Third-party enrichment
One very common type of data enrichment is the use of third-party data enrichment services. Third-party refers to the use of external data. This type of data is typically purchased from an outside data vendor and added to the data your company creates (referred to as first-party) to create a more enriched and higher-quality dataset.
When you are considering using a third-party data source, consider the following factors. Not all data enrichment is high quality, and using a third-party source that does not meet the expectations of your business can reduce the quality of your data versus improve the quality of your data:
- Data quality and accuracy: Ensure the data is reliable and consistently updated
- Data coverage and relevance: Verify the data aligns with your specific needs and target audience
- Data privacy and compliance: Check for compliance with relevant data privacy regulations
- Pricing and cost models: Understand the pricing structure...
