The connection between MDM (Master Data Management) and business outcome was discussed on this blog in the previous post called MDM, Reltio, Gartner and Business Outcome.
Now, MDM and Data Quality are closely connected disciplines. So, it was interesting to read today’s post on the Experian Data Quality UK blog, where James Marrable states this: Want to improve performance? Improve your data.
In his section around improving data James, among other things, suggests asking this question: “Do you have other data sources you can bring in to support the data you have?”
This is a key question to me and in my eyes a very important mean to make your data bring business outcome. Applying second party and third party data can increase the potential value of your first party data in these ways:
- Utilizing third party data to compile complete, accurate and timely party data assets needed for understanding and connecting with customers.
- Receive second party data to compile complete, accurate and timely product information.
- Having a holistic view of internal and external data needed for decision making.
Hereby you will sell more, reduce costs and mitigate risks.