What is data enrichment?
Data enrichment is the process of combining first-party data from internal sources with third-party data from external sources or data from other internal systems.
This process provides critical context that unlocks valuable hidden insights and reveals critical relationships that enhance your data’s overall:
With deeper insights, you gain the confidence to make fast, powerful, accurate decisions that propel your business forward.
Why is data enrichment important?
Data enrichment plays a key role in the journey to achieving data integrity – that’s data with maximum accuracy, consistency, and context.
Context expands your understanding of the factors that can impact your business activity – for example, surrounding neighborhoods and demographics, environmental risks, and even nearby competition. This gives you a substantially better-informed view of your business. That’s what data enrichment is all about.
Let’s explore this more with an example: you’re looking at the quarterly revenue for your business by location. Having only the dollar amounts restricts you to a one-dimensional view of performance.
But with context delivered through data enrichment, you gain insights that answer questions like:
- What kinds of businesses are within walking distance of yours? Are there competitors close by?
- What’s the neighborhood like – retirees, young families, established professionals?
- How many people live in the area, and what’s their income? Are they commuters, or do they work locally?
Now, you’ve gained a more fully formed look into the why behind your results. You can get a better picture of your customers, anticipate future demand, and make informed, confident decisions to help your business.
Ultimately, context is the crucial component that builds data integrity and fuels advanced data analytics, optimized business processes, product innovation, and better customer experiences. Data enrichment is your key to success.
Validation and Enrichment: Harnessing Insights from Raw DataRead eBook
How can Precisely help you with data enrichment?
Ensure trust and deeper context for your data and analytics with our data enrichment solutions.
We offer a global Enrich product portfolio of more than 9,000 attributes in over 400 expertly curated datasets with [AB1]data like geodemographics, demographics, points of interest, postal code and administrative boundaries, building attributes, and boundaries for flood, fire, and other risks, as well as dynamic datasets like Dynamic Demographics, helping you create linkages over time.
Linking this contextual data to your internal data is made easy by our geo addressing solutions, including address verification and geocoding for countries around the world.
Connecting and using data is made easier thanks to our deployment of unique and persistent identifiers such as the PreciselyID – which is appended to an address during the geocoding process.
Appended to thousands of data points, the PreciselyID enables fast and easy data enrichment to quickly link an address to points of interest, property, demographic, and boundary datasets. That means that performing a quick and straightforward lookup of a PreciselyID returns a variety of rich contextualized information related to that specific geocoded record, ensuring you can focus your time on solving business issues, not processing data.
Joining different datasets together empowers you to analyze an address from multiple perspectives and eliminate time-consuming spatial processing.
Want to learn more about how we can help drive better business decisions through powerful data enrichment? Contact us today to get started.