Why Data Sharing? Better Data Quality With Less Manual Effort!
In our data-driven world, information grows and changes too fast for anyone. How can you maintain Data Quality when 90% of all data was created in the last two years? We believe: Sharing is the best way to better data. Why invent your own data quality rules when others share their best practices? Why try to tackle data grade only inhouse when public data sources are available for matching? Why validate critical information on your own when your peers offer their help?
Shared quality rules, shared data sources and shared peer-validated records are 3 steps that allow you to approach data quality problems together with others, more effectively and with far less manual effort - because a problem shared is a problem halved!
Data Sharing Solutions – Taking a First Step Is Easy
Data Sharing is available now in an efficient, highly scalable and secure cloud platform. Here are some of the tough data problems you can solve through the platform:
Full transparency: See how your data is holding up against a set of best-practice quality rules. Monitor data grade over time – because information changes all the time.
No more typos, empty fields or duplicates: if incomplete records and countless double entries within your customer and vendor data are a hassle for you, we have a remedy.
Asking your people to manually validate a new shipping location? Check if one of your sharing peers has already greenlighted the address, saving you the effort!
Try Out Our Innovative Sharing Solutions for Better Data Quality
Want to test-drive the platform? Check it out here!
Success Story: Data Management at Schaeffler GroupIn an article recently published in the specialist magazine "Big Data Insider", Markus Rahm provides insights into data management at Schaeffler. And how it has evolved with the help of CDQ. Data management at the Schaeffler Group
Sharing is a journey, and starting is easy! From silos to peer-level sharing
A Quick History of Data Sharing – a Novel Approach in Data Quality Management
From scientific research to powerful solution – the CDQ Data Sharing Platform
In 2006, CDQ started as a research project – 10 leading European companies tired of their data quality problems banded together with data scientists from the Swiss University of St. Gallen and decided to develop new approaches in data quality management. One of the ideas that came from that research: companies that sell to the same customer or buy from the same vendor should be able to share their business partner information with each other. Instead of everybody updating the same record individually, why not share the good data with each other?
Today, this idea born out of science has become a reality – international companies use the CDQ Data Management Services to share the burden of data maintenance, and to jointly improve data quality to levels unreachable for a single entity. This simple solution is enabled by complex data quality and governance rules in the background that ensure no sensitive data is exchanged, and that companies can still mix their own quality requirements with the over 1200 standard rules the platform offers.
Data Sharing – a known concept in science and health research, but new to data quality management
If you enter Data Sharing into a search engine, you quickly realize: the term has been around for some time. Uses range from medical researchers offering anonymized clinical or scientific health data to each other, to applications working with the same server-side database, to families sharing Internet access on their cell phone plans.
CDQ now adds another definition to Data Sharing – global companies sharing non-competitive master data with each other, for the purpose of higher data quality and higher efficiency at the same time. We believe that in today's shareconomy, it was about time to bring this idea to data quality management.
Open Data – governments share their best information with you
All around the world, governments open their registries for open access – you can look up official data of all companies registered in France, the UK, in most states in the US and in dozens of other countries. For free! You won’t find better data if you want to know the Tax ID of a supplier or how legitimate a new customer is.
The CDQ Data Sharing platform can be your broker into the world of Open Data. You can use the official records to keep your inhouse data current, and to add/update fields where your internal records are outdated or incomplete. We call this data enrichment, and we are continuously linking new shared data sources to our platform.
Sometimes, it has to be premium (data)
Some data crucial for your company's success is not free but needs to be acquired. For example, if you look for very precise geo-locations, providers will charge you for it. We call this premium data.
Another example: If you want to understand the financial ties between several of your business partners, nothing beats the hierarchy information Dun & Bradstreet provides. In many industries, D&B’s so-called DUNS number is THE unique identifier for companies you are doing business with. CDQ has partnered up with Bisnode, the European partner of the D&B network, to provide Data Sharing customers access to this wealth of information directly from the CDQ platform. This offers customers of Bisnode and CDQ the most powerful combination: the best data from Bisnode/D&B, automatically selected for only the customers and vendors you actually do business with!
Data Sharing - the best way to better data
How does data sharing work for business partner data and what advantages does the Sharing Economy approach offer to companies?
These and many other questions are answered by our data management specialist Dr. Kai Hüner in a joint webinar with our partner apsolut [in German language].
How CDQ Business Partner Lookup Works
Watch this video to get a feeling how you can easily maintain your customer and vendor master data:
See how the web app works and how it functions integrated in a SAP system. Find out which successful companies already rely on CDQ Data Management services.
Invoice Fraud Prevention
Invoice fraud with manipulated bank account data is a threat to every business. To protect themselves effectively against fraud attempts, members of the data sharing community have access to an app for quick and straightforward verification of the trustworthiness of bank details.
Learn more about the capabilities of our app and how you can reliably protect your company against invoice fraud.
We protect your data in the best possible way
All data we receive is protected through up-to-date protocols and encryption mechanisms. The entire CDQ Cloud infrastructure is provided on Amazon Web Service (AWS) servers in the European Union (Frankfurt, Germany and Dublin, Ireland) to comply with EU data privacy regulation. All data uploaded into the CDQ Cloud as well as analysis results are stored in individual databases per customer, and users can choose to delete. If a user chooses to delete its data, all data will be deleted, and no data is cached or withheld. Updates which are disclosed for sharing with other community peers are processed and stored separately and do not have any backlink to a user.
Do you still have questions about the protection of your business partner data in the CDQ Cloud? We will be happy to answer your questions in a personal interview - just contact us!