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
- Enhanced Customer Understanding
- Targeted Marketing and Personalization
- Risk Management and Fraud Prevention
- Competitive Analysis
- Streamlined Operations
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.