The role of data in today’s business model is becoming more prominent than ever before. Businesses must use email campaigns, social media, online marketing and more to succeed. There are two types of practices that are most commonly used today: data cleansing and data enrichment.
Before discussing the distinction between the two–which are separate but related issues–it is first necessary to explain what customer data platforms (CDPs) are and the role they play in contemporary business intelligence. CDPs are an AI-driven technology that provide businesses with comprehensive consumer profiles they can use to boost profits and make smarter decisions.
CDPs can help businesses to:
Without accurate and timely intelligence on these topics, businesses will have great difficulty evaluating ROI and the success of marketing campaigns. But these days, businesses have to leverage a vast sea of consumer information coming at them from multiple sources such as their CRM, social media, advertising platforms, vendors and more. CDPs help them distill this raw stream of intelligence into clear, usable metrics, in large part by cleaning and enriching it.
Data cleansing has to do with the accuracy of intelligence. It is the process of ensuring that information is accurate and consistent, in abstracting data quality from the enormous quantity at an organization’s disposal. Cleansing eliminates the old and untrustworthy information, such as obviously fake or joke site accounts. (For instance, someone who signs up for an account with a name like Count Chocula, which has remained inactive for 5 years.)
There are many ways CDPs help to cleanse the intelligence streams.
Like cleansing, data enrichment is concerned with improving data quality. But whereas cleansing aims to reduce errors and reduplication in information, enrichment seeks to use it in the most effective possible way.
This can be done by combining different information or information from different sources and by analyzing the intel so as to produce the maximum insight. CDPs can take in action in several ways including:
Advantages to Data Practices
There are lots of ways to leverage a CDP to your organization’s advantage. You can use it to compile information from multiple sources into a single place and can use intel from beyond the internet, like store-based purchases. Adding input from vendors and third parties, including DMP suppliers, can greatly augment your existing customer profiles and add many more.
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