We spend more and more of our time online, from organizing our daily lives, shopping, studying and even working, internet has infiltrated our daily lives. While we are browsing the vast online world we produce an endless amount of data. Every time we open a website, do some online shopping, search for some info online, scroll through social media or send an email we are leaving bytes of data. Most of the time that data will remain unused, but if used right even the data that may seem irrelevant can make a big difference to business success.
Every business leader is aware how important the data is, but with so much data it is hard to know where to start. Some of the businesses try to collect as much data as possible, but they don’t know what they want to use that data for while the other ones get so overwhelmed by all the data out there they decide to do nothing. Neither is a really good strategy for improving your business. This is why it is important to know which information about users’ data you want to collect and how to use it to make smarter business decisions.
How to collect the right data
By implementing data enrichment into your business strategy you will be able to collect the right data and use it to improve your business. Data enrichment is a process of enriching raw data with similar data from larger internal or external databases. This allows companies to use a simple piece of information like an email address to discover more about their customer which saves everybody’s time. Customers won’t have to answer numerous questions and you will be able to confirm their identity faster. A lot of businesses have already implemented data enrichment into their business to discover more about their customer and improve their business practice and it is time for you to join them.
How to make smarter business decisions with user data
Data enrichment helps businesses and organizations to predict future trends, generate new business opportunities and improve customer satisfaction. Having the right kind of user information allows you to adapt to an ever-changing business landscape and stay competitive in today’s market.
Targeted Marketing
By getting more information about the users businesses can create targeted marketing campaigns and advertise correct products to right clients and to generate traffic and engagement. Truth is that a product that interests one customer, will not necessarily interest another. In order for your business to be successful you need to reach the right audience and data enrichment can help you with that.
Fraud Prevention
According to the research from Cybersecurity Ventures, cybercrime would be the world’s third-largest economy after the US and China if it were measured as a country with the damages totaling $6 trillion globally in 2021. This is why every business needs to implement a cyber security protocol. Data enrichment can be an invaluable tool in fraud prevention as it makes it easier for companies to discover cyber attacks before they even happen. Just by using users’ email, you can gather more data that will help you gather clearer picture and indicate if there is anything suspicious with the user account. By discovering if the email is connected to social media sites, how old the address is or even if the domain is valid you can identify cyber attacks like an identity theft or an account takeover or stop them from damaging your business.
Smarter Recommendation Engines
With the growth of online retail companies need to step up their game in order to stay competitive. There are so many choices that it can be hard to stand out and attract customers. By using data enrichment you can create smarter recommendation engines and use the data you collected about the user to predict their preferences or even use their purchase history to suggest the next purchase. A lot ecommerce sites like Amazon, Asos, Zalando and many more have been using data enrichment in their business in order to provide the best service. But it does stop with ecommerce sites, everyone can benefit from it which is why even Netflix or Youtube use it to recommend the best content to their user.
There are different ways in which data can help your company from improving the existing business processes to completely transforming them. You just need to decide which data to collect and how to use it and you will be able to start making smarter business decisions.