Fuzzy Matching Software

Fuzzy matching software uses artificial intelligence and machine learning technology to identify similar but not identical elements across structurally inconsistent, phonetically varying and badly formatted data. Further fuzzy matching software identifies similarities between data spread across diverse databases and helps with single view or 360 degree view and enables data integration based on these similarities. It can effectively tackle data inconsistency, such as misspelled data or name variations, and its consequences, such as unreliable data, information inaccuracy, unstructured and messy data that may potentially lead to fraudulent activities.

Benefits

• Entity Resolution Accuracy

A good Fuzzy matching software  provides enhanced accuracy of entity resolution or 360 degree view of data. This forms the basis for lot of analytics within the organisation

• Avoid redundancy

The Fuzzy matching software helps with getting rid of any redundant or duplicate data and eliminating the risk of errors and confusion in data management.

• Efficient and Correct data analysis for Business Strategy and Reporting

Near Similar data may not be clustered or grouped  resulting in difficulty in identifying the  relationship between the records. This in turn leads to poor analysis as single individuals total relationship analysis cannot be done – leading to poor profiles which further affect downstream marketing campaigns or any kind of business strategy.  Fuzzy matching tools through AI and ML driven relationship discovery effectively analyse and identify any similarity between the data across various systems and establish a connection between them.

• Enhanced Compliance & Regulatory Reporting in Financial Industry

Fuzzy match tool enhances Compliance as there is a need to identify common transactions of same individual or groups of individuals and consolidate transactions. These in turn maybe required to be analysed for Suspicious Activity Reports (SAR)  or (STR) to FIU and other regulatory bodies

• Targeted marketing

Data inconsistency can result in compiling inaccurate customer data, which can affect the efficiency of marketing campaigns. With Fuzzy matching software, accurate customer data can be collected by removing inconsistencies like misspelled names, nicknames, or name variations, which can be useful in curating targeted marketing campaigns and sending promotional ads to customers. 

• Saves time and cost

The fuzzy matching software curates a single original dataset from multiple duplicate data formed as a result of typos, name variation, abbreviations, input errors, etc, thereby saving data analysis and management time. It also saves cost on additional storage spaces. This is useful when marketing lists are procured and duplicacy results in multiple communication to same customer either through phone, email or physical form. 

What is fuzzy match tool 

Fuzzy match tool helps identify a match between similar, but not identical data across different data sets. These differences can be minor or major. Minor disparities in data include  typos, format differences and special characters, casing related issues. Major Disparities include Phonetic variations which may be different from geographies, compound words, poor grammar, acronyms, differences in naming standards, abbreviations, etc.,.

All these  can result in data duplication. The fuzzy match tool analyses and identifies these disparities, matches the related information, and deduplicates redundant or duplicate data. The tool is beneficial in creating Single view, Household views, 360 degree vision, relationship discovery , record linkages while reducing data discrepancies, improving reliability, benefiting  business strategy, analytics and reporting.