Why is data enhancement needed in your business?
Data quality is a required feature to make the data more usable in your company for better business decisions. Data enhancement is a critical aspect of data quality and it refers to the process of adding extra data to your records which provides additional insights which assist data profiling and understanding it well. Data enhancement adds more usability to the records in your database, hence you are able to use the information in more effective communications as well as business decision making process is more supported.
Why is data enhancement needed?
Data is the lifeblood for every business and a clean, complete and accurate data of customer records and prospect records is important for any sales, marketing or customer management process. The direct results of an enriched and correct data are evident and it helps in boosting sales and increasing the lifetime value of your clients. It has to be noted that data decay happens every year and nearly 30 % of the database decay every year. Therefore a qualitative process of data cleansing and enhancement is a must if you want to make the highest standards of data in your organization.
Benefits of data enhancement are:
- It is critical for maintaining a compliance with the data protection Act.
- Good data quality with enrichment will help you in reducing the mailing wastage and you can segment your offers and promotions more accurately.
- Mailing costs will be saved by following a data hygiene practice.
- An enhanced data with quality of information ultimately reduces the customer deviation and your brand image will be enhanced.
- Enhancement is advantageous when you are aggregating database or you are adding business intelligence to your database.
- A number of instances are there which have shown that data enrichment has improved response rates to a higher level.
The more knowledge you have about your customers or prospects, the more you will be able to target the customers with confidence. Incomplete customer records are big drawbacks to the efficiency of the marketing and sales team. If the data is not enhanced and insufficient records are available, it is obvious that time and money is wasted in communication and campaigns. Data enhancement methodology aims at enriching the data with the highest possible level of information and that is why you are able to contact the customers and prospects with more efficiency and accuracy. There are various tools available in the market also for enhancement of the data along with data cleanliness functions. Organizations can make the use of these tools to enrich the data they use and make better strategies and business decisions.