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Data enrichment is about filling and refining all the gaps in existing company data or company information. Data enrichment is a process that involves combining raw data points and merging them with similar data points, basically filling in the gaps with important details to create a richer profile.
Ultimately you improve the quality of your datasets by adding new data and cleansing inaccurate or outdated entries.Types of Data Enrichment
While the types of data enrichment are very wide and can vary, here are the three most common types.
Behavioral. By enriching behavioral data, you will be adding customers’ behavior patterns to their user profile, this includes areas of interest and their “reactions” to campaigns.
Geographic. Companies that enrich geographic data will have better insights into where their customers coming from. This allows them to focus on certain markets and make better marketing investment decisions.How to Implement Data Enrichment
Despite the benefits, many companies have a problem with enriched databases, usually, they are out of date and incomplete. Even a report has shown that 49% of marketers don’t have confidence in their company’s data quality.
Credit scoring is built on data enrichment. Banks or loading providers that have access to enriched databases are less likely to work with a potential defaulting customer, they have all the information about who they are dealing with.Fraud Prevention
Similar to loans, businesses can reduce fraud rates and scams. With access to an email address and device IP address, enriched data will create a fuller picture of the user.Marketing Retail
Key Benefits of Data Enrichment
With data enrichment, businesses collect data that’s valuable to them, they can trust it and use the information to benefit their companies. Here are the top 3 benefits of data enrichment:1. Improved Data Accuracy
One data set is not powerful enough to build a deep view of a customer, his history, interest, and reliability. That’s why data enrichment plays a crucial role in making these one-standing data sets more useful by adding missing information to existing data.2. Better Customer Targeting
Sales reps only spend one-third of their time actually selling, while with data enrichment, that time could be much longer. When data is organized, up to date, rich with details, and accurate, these companies have much greater chances and time to spend time selling or creating marketing campaigns. Basically, enriched data will lead to an increase in sales conversions, thus increasing the potential return for customers.3. Elevated Customer Experience
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Over the last few years, there has been an unprecedented explosion of data. As a result of this, data analytics has become a growing field and many businesses are choosing to heavily invest in professionals of this industry to take their organizations to the next level.
However, despite this growing interest in data, there is still a large disconnect between the sheer volume of data being created and the number of organizations making use of this data.
Certain aspects of marketing data can provide valuable information to companies, such as campaign tracking or general web traffic, yet few small businesses make use of this information.
Here, we’ll talk about how you can use marketing data to improve your marketing strategies and grow your business.Identify the Right Marketing Data
One big reason that marketing data is not used effectively by many small businesses is due to a lack of understanding regarding the importance of that data. Data analytics isn’t a new field, yet many small business owners fail to see how they can access and use their marketing data.
Related: Use data to create a content map that converts more customers.
Some organizations today focus on older forms of data to pull consumer analytics from, but this data isn’t as representative as more modern data sources. Despite the fact that many businesses make use of the wrong data, the importance of targeting the right data is not commonly known.
So, how can you find the right data to target? It’s essential to place an emphasis on the collection of data that deals with consumer traffic, conversion rates, and marketing growth.
And, the type of data that you need to collect may vary by marketing type. For instance, the marketing data you collect from PPC campaigns could vary from your SEO metrics.
Related: Find out the 29 marketing metrics you need to know to track every strategy.
You can also look at the sources of data you can collect, including first-party data, which can help you boost your chances for marketing success.Focus on Marketing Data that Taps Into the Consumer Mindset
Regardless of if you choose to invest in your own data analytics or outsource the job, understanding the consumer mindset is everything. Another reason small businesses overlook key data is that they retain the mindset of a seller. Put yourself in the shoes of a potential consumer and you’ll be able to identify more data points to target.
Almost every customer has the option to leave a review after purchase, and reviews can provide valuable marketing data for your small business. But, you can also take it a step further and reach out to consumers for case studies, which can not only give you coveted marketing data to drive growth but can create validation for your business.
