Data analytics can only be so helpful if the data is truncated. Gathering the complete picture from all sources is key to informed results. This interesting topic came to us from Analytics Insight in their article, “How to Harness Third-Party Data for Big Data Analytics?“
Big data and third-party data can be the same thing, however mastering third-party data can be very challenging. Data is growing and so are the opportunities that can be harnessed from it.
Using third-party data can provide insights not found in first-party information, making it easier to work with partners around the world. With external data, organizations get a better understanding of shifting larger trends of consumer behavior, geopolitical events and competitor initiatives.
Access to external data is getting easier, but incorporating it can still be daunting. Among the business challenges are the size and complexity of the data-provider market, which can make it hard to identify the right data sources and partners.
Melody K. Smith
Sponsored by Access Innovations, the world leader in taxonomies, metadata, and semantic enrichment to make your content findable.