What is Data Enrichment and What are The Various Benefits?
Data enrichment is a handy tool that can add value in improving the quality of the organization’s data. It is best described as the process of enriching data as a set of method and structures for refining and better value from the data.
One of the roles of enriching the data is to make it a more valuable asset. It means that the data can be used to get more information out of it so that you can make it more useful for the organization without incurring too much cost.
How does it work?
Any organization has its goals to add value to the data. But many tools that are used for the purpose are universal in their refinement process. Whether it is ensuring the accuracy of the logs, or adding new data to the tables, or correcting the typographic or spelling errors, these tools can improve the quality of the data on various fronts. So no matter what your plan is you can make use of the right tools to enrich the data.
What are the benefits of data enrichment?
There are many benefits of the same. Let’s start taking a look at them one by one.
1. It ensures accuracy of algorithms
The organizations keep on changing the data-system, it can result in a bad decision making in the long run. A data-enrichment process ensures that the algorithms are more accurate and the decision making is better.
2. Accuracy of data
It eliminates the irrelevant and the outdated facts which will help you in making the right decisions which are the very health of the organization.
3. Recurring entries are taken care of
It also takes care of the duplicate entries and updates them on the files. When you find these recurring entries, you can well decide whether it will be good to eliminate them or not.
What are the key steps?
With the help of few simple steps, data enrichment can be implemented within your organization. The first step is to do the quality assessment of all the data with the content management systems. It is important the assessment methodologies cover the essential areas of the integrity, consistency, and completeness. It the #data can’t remove these four areas it might need to be repaired or you can get rid of it altogether. Your strategies go a long way in resolving the issues in your data structure and will make the difference in this initial assessment process.
Once this step is complete, it will be necessary to determine the best way to enrich the unique data in the organization. This process is unique for each organization. Experts suggest that the data enrichment should start by cultivating an original outline for the need of the organization. It must be followed by necessary research to ensure the effective strategy by locating data from various other sources and checking it for the quality before implementation.