5 Tasks Real Estate Data Aggregators Should Automate and How
B2B data aggregators across industries need accurate, current and comprehensive databases to provide the right business intelligence to clients. But with data arriving in unstructured states from multiple sources and then decaying at the speed of light, managing data validity and updates is a 24*7 challenge for data aggregators.
Outdated data results in lost opportunities for both B2B database providers and their clients. Reports claim sales representatives spend only 35.2% of their time selling. But with updated and right data, they could actually be spending 100% of their time in selling, getting results and driving revenues. And it is here that data aggregators make the difference with their quality B2B data support.
Maintaining an updated and accurate database requires omnichannel data capture, constant verification, validation, cleansing, and the addition of new data fields. B2B data has moved much beyond contact details to enrich existing database with demographic, geographic, behavioral, firmographic, technographic, chronographic, and intent data. And B2B data maintenance challenges have surged in tandem.
Scalable workforce, domain expertise, modern technology solutions, and automation are some basic elements required to meet these challenges.
The massive task of keeping B2B databases updated requires leveraging a wide range of data management tools, technology, methods and expertise. In most cases, these solutions boil down to fixing data decay challenges and enriching data quality while keeping it as exhaustive as possible.
Here are three real life cases where third party data management companies leveraged scalable workforce, domain expertise, automation and technology solutions to help B2B data companies address and resolve critical database challenges.
A Californian B2B data aggregator was looking to update its 50 million-record database on an ongoing basis to remain competitive.
New CXOs, location change, M&As etc. made business data change at an incredible speed. Keeping the database comprehensive, accurate, up to date and sellable was a challenge for the aggregator. Outdated or incomplete data could potentially derail their marketing strategies, undermine customer experience and cripple growth opportunities.
A holistic data update and maintenance program entailed capturing, qualifying and inputting thousands of business records from listed, unlisted, traditional and nontraditional sources. All this translated to more than 150K checked records entered every month! The data sales company partnered with Hitech BPO to support their database building operations.
Data specialists at Hitech BPO developed a robust workflow to seamlessly manage the ongoing, voluminous and omni channel data capture and validation activities. This included an optimal mix of manual interventions and custom tools and macros. Enriching existing records with additional information was an integral part of the solution.
Steps to consistently update customer database included:
Custom bots and scheduled crawlers were deployed to capture information from public and private sources-both structured and unstructured – across time zones and geographies. The records included basic information such as the size, revenue, or industry of the company as well as value-add company insights related to information on founder name, acquisition amount, IPO launch, revenue, employee increment etc. Manual web research addressed sources which the crawlers could not penetrate.
Multi-layered validation checks were used to authenticate captured data against reliable online sources like business directories, news sites, blogs, forums, social media sites, etc. These included manual as well as business rules-driven checks.
The captured data was scrutinized manually as well as run through specific business rules to check for missing and incomplete firmographic, geographic, demographic and behavioral information. Custom bots were used to fetch missing information and what could not be automatically fetched was attended to by a team of web researchers.
The B2B aggregator today owns a cleansed, enriched, verified, and updated database that meets industry accuracy benchmarks. The all-inclusive data on businesses with information on funding and investments, founding members, leaders, mergers and acquisitions, news, industry trends, etc. empowered their business to meet customer expectations and growth targets.
Get a comprehensive, accurate and updated business listing database.
A French data aggregation and market intelligence company offered its global clientele access to gigantic 15-million record company database spanning over 50 attributes and 60 countries. However, keeping this database current, updated and accurate was a massive challenge. Especially since the data sales business and customer experience depended heavily on pumping in two million fresh records every year.
Managing operations with an in house data team was proving to be a heavy drain on financial and human resources. The huge struggle to cope with the volume, time and quality requirements took away focus from core sales and marketing activities.
The data sales company partnered with Hitech BPO to manage their entire range of data acquisition, update and maintenance activities. Data comprehensiveness, data hygiene and data currency were defined as key metrics. The team of data professionals at Hitech BPO designed a hybrid workflow to take care of data collection, validation, enrichment and update. The blend of manual and automated approaches pushed authenticated records into the system.
4 step data authentication process
The 15 million existing records were first screened for clarity and specificity. Fuzzy data was set aside for manual validation. The rest of the data was pushed through a rules-driven funnel for validation against pre-defined sources. The manually validated data was later merged with this auto-validated data pool.
2 million+ new records were captured and pushed into the system using a mix of scheduled crawlers and manual web research techniques. Multi-layered validation and verification checks were administered before the records entered the database. This included calling up relevant contacts to ensure authenticity of data.
The records were labelled and tagged by assigning industry codes based on client defined logic and hospitality industry standards. This improved search and enhanced client profiling.
Programmable macros and scripts were deployed to conduct ongoing authenticity checks and dirty data was flushed out. This kept data decay at bay.
The offshore model and long term partnership enabled the data aggregator to leverage technology gains and apply data hygiene best practices to unlock huge efficiencies.
A US-based B2B data provider wanted to create a comprehensive data repository of existing and deceased attorney members registered with California Bar Council. The challenge was to identify, validate and update 300K plus attorney profiles using information available across multiple sources. They also needed a system to gather national statistics on attorney licensing.
A partnership with Hitech BPO was forged to leverage the blend of automated and manual processes to take the project ahead.
5 step data management process
A detailed list of sources which were to be used for capturing data was prepared. Authenticity of sources was identified through a mix of manual and rule-based verification processes.
Custom bots and scripts were developed for parsing data for pre-defined fields. The source structure and complexity were factored in when tailoring the bots. Highly secure sources which could not be accessed by bots, were separated for manual data collection.
The data fetched through automated and manual processes were merged and pushed through a validation check against pre-defined business rules. A random manual audit further authenticated the data.
Records with incomplete or outdated data were enriched manually by a manual web research and B2B data append process.
Manual tagging and labelling was done and the records were categorized into two segments – licensing and discipline.
The 300,000+ records database of attorneys practicing in California was aggregated in a record time of 45 days. And with an accuracy of over 99%.
Data aggregators not only need to use multiple business intelligence tools, but they also have to update the acquired data for client use. Any data served to a client needs to be relevant, current, accurate, updated, and enriched. It thus passes through a range of data processes.
Understandably, the workload is high, causing most B2B data aggregators to hire database updating service providers who are equipped with the required infrastructure, systems, and technology. And the key to solving database management challenges for aggregators lies in a well-planned workflow blending manual and automated processes run by a skilled workforce.