Exploiting external data is an essential part of party master data management as told in the post Third-Party Data and MDM.
External data supports data quality improvement and prevention of party master data by:
- Ensuring accuracy of party master data entities best at point of entry but sometimes also by later data enrichment
- Exploring relationships between master data entities and thereby enhance the completeness of party master data
- Keeping up the timeliness of party master data by absorbing external events in master data repositories
External events around party master data are:
- When someone moves to a new address as examined in post The Relocation Event
- When someone moves to another world as told in the post Undertaking in MDM
- Heaps of other changes in big reference data
Updating with some of these events may be done automatically and some events requires manual intervention.
Right now I’m working with data stewardship functionality in the instant Data Quality MDM Edition where the relocation event, the deceased event and other important events in party master data life-cycle management is supported as part of a MDM service.