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High Growth Companies Leverage Data Enrichment Vendors With Expertise In AI

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Author : Jyothish

AIMLEAP Automation Works Startups | Digital | Innovation | Transformation

High Growth Companies Leverage Data Enrichment Vendors With Expertise In AI
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Author : Jyothish

AIMLEAP Automation Works Startups | Digital | Innovation | Transformation

Data hygiene has grown increasingly critical for businesses, and the rising volume of data has only made it more difficult in the present climate. To address the issue of data decay happening due to massive information collected from external sources, the necessity for automated data enrichment has increased. Basically, the practice of enriching existing information by augmenting missing or incomplete data is known as data enrichment or augmentation.   

Data Enrichment assists businesses in transforming pre-existing data into a comprehensive profile that can be used to enhance data analytics for in-depth insights. Businesses can utilize data enrichment to refine, improve, and reuse raw data in order to achieve their objectives.  

There is a huge requirement for cutting-edge data enrichment services and this is the reason why the 

Data enrichment market is estimated to reach US$ 2.67 billion by 2027, growing at an annual rate of 8.3%.

Data Enrichment And AI

Although the usage of AI in organizations remains relatively low, data suggest that a growing number of businesses are beginning to incorporate it into their operations. 

In 2015, just 10% of companies were using artificial intelligence technology or planned to do so in the near future. In 2019, the figure had risen to 37%, indicating that more than one-third of enterprises are either utilizing or planning to use artificial intelligence states a 2019 Gartner report. This marks a staggering 270% increase in only four years.  

The majority of this rise occurred between 2018 and 2019 when the use of AI within businesses nearly quadrupled.  

If you leverage AI, you can automate multiple processes in your business. AI can really transform the whole process completely. Artificial intelligence is the current leading technology at the top end of the digital transformation, meant to serve extremely important business purposes including data enrichment.  

Today growth-oriented Data enrichment vendors use AI for adding more value to data which also provides the end user the opportunity for a deeper analysis. The best data enrichment services delivered by futuristic service providers are always powered by AI since it drastically enhances accuracy and efficiency.

How AI Transforms Data Enrichment Process?

Data enrichment is an important initial step in gaining relevant insights from data obtained from various sources. By augmenting existing datasets, one can improve the quality of the conclusions from the data. Modern Data enrichment vendors deploy AI mechanisms to enrich data and make it worth analyzing for diverse personal and professional purposes.  

AI ensures that both new and old information is accurate, so data decay is never a concern. Using AI, database management companies deliver the best data enrichment services and enhance your business database. Here is how AI is transforming the data enrichment process of a database management company.

Data Enrichment Process

1. Increased accuracy

Accurate data fuels the goals and strategies of a business. So, it’s the responsibility of data enrichment vendors to keep the accuracy of data intact while delivering services since it is critical for a brand wanting to precisely target the right customers at the appropriate time. But when dealing with large sets of incomplete or missing data, the manual enrichment process has a larger scope of being error-prone.  

So, how do database management companies deal with errors in data? 

With AI leading the way, large quantities of accurate data are processed, completed, and structured by service providers. An AI-powered data enrichment process or tool enables service providers to complete their tasks in a lot more accurate, effective and timely manner.  

When it comes to maintaining data accuracy during the data enrichment process, AI takes the center stage.

2. High Efficiency

Data enrichment is all about enhancing the quality of data on a large scale which is definitely not possible manually or with a standard tool. So, detail-oriented Data enrichment vendors use tools empowered with AI technology and process large quantities of data keeping the efficiency high. 

AI has proven to be a prominent technology in the data enrichment segment. By becoming an early adopter of AI, a company delivers the best data enrichment services without losing its efficiency.  

AI systems can analyze massive amounts of data fast and effectively, allowing AI and machine learning intelligence to tackle complicated issues. Service providers can process well-structured and filtered data in a snap which will automatically help data users to draw insights from it much quicker.

    3. Increased Innovation

    Many Data enrichment vendors still prefer to take risks rather than lose a competitive edge in the market, and so aggressively engage in innovation while simultaneously exploring new prospects for integrating AI in various business operations.  

    With AI, database management companies are implementing the power of innovation in data enrichment and transforming the way a business use data.  

    Stats prove that  

    61% of corporate leaders who use an innovative approach think AI helps them find possibilities in data that would otherwise go unnoticed. 

    Leveraging AI for innovation, database management service providers are changing the entire data management and enrichment landscape.

    4. Easier Segmentation

    It is usually preferable to categorize or segment data into distinct categories. The more a company’s data sets can be narrowed and “tightened” to focus on certain target groups, the more data enrichment activities will pay off.  

    With AI, the process of segmenting the data effectively becomes extremely easy for a database management company. As a database is built from data collected from different sources, segmentation is essential to obtain an accurate view of the users according to their preferences and actions.  

