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  • What are the benefits of data matching?

  • Javeria Khan

    Member
    August 16, 2021 at 12:43 pm

    What are the benefits of data matching?

  • Jenny

    Member
    August 20, 2021 at 8:13 am

    What is Data Matching?
    Data matching means comparing two or more records (belonging to the same or different datasets) that do not have any common identifier. The goal here is to identify all records that refer to the same entity.

    What does it involve?
    Data matching involves running match algorithms on a dataset that compares one or more data fields between records and calculates the likelihood of these records being a match (meaning, the likelihood that these records relate to the same entity). This likelihood is represented by a match score, and so you can choose thresholds to ensure that any match score greater than the threshold is a successful match, and values below the threshold classify the records as a non-match.

    Why is it important and what are its benefits?
    It's difficult for organizations to verify that datasets across the enterprise accurately reflect a customer's actual information because customer data gets recorded, re-entered, and rewritten in many information systems and applications. Data matching is critical for any firm, regardless of size, in order to save resources and improve customer experience. It enables organizations to keep their inaccuracies to a minimum level, as the chances of errors are high when dealing with large amounts of data.
    Businesses may have a single source of truth with data matching and with a complete customer view, you can better align your marketing and sales strategies, get concrete insights for reporting and analytics, and make well-grounded strategic decisions for improved ROI and business growth.
    Data matching reduces the number of duplicate records in a database, which saves space and reduces the load on the client and server.
    Data matching ensures that your enterprise data has a proper structure and is ready for BI systems to pick data accurately and produce high-quality insights by preparing it for reporting and analytics.
    Poor decisions based on incorrect records and data waste a lot of human and capital resources. Organizations can improve team productivity and overall efficiency by using data matching to enhance accuracy levels across business units.
    It allows you to improve your business processes to enhance the overall customer experience by filling any gaps in the consumer data, providing you with a complete datasheet of the ‘whats’ and ‘hows’ of your target audience
    Customer segmentation is essential for any marketing and sales effort, especially in big data companies. Using data matching to obtain accurate, complete customer information allows you to clearly define interests, behaviors, and other sociodemographic factors for segment creation, allowing you to personalize your messages.
    Data-matching is an effective method of examining records of thousands of customers to ensure compliance
    Data matching software can help uncover the truth behind fraud by identifying relationships between different records. Most healthcare institutions and regulatory bodies lose a lot of money due to fraudulent payments and claims because of hidden relationships between entities.
    For more information read this guide Data Matching Benefits

  • Javeria Khan

    Member
    September 7, 2021 at 2:45 pm

    Thanks alot!

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