Right now, big data is more popular across enterprise and industrial sectors than ever. Gathering and analyzing information from an array of different sources helps executives identify trends while ensuring that they have all the details they need to make informed decisions. However, there are a few significant struggles that can occur with big data, no matter what sector a company operates within.
In the first part of this series, we investigated the challenges of dealing with a high volume of data from disparate databases. In the second part, we examined the difficulties of securing this information. In this part of the series, we'll take a look at the issues that can arise when a company doesn't have all the data it needs to arrive at the best decisions. Big data is often used to answer a business's most pressing questions, but what happens when pieces of this puzzle are missing?
Missing data means missed opportunities
Today's companies collect a wealth of big data on their own. This first-party data includes a range of details from the organization's own customers and partners, such as client names, email and physical addresses as well as consumers' shopping or service usage habits. Although this information can provide powerful insights, it's only a small portion of the equation.
One important consideration to make here is the insights that can be gathered from a larger segment of the population. For instance, what about the shopping habits or other pertinent, related details of consumers that aren't included in the company's internally collected data sets?
Without all the necessary information, businesses could be missing the boat when it comes to leveraging their big data insights. Analysis that doesn't take into account all the necessary details could result in skewed, inaccurate insights. And if company executives use these flawed insights to inform their decisions, processes and activities, it could be putting their organization on the wrong path. If datasets are incomplete or lacking, analytics results won't provide the best insights possible.
The solution: Integrating third-party data
Thankfully, there are ways to ensure that any gaps in your business's big data are filled. This practice is known as third-party data integration, and it basically means that your firm can leverage the data gathered by another organization in order to complete its own information and better support its analysis. In this way, decision-makers can be confident about their ability to answer the big questions.
"Third-party is external data available for purchase by data providers who source and aggregate the data into applicable sets that can be applied to your first-party databases," Business 2 Community contributor Larisa Bedgood explained. "With only a few first-party data elements, third-party datasets can be appended to correct and fill in missing elements such as email addresses, phone numbers, lifestyles, demographics, purchase indicators and more to strengthen your customer insights."
In order to utilize third-party data, this information must be imported from a reputable source in a way that is secure, and beneficial for your business. The staff at Data Realty are experts in this field and have created a specialized platform that can address this exact need.
Data Interconnection enables companies to access specific data that they don't currently have or cannot get on their own. This takes the guesswork out of data gathering and ensures that your decision-makers always have the most complete insights to work with.
To find out more about Data Interconnection and how integrating third-party data can help your company, contact the experts at Data Realty today.