It is vital to realize that data siloes can result in operational inefficiencies, affecting business growth and agility.
FREMONT, CA: Data is businesses’ most valuable asset. Using it correctly can enable businesses to make intelligent business decisions, drive growth and enhance profitability. Nonetheless, according to the report, 66 percent of organizations lack a centralized approach to data, with data issues being a common hurdle. A typical business uses many applications and several other on-premise systems for storing enterprise data. Here is more to know.
Data integration can support business growth strategy, helping firms retain customers and increase profitability. Access to real-time data presented in a seamless way-to-digest format will offer firms invaluable understanding, help them be proactive, uncover opportunities, and find potential bottlenecks before they happen. Siloed data sets prevent a full view of customers, which affects sales and revenue. Only when firms have access to real-time customer information and historical data can firms target their customers with the message at the right time to enhance customer experience, loyalty, and revenue.
From procurement and supply chain to product management, real-time access is useful for enhancing operations, increasing production, and reducing costs across departments, including sales, production, distribution, and many more and combining historical data with sales pipeline data to make forecasts and anticipate customer needs. This will help firms evaluate the products and services while offering the potential to remain ahead of the competition.
Most organizations use several systems and applications residing on the cloud, social and mobile platforms. Often these systems are disjointed, interrupting the ever-so-essential data flow. To overcome this, it is essential to adopt a data integration strategy. However, it is never a one-and-done activity. It’s a process that emerges over time and may include several different approaches to bring together the various data sources. It is not merely a cultural shift but also requires to be built into the IT management solution.