Master Data - Experiences - Best Practices: Sharing is the way to go!
Hi data citizen,
Data sharing is the way to go for better data quality.
Okay, sure... but how, exactly?
If your company has the same customer as another company, KYC requirements for both of you will be pretty much the same. In fact, most of customer data attributes like legal name, address, tax number, as well as financial stability and social compliance, refer to real-world status of a business partner.
As such, existing business partners change their addresses, run out of business, or tax numbers expire, you name it...
So, why work harder and pay more when data sharing can help you work smarter and achieve more for less? That's exactly thereason why we established the first Data Sharing Community to jointly manage business partner data, so you can achieve better business outcomes powered by data sharing.
Welcome to the beautiful world of master data management
Members of the CDQ Data Sharing Community already experience this smart and innovative way of managing master data. Despite being competitors in the market, they tackle common struggles together and benefit from collaborative master data management in business partner domain.
And they have some insights on the topic to share with you...
Twice a year, this amazing group of data professionals from leading data-driven companies meet for a two-day workshop to exchange best practices, new challenges, common struggles, and solutions. Shared data quality rules, peer-validated data, and more than 200 million records in the CDQ Data Sharing Community data pool are only an appetizer.
Still not quite convinced about data sharing? We've often heard it sounds like a completely crazy idea. And we see your point.
Disclosing own data to another company? Nuts! Using data shared by a competitor? Cuckoo!
Over the past 17 years in the business partner domain, we've had a great priviledge to follow data journeys of our clients and their successful implementation of collaborative data management. Grab our factsheet to get a grip on data sharing approach and see how it boosts business potential inside and out for others already:
No matter how tangled up or fuzzy you feel about your current master data situation, we dare to bet: data sharing will turn the tables for you!
Recommended readings: CDQ Blog
Data sharing: use cases
Sharing one's data asset with others, even with competitors, might sound weird - skepticism is a common first reaction to the concept of data sharing. Learn how CDQ clients are benefitting from data sharing approach and join the journey!
Master data cleansing made simple: get clean to stay clean
Data drives insights, informs decision-making processes, and plays a key role in shaping strategy. But here's the thing: if your data is inaccurate or incomplete, it's not doing anyone any favors.
Data quality rules: the fuel your master data management runs on
Can you guess, how a data steward sitting in a shared service center in Hyderabad, India knows how a German address is composed and can be validated? Well, neither can he.
With the speed of today's business, successful organizations must master the art of collaboration and data management with their partners, suppliers, and customers. But with great collaboration comes great responsibility: as companies onboard more business partners, they unwittingly onboard hidden risks too.
In this webinar, master data management experts from NTT DATA Business Solutions will share with you how to use master data management to protect your organization from these risks. Join us on Wednesday, April 25th, 2-3 PM! Click below for registration and more details.
(and for some of our best-kept secrets to ensure compliance and data quality)
SAP NOW Zurich
On April 25th, SAP NOW Zurich kicks off at the Zurich Convention Center. Two days, two focus topics and one goal: growing together. CDQ will be present at the event as SAP NOW Silver Partner.
An exciting question in the business context, "Why do we need to act now?" will be viewed through the lens of digitalization and industries. Feel free to reach out to our experts Michael Schaefer and Christian Hell to arrange a meeting upfront. We're happy to meet you there!
We'd love to hear from you, incase of any questions simply reach out to us!
Best regards,
Your CDQ Team
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