We live in a time in which data is the foundational element of business success for organizations in almost any industry.
Data is the key to making proactive business decisions, creating winning strategies, and improving customer experiences (CXs) and value. According to Mckinsey, organizations that heavily depend on data and make informed decisions are:
- Improving profit by 93%,
- Improving sales by 82%,
- Improving the speed of sales growth by 112%.
To garner important information, there are challenges that need to be solved. The first is speed. The information must be offered almost immediately, preferably in real-time. The second is reliable information you can take action on without questioning it. That is a big challenge because almost half of the information is complex and error-prone that could mess up processes.
These challenges can be resolved by relying on next-level technologies such as Artificial Intelligence, Machine Learning, Self-Service Integration, and the Internet of Things. But to benefit from them, organizations must take lots of ways to embrace digital transformation to its fullest.
Right now, a lot of companies fail to have access to data that directly impacts decision-making; analysts usually invest a lot of time extracting and processing data. Plus, the overhead costs are too high. The solution to all these problems, as well as the key to unlocking the value of innovations in technology, is a data integration strategy. As a matter of fact, it’s one of the most sought-after ways businesses can obtain information that CIOs and leaders will be able to take action.
In this blog post, you’ll know how modern data integration solutions are helping businesses get the most out of their time and budget investments.
The Value of Data Integration in Business
“The goal is to turn data into information, and information into insight.” – Carly Fiorina
Data integration platforms enable business users to consolidate and analyze large streams of complex customer data for better decision-making and ultimately faster value. With features like pre-built application connectors, shared templates, dashboards and intuitive screens, and more, business users (with minimal technical expertise) can create data connections and integrate new customers in minutes. Meaning, even the non-techies will have the access to the whole system without needing IT teams to do that every time.
Collaboration and data exchange and sharing between various departments will gain speed, and so transactions. Thus, allowing organizations to improve the ease of doing business and ability to deliver delightful customer experiences (CXs). Additionally, data integration will help users reduce the number of errors, boosting overall productivity as a result. But there are definitely even more benefits for businesses. Let’s look at them closely.
Build a Powerful Data Integration Strategy to Improve Business Outcomes
Companies need to create a data integration strategy to drive experiences and grow revenue. Here are some benefits that can help organizations gain a competitive edge:
Keeping Up with the Data Revolution
Modern data integration platforms enable businesses to handle the complexity and growing volume of data — at speed and scale. Whether healthcare or retail data, organizations can leverage modern data integration solutions to harness its true potential without sacrificing quality or authenticity.
Artificial Intelligence and Machine learning can help business users rapidly map and integrate such highly complex, voluminous data without IT support. As business users can execute data-driven tasks such as data mapping, data integration, and more, IT gets freed. IT teams can focus on governance and drive innovation-driven tasks instead. Thus, businesses can rely on Artificial Intelligence and Machine Learning technologies to make sense of all of the information from customers, with capacities far beyond human capabilities. They just need to unify data from all sources, and the algorithms will work their magic!
Making Data More Accessible and up to Date
With a data integration strategy in place, business users will be able to access more information than ever. And when users can easily access data, the comprehending part of it becomes much faster. Additionally, data integration allows business users to get rid of the problem of data silos. In doing so, it allows users to connect silos in various areas of the business and offer the maximum potential value out of it.
Eliminating Security Risks
When a user is able to access information fully, it becomes necessary for organizations to provide a higher level of security and prevent fraud. An end-to-end encrypted environment allows only those users that are authenticated to access the data, thus the risk of breaches and thefts minimizes.
Fueling Smarter Business Decisions
Business users can analyze the integrated datasets to garner actionable insights. These insights help users make good business decisions and so improve their ease of doing business. They are able to understand the customer needs and therefore deliver the promised value to them.