The good news is that increasingly more businesses are available to assist with address data enrichment. The difficulty comes from finding the one that best suits your requirements. Thus, take into account the following:
Are we talking about a manual or automated process? Specific searches may benefit significantly from the use of certain data enrichment methods. For instance, suppose you’re simply interested in the unusual loan applicant’s background information. A data provider/aggregator is a valuable partner for large-scale endeavors. Now, let’s talk about it.
Do you wish to integrate with an API? Or you could buy the database and set up your search automation system. However, developers would benefit from having a central location for integrations of their design more often than not.
How recent is the data you’re getting and is it legal? Is the firm supplying it compliant with data privacy laws like the General Data Protection Regulation?
There shouldn’t be too much of a price range difference since most external data enrichment services charge a small amount per verification. Middleware choices, which we’ll elaborate on below, round out the list.
If machine learning is used to finish the data enrichment process, how does it do so?
One thing is to get the enhanced data. Figuring out what it means is another. Remember that unless you are a qualified data scientist, you are more likely to make wrong conclusions while analyzing vast amounts of data.
Here is where it pays to have some familiarity with the potential applications of machine learning. If you’re set to get a tidal wave of data, this technology can provide a seamless bridge to the individuals who can make sense of it.
Knowing the inner workings and model construction of a scoring system provided by your data enrichment provider is essential since such systems will inevitably need fine-tuning and supervision.
This is the fundamental distinction between a BlackBox system, where the rules are not revealed, and a white box system, where the rules are revealed in plain text. Without context beyond the score, you may feel completely at the mercy of the algorithms.
In fraud prevention, a data enrichment system may provide a risk rating to a transaction as an example of how a whitebox technology and human intelligence may be coupled.
The Role of Data Enrichment in Email Monitoring
There is nothing particularly novel about enhancing data. The modern execution, though, is what sets it apart. Especially when paired with the strength of machine learning analysis, it is essential for businesses that wish to continue competing successfully and expanding their operations.
Companies may save time and effort by contracting with an outside firm for data enrichment. Email Oversight’s Intelligence Tool, a simple Chrome plugin, is just one example of how we’ve simplified the process of adding context to data obtained by email or phone.
When is data enrichment necessary?
Data enrichment is your best bet if you want to find out more about your consumers without having to ask them directly. An all-encompassing picture of user activities like signup, login, and checkout is invaluable for risk management, especially when the goal is to lower fraud rates.
We hope this introductory read has convinced you of the value of data enrichment, whether you end up using Email Oversight for fraud detection or some other solution for better user experience or superior targeted marketing.