6 Questions that You Should Ask Your Data Provider:

6 Questions that You Should Ask Your Data Provider

6 Questions that you should ask your Data Provider

With the increase in the number of smart buyers, you must have the right digital audience data to maximize your sales opportunity. And to be able to do that,  your data should be noise-free, updated, and relevant, to give your business a solid kickstart. However, if the data turns out to be of low quality, then it would only burn your revenue down or worse plummet your sales. 

But, to be honest, while some data providers focus on quantity, some focus on having a high accuracy! Thus, when as a business you collaborate with third-party vendors, here’s what you should do – ask them these 6 critical questions.  It would not only help you genuine but also data provided who will add on to your overall business success. 

6 Must-Ask Questions that You Should Ask Your Data Provider:

1. How is the Data Sourced?

This is one of the most important and pertinent questions that you should be asking your Data Provider about. Sometimes, the data includes a huge number of records from a single source. This ‘noise’ data works as padding to the total amount of data and doesn’t get vetted for accuracy. Such data are of no use as it means they typically consist of data from a “shell” company which has either moved to a different location or closed. Before buying in, you should check the data and look for such discrepancies and try to cut down on these noises to boost the veracity measure. Plus, if you get the records validated from multiple sources, you improve the variety measure.

2. Are all Your Dataset Verified and Enhanced for Furthur Use?

Well, it would make no sense, if you let the data unattended. So, before we put them to use, make sure to get the data at least web or telephone verified. This would help you to keep a tab on teh extra ‘noise’ that was added as padding, plus it also helps you get a confirmation on all the business data that are still operational or just gain new information from the process. The whole validation process adds up to your quality and helps you improve the Value measure of the records in the file.

Pro-tip: Don’t forget to ask your data provider, about their process of vetting the data along with how many employees are included in further verification and enhancement of the data. 

3. Are There Any Software Involved to Validate the New Records?

With the digitization in place, it’s important to get your records validated. The whole validation process would help you identify suspicious records and kick it out of the system for a manual review to enrich the data and make it error-free. A validation software is placed would help you figure out if the business: 

A) is Duplicate 

B) Closed

C) has Moved to a different location  

D) Or, rebranded

Pro-tip: Before jumping the gun, don’t forget to ask your data provided to show you recent data examples that were kicked out for manual review. This question would only help you acquire quality data and would also help you to understand if your data provider is working to provide for you.

4. How often are the Data Updated?

With digital devices like smartphones and social media taking over, there’s an unprecedented rate that data is being created. Thus, if you are a business looking to grow and scale new heights, you would need to keep the Velocity measure in check. That’s why it has become such a growing need for the data to undergo stringent and frequent comprehensive checks.

You might think, that your data ‘appears’ to be of the utmost quality and compiled accurately, it still needs a regular update. Well, it might look like a tiresome and time-consume process, but it’s very much needed so that the database that you acquired doesn’t go out-of-date in months. Thus, ask your data provider, if there’s a data update process is in place, so that they can keep track of the data changes like if the business is moving away, businesses that are closing down, and much more.  So, try to get your data verified multiple times, so that your database is updated without the noise.

Pro-tip: To differentiate and to keep a tab on all the outdated records, its best to have a master file in place for business hygiene. 

5. Do You Rely on Web Scraping?

Well, web scraping is just not good but actually great to figure out unique businesses, whose information was missing from your data. However, it would still need an additional process to verify the records and automatically update it as well. That’s why if you are looking to find success, combining web scraping with the information source like the telephone companies, etc. it would only help you to keep a check on the businesses. Besides, such a multi-source compilation process will result in high Volume measure, as it draws information from several data sources.

6. Do You Provide Samples to Customers to Check the quality of Data?

The best way to stay away from fraud would be to ask for a sample of the data. This question would eventually help you to verify whether the data that you are going to invest in, is of utmost quality or not. So, ask for all businesses in a particular ZIP Code, to determine if the data consists of miss any businesses out or include some businesses that are either closed, moved, or rebranded. 

Whatever be it, try to ask all of these questions to your data provider and try to hold them accountable, if something doesn’t add up. Besides, asking these right questions would only help you to have robust data in place both in quantity and quality.

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