Data shows that case studies are an extremely important part of the consideration stage in the buyer’s journey that can make or break a purchase decision.
Adding this simple validation to your website can help convince potential customers that you are a reliable organization, while also helping you to build a connection with previous customers and have them potentially make another purchase, which is a big way that marketing data can help propel your business toward growth.
Related: Own or run a finance business? Get data-backed finance marketing strategies built around consumer behavior.Determine the Best Way to Collect Marketing Data
After determining and outlining the most important types of data for your organization, collecting said data is the next course of action. For small or even mid-sized businesses, this can seem like a tall order. Creating a new division within your organization dedicated to data collection and analytics can be expensive and time-consuming, which is why relying on third-party data analytics teams is typically a smarter move — especially for small businesses.
After all, your entire organization doesn’t need to become an expert in data analytics if you choose to partner with experts in the field. Many marketing partners offer prominent features such as digital presence building and outreach marketing services from which they can collect and synthesize important marketing data in the form of reporting dashboards — or they can even tie the information into your CRM.Utilize Data to Create Personalized Campaigns
Based on the data collected either by yourself or by your marketing agency, you can then personalize your outreach to customers. By personalizing your campaigns based on marketing data you can optimize each message sent to a customer and increase the odds of getting engagement.
Remember that personalization is one of the most important aspects of modern marketing and helps to build trust. And, personalization is only possible with accurate and complete marketing data.Get Started Analyzing Your Marketing Data
As technology continues to develop, the data floating around the internet will inevitably increase. Taking the time to learn how to sift through that data and partnering with effective professionals can help accelerate your business growth faster than ever before.About the Author Guest Author
Our guest authors are industry experts, marketers, or business owners who cover a range of topics from sales, marketing, data, and entrepreneurship.
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Machine learning (ML), although widely used in many industries is still a new application of AI in healthcare. AI has recently moved from academia and research labs to hospitals.
AI can be used to evaluate risks and make informed diagnoses. It also performs precise surgical procedures. AI is used in all medical specialties, including rural care and surgery prioritization. It can also be used for drug discovery or survival analysis.Artificial Intelligence in Healthcare – Important Patient Benefits
AI is a key area of healthcare that has seen significant benefits.Public Health & Big Data
AI excelled at analyzing big data from healthcare organizations. AI allows for rapid analysis of data. Data allows for proactive risk assessment and narrows gaps in public healthcare. It also explains how genetics, behavior, and environmental factors impact population health.
Combining this information with diagnostic data gives AI a holistic approach to patient treatment protocols.
AI is an important tool for population studies. It can predict at-risk populations using genetic, behavioral, social, and other factors. AI has enormous potential in public health. Healthcare institutions are now using it to provide more personalized, data-driven healthcare to patients and improve outcomes.Clinical Decision Making
The differential diagnosis for any disorder in medicine is enormous. To get a definitive diagnosis, a differential diagnosis requires time, labor, money, and effort. This process has been greatly simplified by AI.
Machine learning algorithms are able to diagnose definitively faster than traditional methods and can do so with greater accuracy. AI has been used in clinical diagnosis to reduce errors and speed up treatment for serious medical conditions.
Another area in which AI excels is in robotics surgery. Electronic technology has led to robots capable of performing delicate surgery. Although the surgeon is still in control of the robot, the robot can perform micro dissections and reach delicate areas that are impossible to access with the human hand.
Robot arms can move with precision and perform complex tasks on the brain or heart with pinpoint accuracy. This reduces blood loss and minimizes complications. All data from robotic surgeries can also be saved, which can aid in learning and training surgeons.Accessibility and Better Healthcare Delivery
Rural residents often have difficulties accessing specialist care. People would need to travel long distances to get to specialists because of the lengthy wait times. Patients can be inconvenienced and it can lead to high costs.
