Today, the most common business practices revolve around data. Companies need quality information to know who their target audience is and how to communicate effectively with them. This data also helps to analyze the reach of marketing campaigns and to know when new strategies are needed or current ones need to be improved. In particular, ecommerce companies require accurate customer identification and location data to effectively fulfill order deliveries. In other words, organizations need rich data to make the right business decisions and ensure the success of their operations.
What happens when that information is incorrect or outdated? Among other consequences, companies start losing money through strategies that don't have the expected impact, wasted sales opportunities and customer migration. From a financial perspective, having inaccurate and incomplete data is an obstacle to making productive decisions and achieving profitability goals. To avoid these effects, data enrichment solutions are essential.
What is data enrichment?
Data enrichment is a process of adding new data elements to an existing database. For example, one of the most common data enhancements is the addition of critical data to a company's customer files.
Typically, companies collect basic information about their customers: names, emails, addresses or phone numbers. A data enrichment solution takes the available information and compares it to a larger database of business data. This allows you to add data elements and fields that can be very useful. Such elements could be consumer-based demographics such as age, gender, income, property type, credit level. But also more specific ones such as lifestyle or interests. They can also complete business profiles, indicating the industry sector to which an organization belongs, number of employees, turnover, length of time in operation, job titles, etc.
Why is it important to enrich data?
Undoubtedly, the vast majority of organizations aim to accelerate the return on investment in marketing and sales activities. Obviously, this is an indicator that influences the success of a company. Therefore, it is necessary to avoid investments that do not generate concrete and positive results. Based on this, it is essential to assume a decision-making process for companies to improve their ROI. And here, data quality is critical.
Without accurate data, managers and decision-makers will find it extremely difficult to predict market trends. Consequently, it will be an uphill struggle to make marketing strategies have an impact on target audiences and to develop successful products. Not surprisingly, all these drawbacks significantly compromise your ability to maintain the company's competitiveness in the long term.
When you incorporate a solution to enrich your company's data, your company gains a broader understanding of the various ways in which data can be used. Of course, this will facilitate your decision-making processes, adding certainty and accuracy to your decisions. In parallel, it will directly influence your company's ability to achieve a rapid return on investment; as well as the ability to leverage the full potential of the information gathered by analyzing the right data.
Data enrichment options
Currently, there is a wide variety of solutions in the market to enrich data. It is pertinent to highlight that in Deyde we have different modalities of enrichment for postal addresses. Its function is to "nourish" the basic elements of this data with geographic information, typologies, income, cadastral information and socio-demographic information. Of course, we are talking about reliable information, coming mostly from official sources. Apart from that, we add information from other sources and rely on third party information at the request of our customers.
In particular, our solutions are able to enrich data in several ways:
Census Section.
This is the lowest level geographical unit officialized by the National Institute of Statistics (INE). Its purpose is to classify the Spanish population for census, statistical and electoral purposes. This unit segments the inhabitants of Spain into cells of between 500 and 2,500 inhabitants. This procedure allows the incorporation of official statistical data such as the level of education and the age pyramid.
XY coordinates
Taking into account the postal address, this function assigns the coordinates at the highest possible level of approximation. Thanks to these coordinates, your company will be able to know the precise geographic location of the records contained in the databases. However, for optimal performance of this feature, it is essential to have standardized and encoded postal addresses. Obviously, this is vital to ensure correct deliveries of ecommerce orders, greatly facilitating last-mile logistics.
Reverse geocoding
As its name indicates, it consists of carrying out the previous procedure in a completely inverse way. That is to say, from coordinates it will be feasible to achieve a more complete and updated postal address, adding data such as: population, access roads and postal code.
Rentas
By means of this functionality, you will be able to enrich postal address data by considering variables on the income distribution of households. In this way it is possible to "nourish" an address with three groups of variables: distribution by income sources, average income and demographic indicators.
Cadastral information
In fact, this modality provides information with a high degree of detail. It is capable of assigning the cadastral reference of any property, as well as different informative elements provided by the General Directorate of Cadastre. Among these, age of the building, size, use and its constructive elements. To the above we must add the information incorporated, from the original information, created to provide aggregate data in terms of housing and plot. As if that were not enough, you can obtain the average sale or rental price of such properties. Such data is provided by both the cadastral reference and the postal address of the property.
Typologies
Based on the postal address, the typology enrichment mode segments households using various indicators. In this way, it is able to attribute assignments of consumption, socio-demographic and micro-market indicators.
Benefits of data enrichment
Based on the above considerations, it is easy to identify the advantages that incorporating a data enrichment solution will bring to your company. To summarize:
Deyde DataCentric is a multinational technology company with more than 20 years dedicated to the development of data quality and data quality solutions. Our product MyDataQ is a multimodal and flexible solution, adaptable to the sector and size of your company. MyDataQ normalizes, deduplicates and enriches databases, acting on the information of:
What happens when that information is incorrect or outdated? Among other consequences, companies start losing money through strategies that don't have the expected impact, wasted sales opportunities and customer migration. From a financial perspective, having inaccurate and incomplete data is an obstacle to making productive decisions and achieving profitability goals. To avoid these effects, data enrichment solutions are essential.
What is data enrichment?
