The Business Value of Enriched Data Feeds

23 October 2024 | 3 minutes of reading time

At i-spark, we’ve been advocating for the adoption of "enriched data feeds" as a way to optimize how businesses use their data. These feeds are more than just raw data streams from a data platform. Its data is  prepared, refined, and customized to its purpose, making it ready for immediate use in business systems. By doing this, enriched data feeds ensure that businesses can ingest their fit-for-purpose, high-quality data directly into tools that drive action.

While these enriched data streams may include outputs from AI or machine learning models, the key value is in their readiness for activation. They require no further transformation or preparation, allowing businesses to focus on using the data rather than working on it.

What Makes Enriched Data Feeds Valuable?

Enriched data feeds may represent the final stage of a data pipeline but the process doesn’t end here. It’s a continuous loop where the data doesn’t stop flowing once it’s activated. When businesses take action based on this data, whether it’s launching a marketing campaign or adjusting pricing, those actions generate new data that flows back into the system, further refining the enriched feed. This cyclical process allows businesses to constantly evolve and improve based on fresh, actionable insights.

The true business value of enriched data feeds lies not in delivering insights via dashboards or analyses, which are still vital for strategic planning. Instead, they focus on automating operational tasks by feeding high-quality data directly to activation tools, allowing the business to be more agile and responsive.

Real-World Examples of enriched data feeds

Here are five examples of how enriched data feeds can deliver business value across different industries:

1. Email Marketing Automation: Enriched data feeds can deliver customer behavior and segmentation data directly into email marketing systems, enabling personalized campaigns in real-time. These feeds could include outputs from AI models that predict customer preferences, enhancing the effectiveness of the campaigns.
2. Call Center Lists: Enriched feeds can automatically generate updated lists for call centers, combining customer interaction data with demographic information. These lists ensure that the most relevant prospects are contacted, improving efficiency and success rates.
3. API-Driven Website Customization: For a company running a highly dynamic website, enriched data feeds can be presented via APIs to display real-time data to users. For example, a retail site might use these feeds to show personalized product recommendations or updated stock availability based on customer interactions, providing a tailored experience that reflects up-to-the-minute information.
4. Dynamic Pricing Models: In industries like retail or hospitality, enriched data feeds can integrate into dynamic pricing engines. By feeding real-time data about demand, competitor pricing, and customer behavior, the business can adjust prices automatically to maximize revenue.
5. Inventory Management Systems: Enriched data streams can flow into inventory management tools, providing insights into stock levels and customer demand. These feeds allow businesses to optimize their supply chain in real-time, minimizing stockouts and reducing excess inventory.

The Role of enriched data feeds in a Composable CDP

The concept of a composable CDP (Customer Data Platform) perfectly complements enriched data feeds. A composable CDP collects and integrates data from various sources, providing flexibility in how that data is used. Enriched data feeds enhance this by delivering refined, purpose-built data streams directly from the composable CDP, ready to activate across multiple tools.

This modular approach allows businesses to scale and adapt quickly, ensuring they can respond to changing customer needs swiftly. Enriched data feeds provided by a composable CDP gives you access to high-quality, enriched data that can drive automated processes without further manual intervention.

Final Thoughts: enriched data feeds at the heart of your business

While insights from dashboards and analyses remain critical for strategic decision-making, enriched data feeds provide the operational backbone that aids a business running smoothly. By automating the flow of data into activation tools, enriched data feeds reduce the need for manual intervention and allow businesses to act more quickly and effectively.

The process doesn’t stop at activation, each action taken feeds back into the system, generating new data and continuing the cycle. A well-structured data platform, such as a composable CDP, should not only deliver insights but also be the core driver of business operations, fully automatically feeding high-quality, actionable data into every system. If you're ready to explore how enriched data feeds can elevate your data strategy, we’re here to help.