AI allows primary care physicians to evaluate patients with any type of medical disorder, regardless of whether they are in a city or rural area. AI robots can scan for eye disease and send images to specialists who will recommend a treatment. Patients can receive treatment immediately and the diagnosis can be made quickly.
Primary care physicians can now effectively triage patients in rural areas who require urgent treatment or those that can be managed well by using AI.
In the end, rural residents can have access to digital AI infrastructure that allows them to receive faster care and state-of-the-art medical diagnoses.Artificial Intelligence in Healthcare Helps to Reduce the Shortage of Specialists
Although there are plenty of primary care doctors, specialists are not always available outside major cities. AI can help with diagnosis in low-resource areas by interpreting imaging studies such as chest x-rays and CT scans. PET scans are also helpful.
Primary Care Physicians don’t need to wait days or even weeks for a reading from the radiologist.
Healthcare institutions are complex, with many patients and huge amounts of data. They also have extensive interconnected systems and processes. This can lead to inefficiency, long wait times for patients, and even missed appointments.
Data has shown that AI can rapidly scan through large amounts of patient information within the electronic medical records and ensure that no patient is forgotten or missed an appointment. AI can also prioritize services based upon available resources, and optimize workflows to improve revenue cycle performance.Both Inside and Outside of Healthcare Institutions, Artificial Intelligence is a Huge Part of Healthcare.
AI has enormous potential in healthcare, both within and outside of healthcare institutions. Hospitals are constantly facing financial challenges. AI can be used to compensate for rising healthcare costs and operational inefficiencies. AI and other technologies will improve the availability and delivery of medicine, as well as patient outcomes.
Automated Machine Learning (AML), Aids Data Analysis Processes
Automated Machine Learning, or AML, is a great way to automate data analysis. AML is a method that automatically selects algorithms, visualizes the results, and provides better interpretation.Data Analysis is More Precise in Guiding Decision Making
Machine learning algorithms and processes can be used to make healthcare data more valuable to clinicians to aid in their decision-making. This can improve patient survival and mortality, as well as the diagnosis and treatment.
Data Science has revolutionized business growth over the past decade. Amazingly, it now has become possible to segregate and structure specific predictive data to extract useful insights for your business. You can even use these insights in other areas like sales and marketing to increase your business’s revenue.
However, this is not where the effective use of data ends! There are many benefits of data science and reasons why you shouldn’t ignore its use in your business.
Let’s have a look…Improves Business Predictions
data science company
can put your data to work for your business using predictive analysis and structuring your data. The data science services they provide use cutting-edge technology such as machine learning and artificial intelligence (AI) to help analyze your company’s data layout and make future decisions that will work in your favor.
When utilized to its full potential, predictive data allows you to make better business decisions!Business Intelligence
Data scientists can collaborate with RPA professionals to identify various data science services in their business. They can then develop automated dashboards that search all of this data in real-time in an integrated way.
This intelligence will allow your company’s managers to make faster and more accurate decisions.Helps in Sales & Marketing
Data-driven marketing is an all-encompassing term these days. It is because only with data can you offer solutions, communications, and products that meet customer expectations.
If you work with a data science company, they will use a combination of data from multiple sources and provide more precise insights for your teams. Imagine obtaining the complete customer journey map, including all touchpoints of your customers with your brand. Data science services make this imagination a reality!Increases Information Security
Data science has many benefits, including its ability to be implemented in the field of data security. Needless to say, there are many possibilities in this area. Professional data scientists can help you keep your customers safe by creating fraud prevention systems.
Additionally, they can also analyze recurring patterns of behavior in company systems to find architectural flaws.Complex Data Interpretation
Data Science can be a great tool to combine different data sources to understand the market and business better. You can combine data from both “physical” and “virtual sources depending on which tools to use for data collection.
This allows you to visualize the market better.Helps in Making Decisions
One of the major benefits of working with a data science company is its proven ability to help your business make informed decisions based on structured predictive data analysis. They can create tools that allow them to view data in real-time, producing results and allowing more agility for business leaders.