Data enrichment is a process of adding new data elements to an existing database. For example, one of the most common data enhancements is the addition of critical data to a company's customer files.
Typically, companies collect basic information about their customers: names, emails, addresses or phone numbers. A data enrichment solution takes the available information and compares it to a larger database of business data. This allows you to add data elements and fields that can be very useful. Such elements could be consumer-based demographics such as age, gender, income, property type, credit level. But also more specific ones such as lifestyle or interests. They can also complete business profiles, indicating the industry sector to which an organization belongs, number of employees, turnover, length of time in operation, job titles, etc.
Why is it important to enrich data?
Undoubtedly, the vast majority of organizations aim to accelerate the return on investment in marketing and sales activities. Obviously, this is an indicator that influences the success of a company. Therefore, it is necessary to avoid investments that do not generate concrete and positive results. Based on this, it is essential to assume a decision-making process for companies to improve their ROI. And here, data quality is critical.
Without accurate data, managers and decision-makers will find it extremely difficult to predict market trends. Consequently, it will be an uphill struggle to make marketing strategies have an impact on target audiences and to develop successful products. Not surprisingly, all these drawbacks significantly compromise your ability to maintain the company's competitiveness in the long term.
When you incorporate a solution to enrich your company's data, your company gains a broader understanding of the various ways in which data can be used. Of course, this will facilitate your decision-making processes, adding certainty and accuracy to your decisions. In parallel, it will directly influence your company's ability to achieve a rapid return on investment; as well as the ability to leverage the full potential of the information gathered by analyzing the right data.
Data enrichment options
Currently, there is a wide variety of solutions in the market to enrich data. It is pertinent to highlight that in Deyde we have different modalities of enrichment for postal addresses. Its function is to "nourish" the basic elements of this data with geographic information, typologies, income, cadastral information and socio-demographic information. Of course, we are talking about reliable information, coming mostly from official sources. Apart from that, we add information from other sources and rely on third party information at the request of our customers.
In particular, our solutions are able to enrich data in several ways:
Census Section.
This is the lowest level geographical unit officialized by the National Institute of Statistics (INE). Its purpose is to classify the Spanish population for census, statistical and electoral purposes. This unit segments the inhabitants of Spain into cells of between 500 and 2,500 inhabitants. This procedure allows the incorporation of official statistical data such as the level of education and the age pyramid.
XY coordinates
Taking into account the postal address, this function assigns the coordinates at the highest possible level of approximation. Thanks to these coordinates, your company will be able to know the precise geographic location of the records contained in the databases. However, for optimal performance of this feature, it is essential to have standardized and encoded postal addresses. Obviously, this is vital to ensure correct deliveries of ecommerce orders, greatly facilitating last-mile logistics.
Reverse geocoding
As its name indicates, it consists of carrying out the previous procedure in a completely inverse way. That is to say, from coordinates it will be feasible to achieve a more complete and updated postal address, adding data such as: population, access roads and postal code.
Rentas
By means of this functionality, you will be able to enrich postal address data by considering variables on the income distribution of households. In this way it is possible to "nourish" an address with three groups of variables: distribution by income sources, average income and demographic indicators.
Cadastral information
In fact, this modality provides information with a high degree of detail. It is capable of assigning the cadastral reference of any property, as well as different informative elements provided by the General Directorate of Cadastre. Among these, age of the building, size, use and its constructive elements. To the above we must add the information incorporated, from the original information, created to provide aggregate data in terms of housing and plot. As if that were not enough, you can obtain the average sale or rental price of such properties. Such data is provided by both the cadastral reference and the postal address of the property.
Typologies
Based on the postal address, the typology enrichment mode segments households using various indicators. In this way, it is able to attribute assignments of consumption, socio-demographic and micro-market indicators.
Benefits of data enrichment
Based on the above considerations, it is easy to identify the advantages that incorporating a data enrichment solution will bring to your company. To summarize:
- It will strengthen the database with the inclusion of demographic and economic data.
- On the other hand, it will facilitate the classification and segmentation of customers based on socio-demographic and economic data. In fact, a complete characterization of the customer is possible by adding information from some internal transactions. Specifically, web browsing history, digital profiles, community information, preferences, feedback ratings, etc. This would allow to qualify customers and prospects considering their likelihood to perform certain purchase actions.
- Achieve ecommerce order deliveries in the shortest possible time thanks to the definition of shorter and more convenient routes.
- Enable faster decision making, with consequent cost savings and better use of opportunities.
- Improve micro-marketing strategy and data analysis. After enriching data from your records, the marketing department can create a more comprehensive profile report. This results from comparing the profile of the target audience with that of your own and the extended database (e.g., the population of an autonomous community or province). In addition, it will determine where your company has a strong or weak penetration in the segments you are interested in.
- Contribute to the construction of a solid brand image, supported by a more personalized communication with customers and prospects.
Deyde DataCentric is a multinational technology company with more than 20 years dedicated to the development of data quality and data quality solutions. Our product MyDataQ is a multimodal and flexible solution, adaptable to the sector and size of your company. MyDataQ normalizes, deduplicates and enriches databases, acting on the information of:
- Identification such as names, surnames, IDs, etc.
- Location: postal addresses, enrichment with geographic variables, XY, AGEB, sociodemographic and consumption typologies.
- Contact data: email and telephone numbers.