Saw this post by Charles Prescott and my first response was “Spot On Charles!”. So many companies make the mistake of not understanding what their core business is and do things that don’t fit internal skills and capabilities. A company that I worked with in the past was great at international address verification. One day the founder began talking about building a custom CRM solution to manage the sales engagement process. I almost fell over as we had a bucketful of feature requests from customers that were paying us to do what we were good at- international address verification.
Part of why I left that business after it was sold was to focus on the opportunity to build international reference databases. Why- because it wasn’t core to the business of my old company nor its competitors (Trillium, FirstLogic etc). For us international reference data sourcing and development are our core business. We eat everyday based on our efforts in this market.
By staying focused on our core business and not getting into the business of Data Quality Software, Master Data Management or Data Governance we are able to be really good at one thing versus okay at many.