This can be done by using dashboards or projections made possible by a data scientist’s data treatment.Automating Recruitment Processes
Data Science is a key reason for the introduction of automation to many industries. It has eliminated repetitive and mundane jobs. Resume screening is one such job. Companies deal with thousands of resumes every day. Many companies can receive thousands of resumes to fill a job. Businesses use data science to make sense of all these resumes and find the right candidate. Image recognition, which uses data science technology to convert visual information from resumes into digital format, is an apt example of a data science services application.
The data is then processed using different analytical algorithms such as classification and clustering to find the best candidate for the job. Businesses also analyze the potential candidates for the job and look at the trends. This allows them to reach out to potential candidates and provides an in-depth view of the job-seeker marketplace.Final Word
Working with a data science company can be a go-to solution for your business to help it become more efficient in this digital age. We hope you’ve gathered useful insights from this article to apply in your business.
When to invest in futures
Businesses that produce raw materials (such as mining companies or agricultural businesses) and those that rely on them to operate (like manufacturers) are most likely to benefit from investing in futures.
To know whether futures could serve your company, consider how much you rely on specific raw goods. Futures contracts represent a transaction for a particular commodity. For example, one RBOB gasoline futures contract is worth 42,000 gallons of gas, according to CME Group. If your business depends on a single commodity, like gas, you can use those futures to control prices.When to avoid futures
On the other hand, if your business is less reliant on raw materials, futures might not be beneficial. For example, while a coffee shop needs coffee beans, a more diversified restaurant may not have such strict ingredient requirements. A coffee shop must pay higher prices when coffee beans become more expensive, but a restaurant may be able to change its menu to avoid paying higher costs. If the price of apples rises, a restaurant may be able to substitute apples or otherwise tweak its menu, or it could feature dishes without apples in its marketing.
Did You Know?
Futures contracts aren’t always tied to commodities. You can trade futures for equity indexes (like the S&P 500), cryptocurrency or foreign currencies, but these products might not have a direct tie to your business operations.How to get started with futures
To start trading futures, you’ll need a brokerage account that gives you access to the futures market. This is similar to a stock brokerage account, and some brokerages may allow you to trade both stocks and futures in a single account.
Depending on how your business is structured, you may be able to open the brokerage account in your personal name, or you may want to open it in your business’s name. If the account is in your company’s name, you’ll need to designate the individuals who are authorized to place trades on your company’s behalf.Placing futures trades
Once you’ve funded your account and you’re ready to make a trade, you’ll fill out a ticket (typically online or through a mobile app) that specifies the type of trade. There are many types of trades you can place, but they all stem from three major types: market, limit or stop.
Market orders: These orders execute as soon as possible at the best price available at that moment.
Limit orders: These orders guarantee a predetermined price – but the order won’t execute until someone is willing to take the other side of your trade, and the order may not execute at all if you set the price too high or too low.
Stop orders: These orders are typically market orders, but the brokerage doesn’t place the order unless another trade has already been executed at a predetermined price. For example, you may buy a contract at $1,000 and set a stop order to sell at $800. If the price falls to $800, the stop order will execute and you’ll sell the contract almost instantaneously. There are many variations of this order type, including orders with a percentage-based trigger and “trailing” stops that adjust as the price moves in your favor.
Did You Know?
Stop orders, often called stop-loss orders, are commonly used to exit your trade when the price moves too far in the opposite direction you’d hoped. “Stopping out” automatically controls your losses so you don’t have to constantly track your trade.
With the Windows end-of-service deadline finally upon us, a lot of holdouts are hurriedly making the upgrade to Windows 7 or 8. Moving all your important files from Windows XP to your new computer may sound like just one more hassle.Option 1: Flash drive or external hard drive
The most straightforward way to transfer your data to a new computer is by manually moving it from one PC to the next using removable physical storage, like a flash drive or external USB hard drive. The upside to this option is that you don’t have to download any software or go through any special steps. Just plug your external drive into your old computer, drag your files over, and then plug it into the new computer and drag the files back.
