Central Data Enrichment Platform for Third-Party Subscription Integration
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Solution Overview
Problem
Business entities face challenges in accessing, formatting, and sharing data from external sources due to fragmented and disconnected data brokerage spaces, lack of understanding about reliable data providers, and high total cost of ownership when implementing data intelligence solutions across multiple lines of business.
Innovation Solution
A method for enhancing master database records by consuming data points from third-party subscription services through a central data enrichment system, which provides a unified view of external and internal data, optimizing data usage and reducing costs by using microservices for data transformation and access.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If data intelligence solutions are implemented across multiple lines of business, then data accuracy and completeness are improved, but total cost of ownership increases
Solution Approach 1:
The patent combines multiple data sources (internal and external) into a unified data enrichment platform that serves multiple lines of business. The system merges data from third-party subscription services, internal databases, and external sources into a single centralized platform, eliminating the need for separate data intelligence solutions in each business unit and thereby reducing total cost of ownership while maintaining data accuracy.
Solution Approach 2:
The data enrichment platform is designed as a universal system that can serve multiple lines of business with diverse data needs. The platform provides multi-functional capabilities including data enrichment, data validation, data formatting, and data sharing across different business units, replacing the need for multiple specialized systems and reducing overall complexity and cost.
2Loss of information
If external data sources are integrated to enrich master data, then data completeness is improved, but system complexity increases
Solution Approach 1:
The patent introduces a centralized data enrichment platform as an intermediary layer between multiple external data sources and internal systems. This intermediary manages all data integration, transformation, and enrichment operations in a single location, simplifying the system architecture by eliminating the need for each business unit to directly integrate with multiple external sources independently.
Solution Approach 2:
The system segments data management functions into distinct modular components including data enrichment services, data validation modules, and data sharing interfaces. This segmentation allows the system to handle complex data integration tasks through manageable, independent modules that can be configured and maintained separately, reducing overall system complexity.
3Productivity
If data is centrally shared across lines of business, then operational efficiency is improved, but data accessibility challenges increase
Solution Approach 1:
The data enrichment platform provides universal data access capabilities that serve multiple lines of business through a single centralized interface. The system offers multi-functional data sharing mechanisms including API access, data export capabilities, and integrated data views that can be accessed by different business units according to their specific needs, improving operational efficiency while maintaining ease of access.
Data Source
AI summary
A method of enhancing one or more fields of a master database record based on a consumption of one or more data points provided via a third-party data subscription service is disclosed. An aggregated view corresponding to a master database record is accessed. The aggregated view identifies correspondences between the one or more fields of the master database record and the one or more data points provided via the third-party data subscription service. Based on a determination that one or more consumption criteria are met, the one or more data points are consumed and stored in a central database. The one or more fields of the master database record are updated based on the one or more consumed data points. The enhanced master database record is provided via a network to one or more computerized processes associated with one or more consumers of the enhanced master database record.