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How Data Extraction Can Help Grow Your Business

How Data Extraction Can Help Grow Your Business
Bitrix24 Team
January 26, 2022
Last updated: January 26, 2022

Entrepreneurs are always looking out for new clients, employees, competitors, service providers in their niche. They need data to help their companies grow. Business owners collect information to boost the effectiveness of marketing channels, close more deals or reduce expenses. But gathering, compiling, and entering data manually takes too much time that is better spent on something more meaningful. At this point, business owners start looking for data extraction services.

Using web scraping services is a much better alternative to outsourcing your data-related tasks to freelancers. You can buy specialized software that requires training or hire a reputable data extraction services provider. They can also help you integrate their data output with a popular CRM system, like Salesforce, HubSpot, or Bitrix24.

How Data Extraction Works

Before you look for a data extraction services provider, let’s examine how the process works. Data extractors use special desktop tools or cloud-based web scraping services to find and collect different types of business-related data from often unstructured sources, like websites, documents, or customer databases. The result could be as simple as a .csv file or a fully interactive database that constantly updates relevant information and even allows you to examine data trends.

Data extraction services can help your business grow by providing you with a highly usable and valuable informational resource that can help you make better decisions, increase productivity or gain insight into the market. If your company constantly deals with a large data flow that consists of files in multiple formats stored in different locations that you need to use data extraction services. You will be able to analyze customer behavior, create buyer personas, and increase profit margins by customizing your offers, improving your products and customer service based on relevant data.

Data extraction services include:

  • Database mining.

  • Web research.

  • Market analysis (product lists, prices).

  • Analyzing research papers and educational materials.

  • Finding relevant business information (names, addresses, emails, phone numbers of decision-makers).

  • Researching and compiling lists of general data (websites, emails, contact info).

Current State of the Data Extraction Market

The Covid-19 pandemic has led to a surge of companies using data extraction services and software. As most customer-business interactions have shifted online, the companies had to double their efforts in client acquisition. The competition has also increased, and businesses that do not have a streamlined market data gathering process risk losing in the long run.

Industries like healthcare, banking, logistics, and supply chain management rely on data extraction services. Companies that work in these sectors need readable, structured data from processing their internal documentation and online resources.

Large corporations have their own teams for data-related tasks. Creating such teams requires time, funds, staff training, and getting additional licensing for the software. Small and mid-level companies often lack the resources to do that. Outsourcing becomes the only viable option for them. Hiring a professional data extraction services provider is more affordable and saves valuable time. Getting on-demand customer support is also a big draw of outsourcing.


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How To Find a Reliable Service Provider?

When you are looking for a data extraction services provider to help your company reach its business goals, make sure that it has a proven track record, a list of satisfied customers and can ensure consistent output of quality data.

Best providers partner with leading database vendors and data scraping software developers. They have several years of expertise and a dedicated team of highly-trained professionals. They often develop data mining tools themselves and can offer you a tailor-made solution.

If data extraction services experts have positive reviews from the clients, understand the specifics of your business, perform extensive testing of their software, and can offer you an affordable solution, you should consider partnering with them.

Benefits of using data extraction services:

  • Ability to scale up or down depending on your business needs.

  • It’s a good way to optimize your spending and reduce operational costs.

  • Reliable data extraction services providers have a 24/7 on-demand customer support team.

  • It leads to better data quality and helps you improve data management.

  • The data flow is streamlined and consistent, providing you with relevant information.

  • Most providers can offer you different data formats depending on your preferences and business needs.

  • You can use their expertise to set up integrations with your CRM or other software.

  • Providers can offer you customized data extraction, fine-tuned to work with your business processes.

Integrating Data Extraction With Your CRM

Even when you receive readable structured data from your data extraction services provider, it often comes in a large .csv file or a database. Manually sifting through it is a slog. But you will save time if you choose to import it into your Customer Relationship Management software or build a digital pipeline that connects a data scraper with your CRM. Also, you will have the option of using additional features like lead scoring and customer behavior analysis.

Before you hire a data extraction services company, make sure that your CRM is up to the task. Experts recommend solutions like Bitrix24. It can work with different data formats, has hundreds of third-party integrations, and is intuitively easy to use. More importantly, it has a feature-rich free tier option that lets you test all its capacities before you decide to switch to a paid plan.

You can either import your data into Bitrix24 from a .csv file or other sources or export CRM data to analyze it with other applications. Working with a system like Bitrix24 is convenient and allows you to build customer data pipelines to connect them with other applications, your website, or eCommerce platforms. Always ask your data extraction services provider whether they have experience working with Bitrix24 or similar software.

Conclusion

Experts predict that the demand for data extraction services will continue to grow in 2022 and beyond. More and more businesses choose to receive structured, readable data from a provider instead of trying to set up the extraction process on their own.

The data extraction services market will expand rapidly, offering new opportunities for businesses. As data gathering and analysis software become more sophisticated, entrepreneurs can get more than just a database of personal contacts or leads from social media. Data extraction services providers increasingly use machine learning, natural language processing, and sentiment analysis to predict consumer behavior trends.

As more data formats become available for business owners, CRM and ERP developers will have to step up their game. They will provide companies with new third-party integrations or built-in modules for customer decision management.

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