Each day 2.5 quintillion bytes of data are created, and that number is only growing. For financial companies and services, that represent a wealth of information about existing business customers, new business opportunities, target market audiences, and dynamic landscape.

The rapid proliferation of data and uptake of new-age technologies and applications have brought a paradigm shift in the world of business. The rise of modern data-driven technological solutions has offered businesses a whole new dimension, one that was missing previously.

As it has been for decades, Electronic Data Interchange (EDI) continues to be a pertinent data-driven technology for organizations around the world. 

In the current disruptive times, data is being transferred, shared, and moved between multiple business ecosystems more frequently than ever. But that’s also one of the reasons for delays, data errors, or modifications related to structure, formatting, and content.

The old adage of “know your customers” is still relevant in the current disruptive times. And with shifting customer demographics, it’s important for businesses to be cognizant of customers’ expectations and needs.

Collaboration with channel partners is key to improved relationships and sales. And onboarding plays a vital role in helping companies build successful channel partner relationships.

Data is growing at a rapid rate. Data engineers and data analysts are constantly struggling to integrate disparate data for insights delivery and decision-making. In most instances, IT integrators take six to 12 weeks to integrate complex, bi-directional customer data streams, leaving little time to focus on more strategic or high-productivity tasks.

Few will disagree that organizations function better and achieve more of their business priorities when using their data strategically. But with a plethora of sources and formats – think ERPs, mobile, CRMs, flat files, and dozens more, consolidating and making use of that information is a hard row to hoe. 

Big data has undoubtedly transformed the nature of business. However, many data strategies fail to provide reliable benefits, because they have difficulty maintaining data quality.

The ability to extract insights determines the quality of an organization’s decision-making. In other words, actionable insights underpin decision-makers. In fact, it’s the insightful information that not only helps companies make confident decisions but also improves their ease of doing business.