Data enrichment is the process of enhancing raw data by adding additional data from internal or external sources. Adding relevant third-party data to an existing dataset can enhance or improve the available data, making it more useful for decision-making and analysis. This third party data can come from a variety of sources, which include:
- Internal data sources, by combining data from different internal sources and systems
- External data sources, such as public databases, third-party data providers, and online forums and social media platforms
- Automated data enrichment tools, which update a dataset based on predefiend sources
- Manual enrichment, when a person manually adds or updates existing information
Data enrichment allows a company to improve their decision-making process and perform more accurate analysis. It provides a complete and more accurate picture of the environment the company exists in, allowing for the organization to make smarter decisions.