Data compatibility offers new opportunities to third-party data suppliers by enhancing their ability to interact with businesses. Data suppliers can offer new products and services to their clientele by supporting data sharing beyond organizational boundaries.
Businesses are investing heavily in master data management systems as master data governance plays a larger role in how businesses operate and grow.
With Maxxphase Data Compatibility Standards, a third-party data supplier can improve any organization’s master data strategies. Once a data supplier’s master data databases are made compatible and directly interoperable with any organization’s compatible data systems, these organizations can directly verify the accuracy of their own master data records at any time. Not only does this bring the data supplier's expertise in master data governance to the table, but it allows them to directly govern their specific set of master data while still verifying master data for any organization’s compatible data systems.
Third-party master data verification also improves the data quality, completeness, reliability and timely maintenance of verified master data for each client organization’s compatible data systems. Combining Maxxphase Data Compatibility Standards and master data of third-party suppliers provides a powerful master data management solution, for the data supplier and their client organizations.
Data compatibility doesn't end with master data verification. Third-party data suppliers can collect and offer supplemental data to enrich their clients’ master data. For example, a supplier that handles organizational master data may provide information about organizational relationships, Standard Industry Codes (SIC), sales revenue and credit scores. By pulling this information from a variety of sources and making it available to their customers, suppliers bolster the quality of their master data and, as a result, increase the value they bring to the table.
Master data enrichment is important for a complete understanding of what is most important to your organization. The supplemental data would normally be inconvenient or too expensive to collect for a single organization. However, third-party data providers may collect and maintain the desired master data and spread the costs over many master data customers, making it affordable and readily available. It's a data economy of scale made possible by Maxxphase Data Compatibility Standards.
Master Data Prospecting: Target the Best Leads
Collaboration between third-party data supplier’s master data systems and the compatible data systems of any organization can create a powerful data prospecting approach. For master data suppliers, this means adding value to their services by helping organizations find new customers and to continue to grow their business in a more effective manner.
Maxxphase Data Compatibility Standards improves data mining capabilities by enabling organizations to use their internal data in direct concert with third-party master data. For example, internal master data and sales information can be directly enriched with third-party data to provide a more complete, up-to-date demographic profile of your most important customers. Each master data instance in the third-party data supplier’s database is compared to this demographic profile to select your best prospects. These prospective customers could then be easily contacted via the contact information available from the third-party database. Now that's lead generation and cultivation made easy!
All this is possible with Maxxphase Data Compatibility Standards, which makes your master data compatible with the master data of other organizations, including third-party master data suppliers.
Maxxphase Data Compatibility Standards creates the collaborative environment which enables these types of advanced services. The world is a better place when we share, especially when it comes to data, so let Maxxphase Data Compatibility Standards and methods boost your value with easy and seamless data sharing.