Data Matching is a very wonderful technique that rears its head across many other applications. The technique contains complex algorithms and sometimes it can be a science as well as an art. However, it is a surprising fact that these techniques are required in several business applications. Before listing some of the most important applications, a quick review of Data Matching is a good idea.
In simple words, it can be described as comparing more than two data sets to check whether the record from either of the sets are the same or not. An important case of Data Matching is de-duplication in which the records are compared to one data set to find similar records, the similar records, in this case, are known as duplicates. The question here is why people are using this technique. The reality is that all the databases have the similar information stored in them many times over. It is also a fact that there is hardly any databases without duplicates and it includes organizations who sell data. Here are some of the most important applications where the data matching techniques are used:
The organizations with a large number of product range that are being sold, or have a big list of components parts also use data matching techniques to match similar products. The same product description by different suppliers increase the chances for countless problems. The perfect example for this topic is baked beans, this can be described in several other ways such as organic baked beans, baked beans 200g, baked beanz, baked beans in tomato sauce, Heinz baked beans etc. It is extremely important to categorize these products correctly because incorrect reporting can lead to wrong quantity or wrong product.
Most of the countries regularly collect census data because the information of census is used to provide insights, population statistics, trends, environment and the culture, and economy. Census is normally applied to housing data and population and the other most common consensuses are agriculture, business, and traffic. The collection of this kind of data is a very time-consuming process but the data matching technique reduces the need for large-scale validation and collection.
Identity crime is more noticeable now than ever before, which has led to enhance the identity verification techniques. Identity crime may result in financial loses not only for an individual but for organizations as well. Data matching is a technique that is used to compare the information from many sources, for instance, an insurance database, electoral roll, credit databases, driving license records, and criminal records. By continuously comparing the records one can keep an eye on identity-related crimes and provide a complete data store for the verification of identity. As with crime prevention and detection, finding data anomalies and matching to known fraudsters can significantly reduce criminal activities.
Every organization spends a lot on marketing to enhance the growth of the business, so it is extremely important that prospects and customers are not sent with the similar email or direct marketing collateral twice as it can badly affect the reputation of the business. This mistake can cost the organization to waste the sales opportunities and loses money. The process of duplicate detection can help in avoiding mailing to the same person. The data matching technique ensures that same contact are not added, if a person is using a purchased list and adding to an existing database which helps in preventing duplicates entering the system.
Single Customer View and Data Migrations
The deployment of enterprise wide applications such as ERP, CRM, and Supply Chain etc. needs data consolidation from many sources. The data matching process is used to match the records for each of these datasets. Two further processes are required apart from matching:
- Master Record Identification; and
- The master record identification worries the decision-making process to choose the merging and surviving records concerns the merging process of all the information from duplicates into the master record.
Over the lifespan of a person, the information is collected from hospitals, doctors, health insurers, pharmacies on an individual’s health problems. The large collection of data can provide very powerful insights, for example, epidemic trends within certain locations, the propagation of diseases within certain age groups, the effectiveness of medicines, and behavior of a person regarding health checks. The data matching technique is important for linking the medical information together and without the help of this technique finding data insights would not be possible.
Crime Detection and Prevention
The prevention of crime relies heavily on collecting information from multiple systems to enable exact identification of individuals. It is also possible to record the match in real time across different policing authorities. This task becomes more complex with criminals using false and modified data. Matching the information will allow an individual to create a list of possible suspect identities, thus avoiding payments and fraudulent claims. Matching to a database of a blacklist or known criminals can further aid detection.
Data matching is a very important part of linking modern data together. To have the integrity and to avoid the poor quality it is important for an individual to use their techniques. There are several organizations who rely on the large database to conduct their operations effectively and efficiently. Data matching has numerous applications that can enable the organization with a much more effective and with a better database which can provide excellent results in the form of qualitative and monetary benefits. It is important to know that there are many different versions of the data matching tools available but all of them differs in efficiency, prices, and the most important thing quality. Therefore, it is extremely essential for an individual to conduct a thorough research before making any decision. The data matching system helps in determining the value of the customer relationship and offers better cross-selling strategies and for better pricing. In order to successfully run the business it is important to use the data matching technique in marketing because it reduce the cost associated with redundant mailings.