We all love a good “before and after” reveal, whether it's the impossibly gorgeous new kitchen, the restored hot rod, or the glamorous website makeover. Data enrichment gives your enterprise the glam treatment by cleansing, standardizing, and verifying your data to ensure that you're working with accurate, up-to-date information.
Data Before Data Enrichment
Outdated, incomplete data isn't doing you or your company any favors. In fact, it could be hurting business by generating inaccurate reports that influence decision-making or by wasting your time when searching for current information.
Outdated: If the only constant is change, then is it any wonder that your data becomes outdated almost immediately? Suppliers move to new addresses, merge with or are acquired by other companies, add new products or services and discontinue old ones, and the list goes on. What are you missing by not keeping your database updated? How often are you verifying data? What is your process for updating data?
Inaccurate: Humans are error-prone. We know and accept this. But when it comes to the data we rely on for making decisions or maintaining a strong, efficient supply chain, should we accept human errors?
Incomplete: Whether it was an oversight or the person was in a hurry or the information wasn't easily available in the moment, too often our data entries are incomplete. We may think just having the basics is enough, but what about when we need to dive deep into our databases and we miss entries because they don't contain the search parameters?
Inconsistent: Over the years, your database has evolved as your data needs have changed. Maybe you migrated from an old spreadsheet to a modern database, but have you gone back to make sure older data is consistent with new entries? Is the information collected in the first iteration of your database still relevant today? Is the formatting consistent? How much time and money would it take to manually convert and verify that data?
Data After Data Enrichment
Following data enrichment, your data is ready to wow with accuracy, integrity, and reliability. The big reveal comes when reports produce valuable, actionable insights and your enterprise sees savings in streamlined operations.
Up-to-date: CVM's Master Database is constantly updated via more than 300 verified databases, ensuring that you have the most current, relevant information on everything from contact information to certification status to available products and services.
Accurate: Data enrichment through CVM's Master Database means you have access to the most comprehensive and complete supplier diversity database available. The Master Database is equipped with proprietary algorithms that check data for accuracy around the clock. All this so you can have confidence in your data.
Complete: During the cleansing process, the CVM Master Database is used to complete missing data (such as contact information, tax IDs, revenue, and employees) and check the accuracy of existing data.
Standardized: When you cleanse your data through the data enrichment process, it is automatically standardized and duplicates are flagged so you can review and make the final decision about changing the entry. Company names are automatically standardized and addresses are verified and standardized in USPS format.
How Data Enrichment Helps Your Organization
The tangible benefits of data enrichment are specific and far-reaching. When you know your data is accurate, you can produce reports with confidence. Complete records mean your internal database searches yield more reliable results, saving you time and money in tracking down information.
Suppose you have a new contract opportunity and wish to identify and vet potential diverse suppliers in your master vendor file. Pre-data enrichment, you may identify a few possible suppliers only to discover that they no longer offer the product or service you need, or their minority certification has lapsed, or the contact person in your database has moved on, or maybe the company has gone out of business. Outdated, incomplete information means you have to start the search again and hope that a viable supplier turns up this time.
Data enrichment also helps you gain a clear picture of your current suppliers, your reliance on them, and connections they may share.
After your data has been cleansed, updated, and standardized, you may discover that the supply chain relies on just one supplier. With that knowledge, you can assess and mitigate potential risks to your operation in the case that something goes awry with that supplier.
Or perhaps data enrichment reveals that a supplier is a child of another company in your supply chain. Now you can approach the parent company and negotiate cost savings based on the volume of business you do with that organization as a whole.
In a world where data is the key to profitable operations, supplier data enrichment is crucial for ensuring that you have the most accurate, current, reliable information possible to help you succeed. Isn't it time for a data makeover?