Data integration has come a long way since its inception in the ’80s and ’90s. Nowadays, it is almost impossible to picture how companies would work and do business without it. And when it comes to enterprise data integration, the future looks bright. In fact, as per a market research report published by MarketandMarkets, the integration market will be worth 12.24 Billion USD in 2022.
On that note, let us discuss data integration in detail to know how a data integration platform is crucial to businesses in the fintech industry.
How Data Integration Becomes a Necessity in Business
The majority of people reading this will get to know how to define the term. But let’s define it again for a better understanding.
Data integration is the method of consolidating data from myriad data sources into one unified view. This consolidated view of data makes it simpler to manage and use the information to make informed decisions and deliver the value promised to customers.
The data integration process starts with ingestion and includes steps like cleansing and ETL mapping. It actually appears like this: a client sends a request to the master server for data. The central server ingests the necessary data from different data sources. Once the data is gathered from data sources, it is consolidated into a single, unified data lake and then transferred back to the client.
Besides the sheer convenience of the entire process, data integration has many benefits. One of the benefits is that it disintegrates data silos and provides access to people in organizations. At the same time, it helps companies examine, analyze, and use data. This increases productivity and efficiency, enabling business leaders to make decisions and deliver delightful customer experiences. In other words, these solutions help companies garner actionable and relevant business intelligence. It uses data from different platforms and sources and consolidates everything to provide a 360-degree view of data that makes it simpler and faster to come to conclusions, comprehend causations, and draw correlations in all patterns and industry trends.
How Data Integration Drives Companies in Action
Companies can rely on data integration platforms to achieve the following:
Better Usage of Data: Companies receives a large amount of information from an emerging customer base. It’s difficult for companies to sift through this data, but data integration enables companies to build data lakes and warehouses. Business leaders can leverage the information stored in the data lake to comprehend the needs and requirements of customers and meet them on time.
Faster Onboarding: Modern data integration platforms enable companies to onboard customers up to 80 percent faster. Users need to point and click through easy screens to create onboarding connections. When that happens, business workers can connect with customers much more quickly. That helps them to meet their demands and requirements on time. Ultimately customers become happy and satisfied.
Improved IT Productivity: Modern data integration solutions powered by self-service enable non-technical business users to implement data connections much more quickly. During that time, IT becomes free to focus on high-value tasks and helps companies drive innovation and growth.
In a Nutshell…
Data integration empowers companies, large and small, to give power to non-technical users, turn onboarding 80 percent faster, and improve IT productivity. It creates a pool of actionable business intelligence that can be leveraged to make decisions and build better strategies for the future.
So, if you want to make a mark on the business world by improving overall efficiency and productivity, investing in an integration strategy will give you desired results.