Acquiring External B2B Data? Use This Checklist

1. Are the data current and reliable?

The quality of external data varies quite a bit. Therefore, it is important to thoroughly assess whether the quality of datasets is structurally high. Here's how you do it:

• Understand the data source and its definitions
• Check the data source and definitions against your organisation's quality and verifiability requirements
• Check whether you can monitor these requirements structurally

2. Do the data have predictive value?

Before purchasing datasets, you want to ensure that the data have predictive value. You can determine this through testing. Start an experiment and test the external data with a sample dataset. Gather evidence of its added value. Only after you have sufficient evidence, should you consider adding the data to your data platform.

3. Is the supplier reliable?

Once you know what kind of external data you need for your analyses, look for the right supplier. The supplier is just as important as the data itself. Determine the selection criteria you will use. For example, check if potential suppliers meet the following points:

• The supplier has a good reputation
• The supplier has knowledge of your market and products/services
• The supplier has in-house data specialists and is more than a reseller of data

4. How do you get the data delivered?

Additionally, it is useful to consider the practical aspects of external data. Can you integrate the dataset into your system for the long term? Often, using data once for an experiment is not a problem. But suppose the analyses from such a test provide valuable insights that you want to apply broadly within your company. In that case, you will want to regularly or even in real-time receive the data and link it to, for example, your data warehouse or data lake. Therefore, ensure this is possible.

5. Under what conditions is your organisation allowed to use the data?

Keep in mind that you have to abide by certain rules when linking internal data and external B2B data. As a result, you face additional risks from legislation. So check in advance which laws and regulations apply to your type and combination of data. That way, you will not face any surprises later on.

Want to know more?

Before purchasing datasets, it's useful to learn more about external B2B data. Are you a data or BI analyst seeking more information about the various types of external data and their pros and cons? Or are you looking for practical and inspiring applications? Check out the Company.info website for more details.

About Company.info

Company.info delivers unique, innovative B2B data to data analysts, data scientists and BI analysts in compliance with laws and regulations. This provides more in-depth, valuable insights, allowing B2B organisations to increase revenue, streamline operations and reduce risk.