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Dama Exam CDMP-RMD Topic 7 Question 13 Discussion
Topic #: 7
An organization's master data can be acquired from an external third-party?
An organization's master data can indeed be acquired from external third parties. Here's how and why:
Third-Party Data Acquisition:
Enrichment: External data sources can be used to enrich an organization's master data, providing additional details and context.
Accuracy and Completeness: Acquiring data from reputable third-party sources can enhance the accuracy and completeness of master data.
Use Cases:
Market Data: Organizations may purchase market data to complement their internal customer or product data.
Reference Data: Common reference data, such as postal codes or industry classifications, are often obtained from external providers.
Integration:
Data Integration: Master data acquired from third parties needs to be integrated into the organization's MDM system, ensuring it aligns with existing data standards and governance policies.
Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management
DAMA International, 'The DAMA Guide to the Data Management Body of Knowledge (DMBOK)'
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