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Be Careful When Purchasing Your Data

BusinessDealWhile many organizations routinely gather much of the data that they’d need to do predictive analytics, there are times when it is necessary to purchase additional data from outside sources.

However, these types of purchases come with some pitfalls.

TMA is 100% vendor agnostic, so you won’t hear which vendors you should be using or avoiding. However, there are still things that you should be aware of before you start your shopping.

Use Reputable Vendors

Not all vendors are created equal. Start with proven national data vendors whenever possible.

If you’re not sure where to look, try starting with this Information Week list of data vendors. This list is merely meant to provide a starting point. You should always do your own research and look at all of your options.

Know Exactly What You Need

Don’t rely on vendors to tell you which attributions you need to append to your project. There is a conflict of interests there that you should be aware of.

Vendors may have up to 600 attributions that they could offer you. And their job is to sell you as many of those attributions as possible so that they can make a profit.

However, your project and your business objectives may only truly need five or six of those attributions! Your ROI depends on selecting the right attributions, and only the right attributions, to achieve your business objectives.

Get External Guidance Before You Buy

Getting the right external guidance will help you achieve the biggest ROI possible. Why? Because trained data experts without an agenda can help you identify your project’s most pressing needs. That means you only buy the data that helps you meet your business objectives.

The Modeling Agency provides exactly this kind of guidance. TMA’s consulting services will let you receive hassle-free, cost-effective guidance from experts who can help you make the right choices about your data before you buy.

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