A Data Enrichment Application Programming Interface is an API that pools third-party data from external, or internal, verified sources into a database. They are used for data quality management. Companies use data enrichment API's to better understand their customers needs and assets, improve their customer experiences, verify data attributes about them, target specific customers for marketing and advertising purposes, better understand their employees, and integrate information from multiple internal and external disparate systems.
These API's are utilized by customers to learn more about companies, and companies use them to understand customer behavior to predict their upcoming purchases. Consumer data starts as raw data and is collected into discrete database. The data, can include names, phone numbers, email, behavioral and transactional data, is enriched with third-party information, primarily demographic and geographic data.
Demographic data enrichment is the process of collecting information on marital status, income level, number of people live in a household, the common value of homes in a neighborhood, the car a consumer owns, and more. This type of data can improve target marketing for personalized advertising.
Geographic Data Enrichment uses information regarding postal codes, location-based data such as longitudinal and latitudinal points to find consumer addresses, and places they frequent. This data is used by brands to determine where a new store location could open.
Information that is acquired is not always accurate, but is purchased, or provided, with an automated score that represents the confidence level of the data accuracy. The accuracy is generally displayed in three ranges: High, Mid, and Low ranges. The Higher range is graded at 80% or above. Matches in this range are often automatically accepted. Middle range accuracy is graded at 60% to 80%, and should be analyzed to decide whether or not it is reliable. The Lower range is 60% and below, and is rejected.
Data Enrichment API's can also used to enhance existing raw data to assist customers in making informed decisions regarding brands. The API works in a similar way to how brands collect information on customers, the difference is data is acquired regarding the brands. These companies can submit portfolio updates, individuals contribute to profile pages and databases, and artificial intelligence along with people rate the accuracy of the data.
