We are existing in an age where data is EVERYTHING. Every company is collecting massive amounts of data, both structured and unstructured, on just about everything right from their clients to competitors. But such mammoth data is very difficult for one single person or a small team of people to interpret and make sense of, let alone use it for business decisions. And if you want to generate some vital business insights, then it is imperative to be able to organize your data well and perform some analysis.
Data Integration is the solution to this problem. Data Integration, as the name suggests, is about integrating data from various sources and then deriving actionable insights from it. These insights can transform your business and help you serve your customers better, thereby leading to both increased customer satisfaction and business ROI. Let’s see 5 reasons why data integration is absolutely necessary –
1. Enabling Personalization
Imagine two offers in your inbox – One says, 10% off on so and so camera, and the other addresses you by your name and says, get 10% off from our side for pursuing your photography passion – which one are you more likely to click even though both are the same offers? The second one.
We collect a lot of consumer data from various sources. Integrating multiple data-points about every customer enables you to personalize your offerings even better.
2. Reducing Costs
Data Integration can help you in reducing manual labour. The work that typically 2-3 employees would have to do in terms of data collection and organization can now be done by a tool. This can help you in cost reduction, and use that money for other purposes such as for working capital or investment.
Cost reduction is one of the most important factors to consider in today’s times, considering that every economy is becoming weaker with respect to dollar, and therefore losing out a lot of money in doing any sort of foreign transactions for their business.
3. Deriving Business Intelligence
The most important function of a data integration tool is to organize data in such a clean way that is provides actionable insights. By using these insights, one can improve various aspects of their business such as operational efficiency, financial decisions, marketing tactics etc.
For example, if the marketing data shows that your website is getting a lot of hits from 3 cities, and another set of data shows that the bounce rate is lowest for 2 of those 3 cities, you know which cities to concentrate your marketing efforts on.
4. Saving Time
Today’s business environment requires a rapid response. If something is changing, you need to change as well. A data Integration solution like Rapidi or the likes can help you in sifting through important data quickly in order to help prepare an immediate response or tactic.
If you delay even slightly in responding, your competitor will take the first mover’s advantage and gain your market share.
5. Cutting down complexity
Business practices are become leaner. The leaner you are, the faster you can act on changing dynamics. By having a lot of different people working on data collection, data organization, and data analysis, you are simply increasing the complexity. It’s time you make your business processes simpler by using a data integration software.
There’s so much more that you can do with data integration tools, like getting further clarity into your business, customers, operations etc. You can combine the data you get from the data integration tool with data visualization and analytics tools for transforming your business. And with Big Data tools slowly and steadily becoming the need of the hour for every company, you need to ensure that first of all you have means to collect and organize that data well.