How LifeData® and Matching Technology Can Help Fix Data Silos
While few companies today would deny there is huge potential value in the ability to do data analytics, most are limited by the way that technology is currently structured and how data is currently stored.
In today’s digital business environment, companies generally use different technology systems to help achieve various business objectives; for instance, many companies today use a CRM platform, a customer service system and an email campaign management platform. While all of these platforms are beneficial to the business, they are disparate systems and are therefore unable to talk back and forth to each other.
What ends up happening in this type of situation is you start to get data silos, which can cause several issues from an analytical perspective. Data silos may result in duplicate information, some of which may correspond; some of which may contradict. Data silos can also limit a company’s ability to derive quick insights from their internal data.
For example, you may want to look at all of the customers who cancelled within the last six months so you can send them a new offer. Answering the question of ‘who’ cancelled is generally relatively easy, but to send a new offer that will encourage past customers to transact again, you also need to answer the question of ‘why’ they cancelled. If you do possess data internally that helps explain why customers cancelled, it is likely in a completely different system.
Without a solution that helps integrate these data silos, companies generally either have to guess at how the data correlates or hire expensive data scientists to come in and do an analysis for them. However, with Versium’s LifeData® and matching engine, companies can quickly and easily integrate data from disparate sources to create a more unified view of their customer and business data.
Versium’s LifeData® contains over 800 billion consumer attributes, and by appending LifeData® to your internal data, our matching engine is then able to do dynamic linking between the two and provide confidence scores based on the likelihood of each match found. Using this enormous amount of consumer information and highly intelligent matching engine, companies can find matches between the appended LifeData® and their internal data or matches within the disparate sources of their internal data. Both situations give companies a dramatically improved understanding of their prospect and customer base, allowing them to derive more intelligent insights from their data, so they can make better decisions faster.