Detailed data analytics and reporting call for more than self-service tools. Data matching is part of analytics where sets of data are compared either manually or automatically using a platform that is equipped with detailed algorithms. As a data expert, you are required to know how data matching works, platforms that are popular, and a lot more.
The idea of data matching is to see the similarities between the two data sets. This state is crucial because it eliminates replication and more accurate results can be achieved. Sales and marketing teams should work with a reliable data matching platform before they start chasing the prospects with the right information. This will prevent sending too many emails to one address or calling one potential client twice.
How Does a Data Matching Platform Work?
By now, you have an idea of what a data matching platform is. So, let us focus on how it works. In the same way people use features to identify the similarities between two objects, the platform checks a couple of parameters in the data sets to pick similarities and differences.
According to the seminal work of Fellegi and Sunter, two American statisticians, the first major parameter that is used by the platform is data linkage. The algorithms check unique identifiers to see data that is linked together. Since these properties, such as the names of customers, do not change easily, they are reliable in matching similar data. The algorithms further check the number of identifiers that match or the probability of the identifiers that will match.
The next approach is to fine-tune the data matching platform to ensure that it works perfectly to give the most accurate results. This depends on the manufacturer of the software. That is why users should only consider the most reliable software providers.
How to Choose the Best Data Matching Platforms
As a data expert, you are likely to be consulted by your clients on which data matching platform to use. Since it is a sensitive type of software, it is good for you to have some info.
- Compatibility with other platforms – If the existing data management platform such as Tropare has data matching features, then this is excellent. But if it does not, you can separately buy a data matching platform, but ensure that it is compatible with the existing software. If not, it should replace the entire data management solution and work even better.
- State-of-the-art features – A data matching platform should be a robust system that performs more than data matching. Data management has many steps from when data is collected to when reporting and presentations are complete.
- Regular updates – Just like any other software, a data matching platform that gets regular updates is the best. Many reputable manufacturers of these solutions ensure that they give updates and support to their clients. Hence, research thoroughly when choosing your service providers.
- Data security – When accessing, manipulating, and reporting using private customer data, it is important to exercise a high level of data integrity. People feel that their data is secure if it is not left exposed to everyone. The data matching platform should have restricted access to protect data. Also, forced access such as hacking should be prevented by using encryption and other security measures.
- Accuracy – The bottom line of any data matching platform is to increase the accuracy of the final data used in decision-making. In this case, it is crucial to consider a platform with a reputation for accuracy. Check reviews to know all these factors.
Popular Data Matching Platforms
Here are some of the most popular, capable, and reliable options for data matching platforms. Any of them will complement your operations.
- Tropare – This self-service software has numerous features, and data matching is one of them. According to their website, this marketing data management software is capable of matching data, combining it, and allowing users to append it as well. It is easy to use for both data experts and non-technical users such as field sales and marketing teams. Lastly, Troparé is highly affordable, which means small businesses can rely on it as well.
- Lotame – When it comes to data management, Lotame never disappoints. Data matching is among the many functions performed by this platform. It focuses on data from various CRMs, social media platforms, and external databases. The software will clean the data and match it before final analytics reports are made. Generally, Lotame leads in the data management industry, and you might want to recommend it to your clients as well.
- SAS Data Management – Another giant in the data management world is SAS. Their platform allows users to match data from different sources and give excellent and accurate information. Apart from matching, data experts and users can analyze data in other ways such as changing data in any way.
- Snowflake – If you are looking for a data matching platform that is unique in that it uses cloud technology, this is the perfect option for you. It is a high-speed analytics platform with a lot more features for users to utilize. It is one of the easiest to use and access from any place because it has no internal structure and is cloud-based.
Benefits of Using a Data Matching Platform
We have already mentioned some of the benefits of data matching. Mainly, it is run to increase the accuracy of data. For instance, when sales and marketing go into the field, they might collect customer data more than once. This is also the case when they buy data from different sellers or collect it from online platforms.
Another benefit is the ease of understanding the results from data analysis. Both technical and non-technical data users can understand the reports, which helps them to make informed decisions in the company.
Lastly, data matching makes marketing successful when it is used to manage client data. Essentially, you can increase potential customers, sales, and profit in the business.
With the above insights, you now know a lot about what a great data matching platform should look like. Whether you are a data expert or not, you can rely on this information to make the right choice. You should research more about data management for an even greater understanding.