If you own or manage a business, the one thing you should know by now is that data is king. Still, not all data is right for your business. Low-quality data, regardless of the quantity, just won’t cut it. In that case, how do you ensure all the data in your business is high-quality data that you can use to make crucial business decisions?
Simple: implement data improvement solutions like enrichment and enhancement. But which one will work best for your business? Let’s find out together.
What’s Data Enhancement?
If you want to understand data enhancement fully, think of it as a way of giving your business data a tune-up. As such, data enhancement is a business solution that aims to improve both the first-party and third-party data that you use in your business.
A good example of that is when you employ a bulk phone number validator from a premium provider like Trestle to fix the recurrent data inaccuracy issues in your business. Data enhancement is, therefore, the right solution for missing information, inaccurate data, or outdated databases.
How About Data Enrichment?
Data enrichment is a solution that involves bringing new data from external sources so you can add more depth to what you already have. As such, data enrichment goes beyond improving the existing data; it’s more about expanding your data’s boundaries with new, useful information.
Take, for instance, enriching your customers’ primary information with details like purchasing patterns, social media activity, or even industry-specific insights. This information gives you a more comprehensive picture of your customers and makes it possible to tailor your sales and marketing strategies to fit their preferences and needs.
What Differentiates Data Enrichment and Enhancement?
Data enhancement is primarily what you need to enhance the accuracy and completeness of the data you use in your business. That makes the data reliable and actionable. On the other hand, data enrichment becomes necessary if you want to introduce new information that can widen your understanding and offer deeper insights.
Even though you can choose to use just one for your business, both are crucial for optimising your information resources, thus driving more fruitful business outcomes. That said, here’s how data enrichment and enhancement differ:
1. Scope – For data enhancement, you will stick to what’s already in your database, while with enrichment, you will be adding more information from external sources.
2. Data source – Data enhancement can work with or without external sources while data enrichment relies heavily on external sources to get the additional information.
3. Purpose – Data enhancement is meant to make your existing data more accurate and complete whereas the main purpose of data enrichment is to bring in new layers of context and information so you can understand your customers and business better.
When To Use Data Enhancement Vs. Enrichment
As mentioned before, you can always use data enhancement and enrichment to gain more insight into your business operations and customer base. Still, if you are after a more specific approach for either, here’s what you should know.
- Data enhancement is ideal if:
i. Your databases have issues that need fixing such as outdated information, data gaps, or inaccuracies.
ii. You need reliable data for targeted marketing campaigns.
iii. Customer records aren’t up-to-date or accurate and you want to fix that.
- Data enrichment is appropriate if:
i. You’re looking to understand your customers better, thus you need extensive insights.
ii. You want to create highly personalised and relevant experiences for your customers.
ii. You are trying to differentiate your business by leveraging unique data sources.
Enjoy the Full Power of Data Enhancement and Enrichment
There’s no doubt data is a great investment for your business, and the way you source, use and maintain it will have a great impact on the overall performance of your organisation. Data enhancement and enrichment are two powerful business solutions that can make that possible. Wondering where to start? Trestle has got you on this one. Visit tresteiq.com to see the solutions they offer and learn more about data validation, verification, and enrichment.