The importance of having access to data is crucial for many businesses to function. Finding the right third party data partner is therefore essential. Here are three important tips to consider when finding a third party data company.
1. Is the data reliable and up to date?
As technology continues to evolve, more data becomes available. However, this does not mean that you should blindly trust that what you are getting is relevant or even correct. More data points means more room to fail. Instead of getting every data point sent your way, ask yourself, what data is relevant to further grow my business or comply with legal sanctions?
Ensuring that you have the latest and most reliable data is even more important when integrating it into your own systems. If, for example, your onboarding process is automated, you are relying on it saving you valuable time and resources. The consequences of not trusting the data would mean that you would be back to square one, having to manually double check every step of the way.
2. Is there a risk of my data partner going down or do they have a plan B?
Cyber attacks have increased significantly in recent years, affecting crucial IT infrastructure that many businesses rely on. Luckily, there are ways to navigate around this issue, such as using redundant systems that automatically start up if the main system is attacked. When considering which data partner to choose, this should be an important consideration. Data needs to be available when needed, at all times. The risk of halting operations due to cyber attacks is not one that needs to be taken. Ask your provider what they are doing to combat this.
3. Will my provider continuously update data segments and increase efficiency?
Make sure that the provider you choose continuously updates and optimizes both the data you receive and the way you receive it. Forward and innovative thinking is crucial as other competitive businesses constantly try to stay a step ahead. This means that if the data you are provided is old or not relevant, you run the risk of losing important market ground.
To summarize, you need to choose your third party data provider with care. Reliable, real-time data that is secure and up to date is something that every business deserves and shouldn’t accept less. If you want to know more about how we at Roaring deal with these issues, contact us. We are happy to answer any questions you may have.