When it comes to creating databases for your business efforts, it does take a little patience and determination to build them up to the point where they become truly profitable and accurate. Of course, there is no singular formula for creating a B2B database and it seems that there are as many variations as there are companies who create the databases for their own needs.
However, it is possible to short-cut this process by purchasing a UK business database from a reputable data supplier, but have you ever wondered where the business data comes from?
How Are Business Databases Created?
Everything starts with an application for a telephone line by a business. Once the line goes live, it is added to what is known as the Operator Services Information System or OSIS File.
This particular file is updated on a daily basis with up to 100,000 or more new additions, deletions or amendments. It’s little wonder that the OSIS file is at the heart of the database building since it contains all the latest information including your company. Once the information has been updated, it gets passed to the data suppliers who then provide it for companies that want the information about businesses.
The data suppliers will call each new business that has been added to verify that the information is accurate and whether the new business wants to be included or not in the database. Most companies want to be included because it is a very valuable networking tool that leads to more business. So, at the time the new entry is made, the information about the business in terms of their phone number, address and basic information is accurate. The data suppliers then add value to the database by collecting additional information including business function, number of employees and turnover. However, the accuracy of this information will not last very long.
So Why Do Databases Lose Accuracy?
The answer is relatively simple. The larger the database, the more people it needs to call all of the records and update and remove records. If you consider that the data company itself may have a hard time making profits, then their natural inclination is to have fewer people updating the database and hope that no one complains about it. Essentially, it all comes down to putting in the money so that the database is kept accurate.
While many data companies will tell their customers that all of the data is being updated, the truth is that it is probably not. After all, the math alone is daunting if you consider that a typical caller making 100 calls per day five days each week with subtractions made for holidays would take all year just to update 22,800 records. This assumes that all the calls were productive enough to make the changes. If the database itself consisted of 2.2 million companies, then it would take 100 callers one year to update it properly.
It’s not surprising then that most businesses will never be able to fully update their databases. However, a diligent company with an efficient digital cleansing system coupled with an effective call centre can keep it updated and accurate throughout the year.