Streamlining data enrichment: insights from enterprise practices

In today’s data-driven landscape, large enterprise companies face the challenge of efficient data management and the data enrichment of vast amounts of data. A recent survey conducted by Openprise, which gathered responses from 96 enterprises, each boasting over 3,000 employees, has unveiled illuminating statistics regarding their engagement with data vendors. These insights offer valuable guidance on how enterprises can navigate the complexities of data enrichment while maximizing efficiency.

Go-to-market initiatives require specialized data for effective enrichment

Question 1: How many data vendors do you use?

The utilization of data vendors varies significantly among enterprises:

• 42% of respondents opt for the simplicity of 1 to 3 vendors, showcasing a preference for streamlined processes and fewer external dependencies
• 11% navigate a complex network of 10 or more vendors, indicative of a strategy driven by specialized data needs or diverse business requirements
• 39% of companies engage with 3 to 6 vendors, suggesting a balanced approach that combines diversity with manageability
• 8% of respondents juggle services from 6 to 10 vendors, highlighting a nuanced approach to data sourcing

These diverse utilization patterns underscore the strategic considerations involved in selecting and managing data vendors. Moreover, for most companies, effective go-to-market initiatives require multiple vendors with specialization. A single-vendor approach won’t cut it.

Challenges in data enrichment

Question 2: What are the top time-wasters in working with data enrichment providers?

The survey delved into the key challenges that consume valuable time in the data enrichment process:

• 12% of respondents find contracting a time-consuming aspect, indicating complexities in negotiation or legal processes
• 18% of respondents report integrations are challenging, signifying the technical hurdles associated with syncing external data sources with internal systems
• 12% of participants say managing multiple data vendors is daunting, underscoring the need for robust vendor management strategies
• 26% of respondents say the normalization process is a significant bottleneck, pointing to the complexities of aligning disparate data formats and structures
• 18% of participants report onboarding new vendors is time-consuming, signifying the challenges of integrating new data sources into existing workflows
• 14% of respondents point to additional factors such as data sourcing, highlighting the multifaceted nature of time-wasting in enrichment processes

Addressing these time-wasters requires a comprehensive approach in order to streamline operations and enhance efficiency. These tasks are not only necessary, they’re required. However, there is a more efficient way to manage these processes.

Time investment in data enrichment

Question 3: How much time do you spend to source, contract, onboard, enrich, and integrate with each new data vendor?

The survey sheds light on the varying time investments required for engaging new data vendors:

• 26% of respondents invest 17 or more hours in sourcing, contracting, onboarding, enriching, and integrating with each new vendor, reflecting the intensive efforts involved in establishing new data partnerships
• 29% allocate a relatively modest 1 to 5 hours to these tasks, suggesting a more streamlined approach to vendor engagement
• 12% of respondents dedicate 12 to 16 hours to these activities, reflecting a moderate level of investment
• 33% of participants invest 6 to 11 hours, indicating a balanced approach that prioritizes efficiency without compromising thoroughness

Understanding these time investments can inform strategies to optimize resource allocation and minimize inefficiencies in vendor engagement processes.

Key features and benefits sought from enterprise

Question 4: What are the top features and benefits you would like to see from your data vendor?

Lastly, the survey uncovers the features and benefits that enterprises prioritize in their engagement with data vendors:

• 52% emphasize the importance of data cleansing, deduplication, and normalization, highlighting the critical role of data quality in driving actionable insights
• 16% prioritize ease of integration, underscoring the value of seamless compatibility with existing systems and workflows
• 17% of respondents value simplified sourcing and contracting processes, reflecting a desire for streamlined administrative procedures
• 15% of participants cite transparency in reporting and usage, underscoring the importance of accountability and visibility in data vendor relationships

These preferences underscore the evolving expectations of enterprises as they seek to harness the full potential of external data sources.

Unlock the full potential of data enrichment

In conclusion, the survey findings provide invaluable insights into the practices and challenges surrounding data vendor utilization in large enterprise companies. By leveraging these insights, organizations can refine their strategies, streamline operations, and unlock the full value of data enrichment initiatives. With a clear understanding of utilization patterns, time investments, and desired features, enterprises can confidently navigate the complexities of data management, driving innovation and competitiveness in today’s data-driven landscape.

Interested in learning more about enrichment? We are offering a free data assessment to help you evaluate the currency of your data. Provide us with a list of your ICP accounts and contacts, and we’ll identify any outdated information for you. Contact us today to learn more! Explore our or schedule a demo today!

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