyone in these industries:
- Law enforcement officials
- Fraud analysis
- Risk assessment
- Business investigation
- Insurance claims management
This is only a small sampling of the industries that can utilize data enrichment techniques. If you think your company could benefit from data enrichment, you should certainly try it out. It’s a great way to maximize your usage of existing data you have in your system already.