    Growth-oriented data enrichment vendors using AI-supported tools are able to categorize data quite easily. Also, high accuracy can be expected since AI is supporting the entire data enrichment function.

    5. Cost Effective

    The manual data enrichment process requires human efforts and is a tedious and costly task. With data enrichment being automated and AI-powered, the resources are freed up and can be used to perform more critical tasks thus making it extremely cost-effective for data enrichment vendors.  

    Futuristic database management companies using artificial intelligence are making big savings and helping their customers also save big. Without data enrichment, raw data may contain duplicates and many leads with erroneous and missing information, resulting in customer and revenue loss.  

    Also, keeping huge databases may be costly, especially if the data is erroneous. Data enrichment allows you to save money since incomplete or superfluous information is not retained, and only high-quality, processed data that is ready to use in your sales and marketing campaigns is stored.

    Companies To Look Out For In 2024 For AI-Driven Data Enrichment Services

    Data powers modern organizations, allowing businesses to make accurate, evidence-based choices rather than speculating or guessing. Many businesses are preparing for the future by acknowledging that data is unstructured and heterogeneous, and that data enrichment, finding, cleansing, organizing, and validation are required. For that, future-ready data enrichment vendors must be contacted. Here is the list of top companies to look out for the most accurate, efficient, cost-effective, and of course the best data enrichment services.

    Best Companies For Ai-Driven Data Enrichment Services

    1. Outsource BigData

    Outsource BigData is a trusted database management company with rich experience in leveraging advanced technology for extracting, managing, delivering, structuring, and enriching datasets. With a wide range of data enrichment services offered by Outsource BigData, anyone can build a clean, structured, and accurate database for analysis, research, and discovery. Being one the top data enrichment vendors in the industry, Outsource BigData ensures delivering quality services within budget.

    2. HCL

    The expert in innovative consulting, implementation, and operational services, HCL enhances your digital transformation journey by delivering the best data enrichment services. Being one of the top database management companies, HCL makes data available faster, more accessible, and more actionable. Whether you are pursuing far-flung initiatives or developing customized data & analytics programmes, it can help you realize your digital goal by employing proven and organized data enrichment and management strategy.

      3. Accenture

      Partner with Accenture and get the best data enrichment services that transform your entire journey towards data analysis. The organization has access to the best technology and talent to power the success of a business through quality data. Every high-potential lead can be identified, monitored, and acted on quickly when the data you have is clean, accurate, well-structured, and segmented. One of the top data enrichment vendors in the industry serving millions of customers all over the world for their data-related service needs.

        4. WNS

        WNS’ analytics consulting and services power cutting-edge technology solutions, making it the ideal Data, Analytics, and AI partner for you. It is an appropriate Data, Analytics, and AI partner for organizations due to its rich domain knowledge, co-creation laboratories, strategic collaborations, skin-in-the-game strategy, and proven track record of providing high-end tech solutions. It is also a renowned database management company that speaks about its crucial role in the industry through its customer-oriented services.

          5. Mindtree

          Counted among the top data enrichment vendors, Mindtree offers enterprise-grade best data enrichment services and makes data consumable for its customers. It employs smart strategies to enhance the quality of data inside a function or organization so that it is accurate, comprehensive, consistent, and reliable when used to address business problems. The data-driven organizations must consider Mindtree for customer-centric solutions.

            Preferred Partner For High Growth

            Conclusion

            Data enrichment is a critical tool in the modern marketer’s toolbox since it allows them to target the potential audience and make informed decisions. One can analyze the market scenarios and make better decisions by augmenting current data. It offers campaigns the boost they need to fulfill corporate objectives while also elevating personalization and consumer experience.  

            While data enrichment may appear to be a minor aspect of the data universe, it has a tremendous influence on sales and marketing. All  data, regardless of source, begins in raw form. Following the cleansing and structuring of this raw data, data enrichment makes it more valuable in a variety of scenarios. 

            You need the right data enrichment vendors who can support you in building a solid database and trigger business innovation. Outsourcing BigData is the ideal choice if you seek the best data enrichment services within your budget.  

            The trusted database management company uses AI-powered tools to enrich your database system. Our data enrichment services can assist you in at least getting started in transforming all of your company data into usable insights so that you can come to actionable conclusions quickly.

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            Jyothish Chief Data Officer

            Jyothish - Chief Data Officer

            A visionary operations leader with over 14+ years of diverse industry experience in managing projects and teams across IT, automobile, aviation, and semiconductor product companies. Passionate about driving innovation and fostering collaborative teamwork and helping others achieve their goals.

            Certified scuba diver, avid biker, and globe-trotter, he finds inspiration in exploring new horizons both in work and life. Through his impactful writing, he continues to inspire.

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