Three Ways Companies Can Benefit from Modern Data Integration
A study by Gartner showed the data integration software industry grew 6.8 percent in 2020, reaching $3.3 billion. It is sustained by the need for solving business customers’ multi-cloud and hybrid data integration challenges and facilitating different integration styles.
Data integration is the process of consolidating complex, bi-directional databases or systems into a unified, more usable database. Companies leverage data integration solutions to implement data connections much more quickly, securely, and effectively. Many solutions are powered with self-service and automation that uses AI and ML to enable non-technical business users to implement data connections while freeing IT to focus on more high-value tasks. They help companies exchange data across different departments and with their partner ecosystems.
In this blog post, we’ll explore the benefits of data integration in detail.
Data Integration in a Nutshell
Data integration is a popular topic in the business world, but what does it mean exactly? Data integration can be defined as “the process that ensures data from myriad sources are consolidated into a single source.”
This means data integration solutions enable companies to access all of their information instead of having it distributed across various platforms. In doing so, the problem of data silos is resolved. Companies’ decision-making ability improves, and they can easily deliver the value promised to customers and grow revenue. This is where the term “single source of truth” comes from, as this ensures there are no duplicates or conflicts within the companies’ databases.
Benefits of Data Integration
1. Cost Reduction
Modern data integration solutions minimize the need for manual tasks by enabling automation and self-service. When companies rely on these solutions, their IT teams need not implement custom codes and perform extensive data mappings that take weeks or months of calendar time. In fact, even non-technical business users can implement data connections with customers without having to code or build extensive data mappings. During the process, already expensive and scarce IT becomes free to focus on more high-value tasks. This helps companies reduce overhead costs and deliver the value promised to customers without difficulty.
2. Increased Customer Retention
When business users connect with customers, they can deliver on their needs and requirements much more quickly. These customers become happy and satisfied. Now, these delighted customers are more likely to buy more products or services from the company. That not only encourages companies to increase customer retention but also helps them to create new revenue streams.
3. Greater Focus on Innovation
Innovation is a crucial segment of any business strategy. But many companies struggle to drive innovation-driven projects because their IT teams are busy creating codes and building data mappings. Modern solutions powered by self-service and automation free up IT teams to focus on innovation while non-technical business users perform data integration and onboarding. In addition, because everyone has access to this data, it can be used as a foundation for discussion, which increases collaboration across departments.