Why is Entity Resolution Important?
By Senzing, published October 19, 2022
Good business decisions require access to accurate counts of customers and other parties. Watch the video below as Jeff Jonas talks about why entity resolution is important for accurately counting and gaining insights about who is who and who is related to whom.
Entity resolution delivers better understanding. It helps you know whether you have data about three customers or just one. Or if you’re working with one company or several companies with similar names.
Importance of Entity Resolution
In its simplest form, entity resolution helps you count the number of people and organizations within your data. Accurate counts provided by entity resolution should be the first step before beginning any other analysis. With more accurate counting and complete 360-degree views of customers, patients, citizens, vendors, employees or businesses, you’ll improve your business outcomes.
Entity resolution should be part of almost every business decision. Once you realize how important it is, you won’t want to be without it.
To learn how easy it is for your organization to get entity resolution, schedule a call with an entity resolution expert.
Video Transcript
Timestamps
0:00 Intro
0:13 The Importance of Entity Resolution
1:31 Entity Resolution Use Cases
If you cannot count, you cannot predict. And that’s why entity resolution is so important.
0:13 The Importance of Entity Resolution
When an organization thinks they have five customers, each with one transaction but it’s really one customer that has five transactions, it completely changes your understanding. It changes your understanding about how to market to them, your understanding of their value to you, it changes your understanding about risk… And that’s really the simplicity of entity resolution — it’s better counting your entities. And that’s who is who and who is related to who, seeing into the graph.
These entities could be people, companies, vessels, cars. Which really brings me to — what is an entity? An entity is something that is discrete. You could recognize it as the same one later. Some would call it a real-world entity. Although, you could also do it for avatars or online entities as well.
But it’s not a classic thing. An entity is not like chairs or grains of sand. It’s things that you can determine are discretely the same again in the future, which means they have enough features about them. You know, just the name Rob doesn’t give you enough features to describe or find that entity again in the future. You need a few more features than that.
And there you go. Ability to count things improves your ability to predict — good news bad news, red light green light, sell them something or send the Army.
1:31 Entity Resolution Use Cases
Everybody needs it. You need it in master data management, you need it in CRMs, you need it in AMLs, KYCs, supply chain, and on and on. Once you realize the importance of understanding of who is who and who’s related to whom, it’s everywhere.