If you're looking to improve your core business processes, it's important to have reliable and accurate data on your business partners. Data enrichment is one of the processes to get there, and plays an important role in managing your business partner information. It ensures that the data you have about your business partners is accurate, up-to-date, and valuable for decision-making.
In this blog post, I will discuss various features of data enrichment we can provide to enhance your business partner database. We will also explore the capabilities of address cleansing and enrichment, as well as the advantages of using Data Curation API.
If you aim to increase the quality of your customer and supplier databases, and carry out your core business processes efficiently, our enrichment services can help you achieve this goal. One single gateway to 70+ global sources and 2,100+ data quality rules provides reliable, quick and streamlined enrichment of your data records.
CDQ Data Cleansing and Enrichment services correct, standardize and harmonize your business partner data, and reduce the manual research effort required by data maintainers. You can search for information about your business partners in real-time when creating or updating records. A Golden Record is composed of all internal and external data sources integrated into the CDQ Cloud Platform and makes data maintenance faster and less error-prone.
Business Partner Enrichment Features
A comprehensive understanding of business partner enrichment features is essential to maintain accurate and up-to-date information about your partners. These features are designed to address various aspects of business partner data, ensuring your database remains accurate and reliable. Let's explore each feature in more detail:
Business and Tax Identifier Enrichment:
This feature enriches identifier information for a given business partner by searching and matching the input data with the best fitting reference records in the activated data sources. It ensures that the tax and business identifiers are accurate and up to date.
Registered Address Enrichment:
By accessing official data sources, this feature enriches the officially registered address of a business partner. It helps maintain consistency and accuracy in the address data of your partners, which is crucial for effective communication and compliance.
Registered Name Enrichment:
This feature enriches business partner names that are officially registered, such as those found in a company register. It ensures that your database contains the most accurate and current names for your partners, reducing the risk of miscommunication and errors.
Business Partner Status Enrichment:
Identify whether a business partner is still in operation or if a particular address is still active. This feature enables you to maintain an up-to-date database and make informed decisions about your business partnerships.
Legal Form Enrichment and Harmonization:
This feature provides information about the legal form of a business partner, ensuring that your database reflects the correct legal status of your partners. It also harmonizes legal forms, creating a consistent database structure for easier analysis.
VAT Registration Data Enrichment:
Enrich your database with the name and address associated with a given VAT identifier, and identify if the identifier is a group VAT. This feature ensures that your VAT registration data is accurate and up to date, facilitating compliance with tax regulations and reducing the risk of errors.
International Name Enrichment:
This feature generates an English Latin-character version of the business partner's name by translating the registered name or enriching it from trusted data sources that provide different language versions. This enables you to maintain a consistent and standardized database, regardless of the languages used by your partners.
Business Partner Type Identification:
By identifying the type of business partner record, you can determine whether it represents a legal entity, a branch, or an industry-specific scenario, such as a doctor's practice in healthcare. This feature allows you to categorize your business partners more effectively and make better-informed decisions based on the nature of your partnerships.
Name Standardization and Harmonization:
This feature harmonizes given business partner names based on registered names and legal forms, if available. It ensures consistency in the way names are represented in your database, making it easier to search, sort, and analyze your business partner data.
Address Type Identification:
This feature identifies the type of an address, such as a registered address, by searching reference data and comparing it to the input address. It helps you recognize the differences between input and reference addresses, enabling you to maintain accurate address data for your business partners.
By leveraging these business partner enrichment features, you can create a robust and accurate database of your partners' information. This comprehensive data will empower you to make better decisions, streamline your operations, and maximize the value of your business relationships.
Where’s my business partner: address cleansing and enrichment
Address data is a critical component of effective business operations and decision-making. Inaccurate or outdated address information can lead to increased costs, delayed deliveries, and even lost revenue. With address cleansing and enrichment you will be able to manage different languages, abbreviations, and writing rules more efficiently, because you work with standardized, clean, enriched, translated and geo-coded addresses. This is how we do it:
Address Cleansing and Enrichment Features
The Address Cleansing and Enrichment Process is divided into several phases; each designed to transform and improve a given address record in specific ways:
- Parsing: This phase identifies specific information in the given address data (e.g., post code, premise) and assigns it to the appropriate attributes in the data model.
- Cleansing: During this phase, the given address data is compared to reference data from sources such as Google Maps or OpenStreetMap. Any incorrect data (e.g., typos or missing accents) is replaced with the correct reference data.
- Enrichment: This phase adds missing information (e.g., locality, post code, or administrative area) to the given address records. Additionally, geo-coding is performed to determine and assign geographic coordinates (latitude and longitude) to the address.
- Translation: Address data is translated into a specified language, with English being the default. This phase ensures that your address data is easily understandable and accessible to users across your organization, regardless of their native language.
- Abbreviation: This phase adds abbreviations and codes (e.g., for country, administrative area, thoroughfare) to the given address data. The cleansing phase provides full names for all attributes, so after this phase, both full names and abbreviations are available.
- Normalization: During this phase, specific rules and standards are applied to the address data. For example, address data may be standardized to use only Latin characters and exclude accents in base language data.
Data Curation API for Business Partner and Address Data
As businesses grow and expand globally, it becomes increasingly important to maintain accurate and up-to-date business partner address information for effective communication, logistics, and compliance. To help you manage this complex process, we have developed a suite of advanced features designed to enhance the accuracy, reliability, and utility of your address data.
Advanced Address Component Extraction: Our sophisticated algorithms can identify and extract critical address components from loosely structured or semantically incorrect address data. By transforming the unstructured input into a well-organized and standardized format, you can ensure the accuracy and consistency of your address records.
Multi-Language Address Translation and Transliteration: Operating in a global business environment often requires dealing with addresses in multiple languages. Our advanced translation and transliteration feature allows you to transform addresses into different languages, such as English, auto-detected local languages, or specifically selected target languages. This functionality ensures seamless communication and data exchange across borders.
Precise Geo Coordinate Enrichment (Geocoding): Understanding the precise location of your business partners is crucial for logistics, planning, and risk assessment. Our geo-coordinate enrichment feature enables you to geocode input addresses, identifying their latitude and longitude coordinates with high accuracy. This information can be used to optimize routing, calculate distances, and analyze regional trends.
Comprehensive Postal Code Enrichment and Harmonization: Postal codes are essential for accurate mail delivery and location identification. Our postal code enrichment feature can add missing postal codes to your address records, while harmonizing existing codes to ensure consistency. This includes additional postal codes, such as CEDEX in France, when applicable.
Intelligent Reference Address Identification and Correction: Our system can find reference addresses based on your input data in connected data sources, enabling it to correct incorrect information and enrich missing address components. This process enhances the reliability of your address data and ensures you have the most accurate information available.
By leveraging these advanced features, you can streamline your address cleansing and enrichment processes, improving the overall quality of your address data. This, in turn, can lead to more effective communication, better decision-making, and a more efficient organization.
Data enrichment is a crucial aspect of managing your business partner information. By using the various features of business partner enrichment and address cleansing and enrichment, you can ensure that your database is accurate, up-to-date, and valuable for decision-making. The Data Curation API offers an efficient and automated solution for curating and enriching your business partner and address data, allowing you to focus on more strategic aspects of your business. By harnessing the power of data enrichment, you can unlock insights, improve decision-making, and streamline your operations.
Don't let outdated or inaccurate business partner data hold your company back. Invest in data enrichment today and experience the benefits of a clean, accurate, and up-to-date database. Contact our team of experts to learn more about our Data Curation API and how it can revolutionize your business partner data management.
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