Huge amount of unstructured data is preset in the databases of large organizations which can be utilized in different ways. Data enrichment is the multiple step process of filtering supplier data present across the organization by processing it through a reliable master database. Collected supplier information is transformed into supplier intelligence in the data enrichment process. Data enrichment keeps track of the certification status of different suppliers, along with the mergers and acquisitions of companies, which can affect the certification status. Being aware of changes in certification lets organizations know in advance if there is need to make any changes to the supply chain to meet internal expenditure goals. Developed and enriched data offers improved insights to the companies and helps them in developing better e-mail marketing strategies and other forms of social media communication. Data enrichment services enhances data quality and accuracy by collecting missing or partial information, providing details about the current utilization of diverse suppliers, and classifying top suppliers to reduce dependencies. Predictive analysis plays an important role in data enrichment by helping salespersons to organize tailor-made marketing campaigns to make a conversion- inducing impact on individual customers. Data enrichment ensures personalized messaging and improves marketing return on investment. Data enrichment solutions perform operations such as structured dataset creation, product content data extraction, and missing data identification. These solutions utilize the most basic database and turns it into an insightful opportunity-generating asset.
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Data enrichment solutions provide insights into different business relationships. Such solutions help the sales and marketing team of organizations in higher quality engagement. Furthermore, it accelerates the supply chain by improving the data accuracy and quality by gathering the missing data. Data enrichment solutions are seeing rising demand due to their significant contribution in enhancing website conversion and streamlining lead follow-up. Moreover, this solution helps in enhancing customer engagement by providing insights related to the missing data in databases. Thus, all these factors are expected to drive the market growth during the forecast period.
However, lack of awareness about the benefits of data enrichment solutions is limiting the growth of the market. Furthermore, privacy and security issues related to supply data are also anticipated to have a negative impact on the market.
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