You can go a long way using data bureaus to append business information, but did you know you can increase their results by up to 30% by simply pre-processing your data.
We are not a data bureau, but over the years we have had numerous requests to append data and often revert to the standard companies providing these services.
We made some interesting observations, when you send the same data to multiple vendors, you get back completely different results.
So we now know who to speak to for certain types of data and get the best results for our clients.
Then we started to think about why these results were all different, after all, it can’t be too difficult to match them consistently.
We concluded there are two key factors.
Two Key Factors
Firstly, the quality of the data stored by the vendor had an impact. We noticed if the vendor’s data wasn’t up-to-date or was just untidy then that would affect the results.
Secondly, the way their matching algorithms between the data we sent them and their own database affected results. The results would clearly depend on how clever the algorithm was.
As experts in understanding algorithms for data matching and their complexities; and how poor data is much harder to match, we decided to pre-process data before it reached any bureau.
What we found, to our surprise, was a substantial increase in results with very little effort. Given how expensive it can be to append certain types of data, it was certainly worth the effort.
If your data bureau appends to 70% accuracy, then some pre-processing can increase that to 90%. This works because your data is now more matchable to the bureaus data and friendlier to their matching algorithms. (Is matchable a real word?)
So, the next time you are about to spend a lot of money appending data, whether it’s B2B or B2C, perform some pre-processing to standardise the data, we can assure you it will be worth your while.
If you’re not sure then contact us and we can guide you in the right direction.