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​Did you know that the data enrichment market is likely to grow from USD 1.78 billion in 2023 to USD 3.12 billion in 2029, as per a report? Economists have seen substantial growth or expansion in recent years, and are foreseeing it to continue growing.
Data enrichment can be considered the process of refining the quality of available records. Once enriched, the decision-making can be revolutionized. You can have a better, clearer, and augmented detailed to see those records from all aspects and make valuable informed decisions.
So, what data enrichment is and how it can make a big difference in your corporate life-let’s find out.

What is Data Enrichment?
As the word ‘enrichment’ states, it is a unique approach or strategy to complete incomplete details in a database by supplying complementary data. Let’s make it clear with this example. Let’s say you have usernames in your contact list, but want their email IDs also. In this case, you can search on social platforms and use tools to draw that information.  This is how you receive enriched data, transforming your decisions.

How It Impacts Decision-Making?
This practice is capable of defining and redefining crucial decisions, which often proves breakthroughs in the corporate world. To discover how, let’s figure out a few points that can explain the significance of why to enhance data with insightful records to optimize corporate decisions.

• Improved Accuracy and Relevance

For informed choices or decisions, you need rich details. The complete, accurate, valid, and relevant records are considered rich. This type of information can show a clear picture of what’s likely to happen. At least, you can foresee such things that are realistic and current. It minimizes errors and wrong perceptions.

• Enhanced Customer Understanding

Understanding a customer is crucial, but not easy. You need to deeply study and discover their behaviour patterns and preferences. The insight, then, guides you to define effective marketing or sales campaigns. An enriched contact list of customers discloses opportunities, the upsides, and the downsides. This wholesome knowledge can be assessed from every aspect and hence, draw strategies that customers like to engage with or invest into. 

• Targeted Marketing and Personalization

Targeted marketing is an effective strategy to reach out to specific audiences and offer them personalized offerings. Now, the question is how rich records can help in this. Certainly, it can be done effortlessly if you have complete and transforming details regarding demographics, intent, location, and online searches. The insights guide you to segment customers as per factors so that the offerings can be personalized. Let’s say, your analysis points that a big group of youngster is interested in thriller series. Your entertainment company can come up with offerings matching their likelihood.

• Risk Management and Fraud Prevention

The transformed banking details, if you consider, can easily reveal the likelihood of online frauds. However, this process will pass through data mining, which requires relevant & transformed transactional details. The suspicious data patterns will easily disclose risk factors, which become manageable if timely discovered.  So, you can make decision to barricade such frauds or risks.

• Competitive Analysis

In this highly competitive world, cutting edge data can prove a big game-changer. You can dig out competitors’ performance data. Filter their strengths and weaknesses. Successful businesses know the art of discovering opportunities through this competitor analysis. It helps them adapt the trend and come up with improved strategies.

• Streamlined Operations

Entrepreneurs can get deep into enriched productivity details to discover its insights. A pair of analytical eyes can see possibilities to remove bottlenecks, efficiency-driving methods, and more. For instance, a deep analysis of teams’ performance can show where the optimization is must. Accordingly, the entrepreneur can think of what to do for better efficiency & production. An ideal businessman rely on data to figure out solutions about how to get better.

Conclusion
Data enrichment is a technical strategy of removing errors and catering complete records. This method helps in elevating the quality of records, helping individuals with accurate, relevant, and well-informed decisions. In this data-driven world, rich records can push strategists to define better plans that can help in achieving new heights. Simply put, transformed records can drive you to more efficient, profitable, and data-driven results or outcomes.

A 24% of small business entities surveyed by Clutch confirmed that achieving the highest efficiency was their foremost reason for outsourcing. But, some challenges can impact its popularity.
Here, you can learn what challenges can interfere the success of any outsourcing partnership.

Main Challenges in Back Office Outsourcing
Here are some common challenges associated with outsourcing back office services:

1. Communication and language barriers
One of the primary challenges in outsourcing is effective communication, particularly when the service provider is located in a different country and speaks a different native language. Simply put, language barriers can lead to misunderstandings, delays, and errors in the communication process. It is crucial to establish clear lines of communication, define realistic expectations, and ensure effective language support (be it any transcription app or interpreter/ transcriber) to overcome this challenge.
 
2. Quality control and performance management
When outsourcing back office services, organizations need to look into and also maintain control over the quality of work delivered. Ensuring that the service provider abides by established standards, meeting performance targets, and maintaining consistent quality can be difficult. But, there is always a solution of any problem. You should discover how to improve, implementing robust performance management mechanisms, regulating monitoring, and frequently communicating to address this challenge
 
3. Data security and confidentiality
In the backend, there are several operations that involve handling sensitive and confidential data, including customer information, financial data, and proprietary information. Organizations must carefully examine the security measures and protocols of the outsourcing provider, which ensures data protection and mitigation of the risk of data breaches or unauthorized access. Robust data protection agreements, non-disclosure agreements, SLAs, and security audits are essential if you want to combat this challenge.
 