There are two caveats, though.
The first is that you’ll actually need enough physical storage to make the transfer. If the only external storage you have is a 512MB flash drive you got at a Circuit City in 2007, it’s not going to be practical for transferring large amounts of data.
Fortunately, external storage has gotten quite cheap. You can get a reliable, brand name 500GB external hard drive for $70 on Amazon or Newegg. Not only will it help with the data transfer, but you’ll be able to use it to back up your important files in the future.
Windows XP’s Documents and Settings folder.
The other issue is that you’ll have to manually select the files to transfer. If you’ve been allowing your software to save files in the default location, then all of your important documents and files should be located in C:/Documents and Settings on your Windows XP computer. Here, you’ll find each user’s My Documents folder, which is the default location where Microsoft Office and most other software applications store documents. You’ll also find the Desktop folder, which contains all the files you’ve dropped onto your computer’s desktop.
If you haven’t been saving all your documents to the My Documents folder or one of its subfolders (and this, incidentally, is why you generally should), you’ll simply have to search out the files that are important to you using Windows File Explorer.Option 2: Cloud-based storage
The power of the cloud can shift your data from a Windows XP PC to a new machine.
Beyond that, free cloud services tend to offer small 5GB to 10GB storage limits, which may not be enough storage to handle all the data you want to transfer. Paying for additional cloud storage can overcome that hurdle, however. You can even piece together 50GB to 100GB of free cloud storage, if you don’t mind creating accounts with several companies and putting in a little sweat equity.Option 3: Windows Easy Transfer Tool
Now onto the more automated options.
Windows 7 and 8 come with a built-in tool for transferring user data from one Windows PC to another, called the Windows Easy Transfer tool. This application basically does what we described in the previous section—transferring the contents of the Users folder—for you, and also transfers over your user accounts and settings, unlike the previous options. It’s included in Windows 8 and 7, but you’ll have to download it for the Windows XP computer.
Using Windows Easy Transfer on a Windows XP machine.
Once you’ve downloaded the file and installed it, just run “Windows Easy Transfer Tool for Windows 7” on your Windows XP computer and walk through the steps. Choose “An external hard drive or USB flash drive” when asked where you want to save the data, and then wait while the application scans your system.
Using Windows Easy Transfer to transfer XP data to a Windows 8 PC.Option 4: Laplink PCMover Express
Microsoft is currently offering a free version of Laplink PCMover Express for users transferring from Windows XP. PCMover Express offers basically the same data- and settings-shifting functionality as the Easy Transfer Tool, but instead of storing the files to be transferred on a removable drive, it sends them directly from one computer to the other across a local network using Wi-Fi, ethernet, or USB.
Microsoft’s offering Laplink’s easy-peasy PCMover Express software to Windows XP users.
You simply download the program and then install it on both computers. Run it on the XP machine, and select Wi-Fi or Wired Network from the options given. Do the same on the new PC. As long as the two are on the same network, PCMover Express will be able to transfer your documents, user info, and settings directly from one to the other.Don’t forget your product keys!
To track down almost all of the CD keys on your new system, you can use a free program called Belarc Advisor. It will find all the CD keys in use on your machine, and save them for you in a convenient HTML document.
After installing the program, it runs with almost no input from you. After a few seconds it’ll spit out a document with an incredibly thorough breakdown of all the software, drivers and hardware that make up your computer. About two-thirds of the way down the document you’ll see a list of all the software keys Belarc Advisor could find on your system and their associated programs. Save or even print out Belarc Advisor’s HTML file so you can re-install your software on your new computer.
Most software doesn’t require you to deactive it on your old computer before you can activate it on a new computer, but some do. In particular, some professional-grade software, like Adobe Photoshop, requires deactivation before it can be installed again.
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