5 key benefits of data enrichment for businesses

Explore how additional data attributes like address and location data enable you to build a more accurate picture of your customers for enhanced operational efficiency and customer experience.

You’ve taken the time to collect customer names, address, phone numbers, and email addresses. These details will build your understanding of your customers and help you give them the products and services they most need and want. You’ll get even more out of your data-based decisions by expanding on the information you’ve already collected. Enriching your data helps you build a complete picture of your customers—their habits, behaviors, and preferences.

Data enrichment can help you get a clearer view of your customers, which ultimately leads to more satisfied customers, more efficient business processes, and more effective messaging.

Let’s explore how your business can benefit from a data enrichment API or purchased data lists.

1. Produce better customer insights

It’s essential to understand why your customers do things, such as make a purchase, contact you with a question, or ignore an email. The data you collect on your customers helps you draw accurate conclusions and build insights.

Enriching a customer contact record with additional details like demographic data opens the door for more powerful insights. It boosts your existing records with previously unknown data and fills in incomplete records. Enriched data helps you more accurately predict how a customer will react to your business.

For example, a retailer can use location data to help plan inventory at different store locations. In one location, customers are more likely to buy certain items. You’ll know in advance to stock a higher amount of those items for the customers in that area.

2. Optimize the supply chain and improve delivery times

Businesses in the transportation and logistics industry know the importance of on-time deliveries. Decreasing delivery times often comes from optimizing the supply chain. Location data can help your business find and improve inefficiencies in your supply chains—including your delivery or passenger transportation routes.

3. Improve insurance risk assessments

You need accurate information on a property or address to make accurate and timely risk assessments. Insurance companies can use location data to improve their assessment and claim times, as well as making more reliable risk assessments for an address. This makes it easier for insurance providers to give customers an accurate quote in a timely manner using faster risk assessments. For instance, you can use weather data for a property to determine the risk factors related to earth movement or severe weather.

4. Identify infrastructure for telecommunications and utilities

Not all telecommunication or utility lines go to an address. Without additional location details, your telecommunications or utility company could have trouble locating customers. Additionally, location data makes it possible to plan and implement your own infrastructure to reach customers efficiently. This makes it easier to plan new lines, repairs, and maintenance on your existing lines.

5. Improve emergency response times

Any service in the emergency response vertical knows time is crucial to the success of an operation. Whether you’re responding to medical emergencies or severe weather damage, you have to be able to get where you need to go.

Enriching your existing address databases with extensive location data can make your operations safer, more accurate, and faster. From dispatchers to first responders, your emergency response teams will have more information available to create and execute a response plan.

Types of data sets

Additional data attributes give you the information to expand your customer view and get more from your data. The data sets give you access to reliable data that would be periodically updated automatically and you wouldn’t have to seek out a refreshed list or validate the information in our data sets. Types of data sets include: 

1. Business data

Business data helps to get better insights of your business contacts and customers. Appending and enhancing with additional attributes such as business names, addresses, telephone numbers, employee site counts, company registration keys, SIC codes, and business types benefits within decision making and analysis.

2. Public sector and government data

Government data set provides you governmental and electoral details for postcodes, such as Government Office Regions and Local Authority Names.

3. Address, property, and location data

Whether your customers are located within the U.S. or spread throughout the world, location data enrichment provides comprehensive information that precisely pinpoints the physical location of a given address, a property, or a location may not have an address yet on the map.

4. Suppression data

Suppression data contains additional information associated with some addresses, which indicates that an address may not be useful to your organization. It could be because people pass away, move to a new home, or register with the Mail/ Telephone Preference Services.
The information you first collected on a customer could be outdated. Suppression data enrichment techniques cleanse your records of outdated information so you can stay up to date with your customers.

Benefits of enriching data with Experian

Your data is one of the most important tools your organization has, but it has to be used correctly to benefit. Simply collecting and storing data for the sake of it isn’t enough. Each new record you collect should have value to your business to create insights that can drive conversions and increase revenues. Doing this alone can be intimidating but working with an experienced data quality leader like Experian gives you the tools and resources to be successful. See how customer and business data sets from Experian can improve the health of your data and let you make more accurate business decisions by getting in touch with our data quality experts today.

Contact our data quality experts today