4. Cultural differences and work culture alignment
Working with an offshore back office service provider may involve dealing with different cultures, work ethics, and business practices. Cultural differences can impact the understanding of requirements, decision-making processes, and overall work dynamics. Building cross-cultural understanding, encouraging open communication, and establishing common work practices can help bridge the cultural gap and align work cultures effectively.
 
5. Time zone differences and coordination
When you hire an offshore service provider, time zone differences can pose a serious challenge in terms of coordination and timely communication. Real-time collaboration and resolving urgent issues can be difficult because of a significant time difference. Effective scheduling, establishing overlapping working hours, and leveraging collaboration tools can help overcome this thing.
 
6. Dependency and loss of control
Hiring a third party for professional services involves trust on an external partner that it can handle critical processes. This can create a sense of dependency and loss of control over those operations. Organizations need to establish a strong governance framework, clearly define roles and responsibilities, and maintain regular communication to ensure transparency and retain control over the outsourced processes.
 
7. Transition and knowledge transfer
During the initial stages of outsourcing, transitioning the back office operations from the organization to the service provider can be complex. It requires effective knowledge transfer, documentation of processes, and training the outsourced team. Lack of proper knowledge of how to transfer data and authority can lead to disruptions, errors, and delays. A well-planned transition process, comprehensive documentation, and ongoing knowledge sharing can help overcome this challenge.
 
8. Regulatory compliance and legal considerations
Hiring a professional company to support may involve complying with different legal and regulatory frameworks. Organizations must ensure that the service provider understands and sticks to relevant regulations, privacy laws, and industry-specific compliance requirements. Proper due diligence, legal contracts, and clear agreements on compliance measures are crucial in this.
 
9. Managing change and stakeholder resistance
Introducing offloading of services may face resistance from internal stakeholders who fear job losses or are suspicious about the effectiveness of nearshoring or offshoring. Effective change management strategies, clear communication about the benefits, and involving stakeholders in the decision-making process can help address resistance and gain support for the outsourcing initiative.
 

Innovation is a key to stand out and stay ahead of the curve. eCommerce also needs innovative ideas to boost profit margin and get ready for the next-gen changes.
It is a forecast that this industry is going to be worth $6.54 trillion in 2022. So, it’s a high time to maximize the visibility of your e-store, which is vital to gain the leading position between hundreds of competitors. 
Certainly, innovation can help you to get more and more customers in no time. 

Here are a few tips to fuse innovation in your ecommerce store development.

        1. Personalise and Customise UX
Personalise is to deliver what customers require and customising is adapting your products or services to their requirements.
Industry experts believe that these two are the foremost requirements for taking user experience to the next level. A report suggests that 76% buyers view personalization as a proof of how much the brand values them.  
So, here are a few tips to personalise and customise your ecommerce solutions:

• Create personalized homepages for users upon getting deep with their web journey.
• Offer customized guides on items that their browsing history shows
• Display recently viewed items, creating a visual memory of what they previously visited
• Personalise product pages as per their locations
• Create contextual marketing campaigns based on their behavior
• Let them feel that you care for them via personal emails
• Come with personal recommendations
  
  2. Integrate Voice Searches

Voice search allows users to discover what they look for on the internet through their digital devices. It is becoming favourite for all because of its ability to show up items in lesser time than the typed search.
Being vastly used, integrating voice searches during ecommerce development can attract millions of customers. It is simply because of the benefits that users get through this advanced feature, which are:

• Boost engagement         
• Easy to personalise shopping experience
• Post reviews in no time, which are helpful for others
• Takes lesser time in voice search than typing a query
• People smartly shop over the internet, as Machine Learning works at the backstage by capturing their shopping behavior & habits to come with recommendations
  
  3. Design mobile apps and launch e-wallet

Mobile applications are all around because of their reach and popularity. Around 64% people switch to their mobile phones for purchasing over the internet. Besides, e-wallet apps are no less popular than mobile applications, as they make payments easier.
The following benefits of these apps show all concrete reasons to launch them on your e-store:

• Shoppers prefer mobile apps over any web applications
• These apps improve customer loyalty, as they come with highly secure features allowing easy-buy
• These apps take less response time as compared to the websites.
• They improve conversion rates and user experience
• In-built GPS, microphone & camera multiply engagement
  
  4. Use Big Data Analytics

Big data analytics is the process of using large data sets to track valuable hidden patterns, indicating market trends, customer preferences and many more. These derivatives help to make optimal business decisions. The merchant knows his customers well and even, predict their requirements. 
In short, this analytics elevates online selling business through the power of making accurate predictions. Precisely, the advanced analytics prove advantages because you can do these things easily:

• Better customer support
• Optimise pricing
• Foresee demand
• Analyse sentiments of buyers
• Define personalized experience
• Monitor and track shopper’s buying experience
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  5. Fuse AI to Improve Searches

A Gartner study predicts that customers will manage 85% of their business relationship without a human touch by 2022.
Simply put, AI can dramatically uplift an online store through its incredible capacity while augmenting growth & opportunities. Even, you can provide better search results through Natural Language Processing (NLP).
Besides, these benefits can improve your profit margin by manifolds:

• You can define a customer-centric visual search feature.
•  Data analytics get you to leads
• Chat bots offer 24*7 support & personalise experience
• Inventory can be managed strategically without worries
• Cyber frauds can be detected using algorithms

These are a few innovations that you can try to launch on your eCommerce website for noticing an uncertain flow of traffic and leads coming your way.

A virtual assistant may charge anywhere in between $3 per hour and $35 per hour in Australia. Hiring a virtual assistant (VA) in Australia has can be a great support for your business. It can minimise the total cost of your backend operations exponentially. This practice has been integrating a ton of benefits that bring total costing down. However, the cost of VA may vary as per the nature of work, company or reputation, location and lots of many other factors.  The best thing to hire the one professional as a VA is to get an estimated idea over total costing from different vendors or professional companies. Sampling is another way to determine the quality of work. One ascertained, you can finalise and even, negotiate the costing. 

A virtual assistant is a self-dependent freelancer who ensures assistance of business, web, technology and data solutions. All of these services include a range of solutions that can be outsourced. It’s all about specialised services and assistance. The services seekers look for certified professionals who have a hands-on experience in the specific area. The most common specific professional services that are in-demand are given below:  

• General Virtual Assistance
• Content Writing & Management
• Search Engine Optimization (SEO) & Digital Marketing
• Social Media Management
• Web Development
• Transcription solutions
• Data Processing
• Data Mining
  

Some Useful Links
Virtual Assistant Freelancers for Hire Online
Benefits of Outsourcing a Personal Virtual Assistant
How to Start a Virtual Assistant Business Today

The knowledge discovery in databases or KDD process is an iterative process. It involves web scraping, cleaning and transformation of data that come from databases & other heterogeneous sources, such as plain text, data warehouses, images, sound, etc.. The KDD process in data mining helps in filtering models or patterns that can become an insight or solution or strategy. The feasibility should be there because it is must for any models used in data mining algorithms. These models are tried and tested before, ensuring their validity and usability. Modern businesses and data world has adopted it for bring a big change. It is possible through digitalization of data. With it, the effective strategies can be figured out for processing in a fast turnaround time. 
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​Web scraping is the process of extracting details from different sources. Now-a-days, web scraping-driven data are used for drawing decisions. They have relevancy & facts that helps to get insights. With this information in hand, the matter experts and entrepreneurs or stakeholders make feasible decisions. These decisions may be a strategy or solutions. These solutions tend to improve efficiency, increase productivity and achieve benchmark quality. Customers become happy to have a quality product or service. The happy experience results in more engagement and demand. This is why it is accurate that web scraping may benefit your business. This happening needs relevant & fresh data to be scraped. 
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A virtual assistant is termed as an independent professional who has specialized skills to deliver. These skills become an offering for global customers who seek expertise at an affordable price. It’s a blessing for those who require an expert virtual personal assistant for administrative tasks. The radius of virtual assistant services is wider, which includes all services related to digital platforms. These can be data management, mining, technology support, OCR conversion, data processing, cleaning, account and finance practices and a lot more things. Today, businesses prefer remote assistance on SEO, digital marketing, data conversion, processing, data science and AI solutions, backoffice assistance, contact center support and services.  These tasks can be performed from home. However, it benefits customers who may interact by scheduling appointments, making phone calls, making travel arrangements, and managing email accounts remotely. 

Data mining process is carried out through Extract, Transform and Loading (ETL). It is also a process of web scraping using different programming languages, transforming data through cleansing, OCR & processing and loading the relevant patterns or models that best-fit the objective of data mining process.
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It slightly differs from machine learning (ML) because data mining involves a massive set of raw data processing. On the contrary, the ML proceeds with the processed mined patterns or models. 

AI is a replica of human neural network. Simply put, it is a technology-based version of a brain that logically thinks and responds as per machine learning data & validations. This ability and extraordinary capabilities push businesses to integrate for transitions. Typically, it is categorized into these types:
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• Reactive Machines
• Limited Memory
• Theory of Mind
• Self-Aware
• Artificial Narrow Intelligence
• Artificial General Intelligence
• Artificial Superintelligence