The main difference between data cleansing and data enrichment is that data cleansing is a process to determine if the information is correct or valid or not. In contrast, data enrichment adds more information to the existing data to make it complete.

B2B marketing companies ensure database hygiene and maintenance every quarter. Hence, the procedure is aligned with industry practices of data-driven decision-making, wherein salespersons and marketers look for a scalable and growth-oriented database.  

The two most common data cleansing and data enrichment methods give sales and marketing professionals the power to identify the right leads at the appropriate time. 

Data Cleansing

Also known as data cleaning, this process ensures that the company data is accurate, reliable, and consistent. It also deletes duplications, resolves discrepancies, updates obsolete records, and discards inaccurate information.

Data Enrichment 

In this process, raw data is added to the existing database. The raw data is taken from internal and external data sets and combined with the data to give an added, more scalable data set for growth. When raw data is merged and processed in a structured format, it makes the information meaningful by providing valuable insights that help prospecting and decision making.   

The difference between data cleansing and data enrichment is that it involves fixing and eliminating bad data, whereas, on the other, it supplements data from credible sources.

When working on a data project, the logical process should first be cleansing the database by removing information that is not useful to the company. Once the existing database is clean and accurate, fresh additional data should be added. 

What should companies focus on? 

Each process is significant, and companies use CRM software to overcome problems, such as poor CRM data, lower sales efficiency, and negative effects on business growth. 

Bad data lead to off-the-mark forecasts and trouble filling sales funnels.

What is the benefit of Data Cleansing? 

• Improved decision making 
• Boosts sales and revenues 
• Saves money on misdirected marketing strategies like direct mailing
• Saves time and increases productivity
• Protects organizations reputation 
• Minimize compliance risks 

The criticality of the Master database

The asset-intensive industry requires accurate, complete asset master data as they can directly impact its ability to reduce health, safety, and environmental risks. Master data is needed to improve the operational performance of an organization and maintain regulatory compliance. 

To achieve these goals, asset master data must be organized as per standard taxonomy, including detailed equipment class and information on its terminology. The master database must have materials associated with any equipment and spare parts required for its repairs and maintenance plans in a structured manner.

The importance of component engineering   

Maintaining an MRO catalog's integrity helps assist the stakeholders in the supply chain and expand the list of existing items. A high-quality material catalog improves plant operations' reliability and maintenance and reduces costs. It also helps to reduce procurement costs and lowers the overall inventory costs. The other advantages are that it is the truthful source between the EAM, ERP, and CMMS systems, thus eliminating false and duplicate stocks. 

MRO solutions companies excel in every aspect. It uses AI-based technology, proprietary tools, a comprehensive database, domain expertise, and robust processes. This combination delivers the highest efficiency, accuracy, and speed, enabling organizations to meet their objectives on time and within budget.