Let’s talk definitions / Let’s clarify some important terms
Data Hygiene / Data Cleansing: Typically a disparate set of standardized processes, such as NCOA or Basic Deduping. Accepts a standard/required input and returns a static set of fields. Processes are typically rigid and do not accommodate the variety of data sources, inputs, and goals. Each step is done independently of the others and priced separately, making it difficult to understand the final cost. Often times laborious reformatting is required.
Data Enhancement / Data Enrichment / Data Append: Matching input data to a large standard file consisting of consumers or businesses to add a variety of additional data points. Examples of added data include:
Consumers – Demographics, such as Age, Income, Occupation; Psychographics, such as buying behavior; Contact information such is emails and phones.
Business – Firmographics such as Revenue, employee size, Industry Codes, etc… Contact information such as emails and phones.
Data Quality Solutions: Comprehensive end-to-end process to solve various data issues as a whole. Considers the input data sources, the goals, and desired output to create a unique customized and automated solution.
Data quality tools: Tools that are installed in-house or software as a service. They are used to load your data for a wide range of standardization, reporting business intelligence, deduping, combining, etc… Typically they are higher priced and also require the expertise of the business needs and goals end of the data itself. These tools still require a large investment of time and learning.
Master Data Management/MDM: is a technology-enabled discipline in which business and IT work together to maintain all aspects of the quality, consistency, and accountability of the data across the entire company. MDM supports the business initiatives and objectives.
First-Party Data: First-party data collection is consent-driven and inherently more transparent than other collection methods, and advertisers who can act on collected data will have a leg up against competitors and the fast-changing industry. This will typically include your customer list people that have inquired and provided their information people that have opted in to receive newsletters and shared their information.