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As organizations continue to invest in an increasing number of applications, it’s important that they find ways to consolidate them with their existing technological solutions. 

After all, disconnected applications can make organizations go down the rabbit hole of problems – whether it’s preventing lines of business from gaining access to important data or compelling employees to enter information through manual means across multiple applications.

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Being legacy-bound, financial organizations often remain behind the curve when it comes to attempts to digitally transform. In the last few years, because banks and other financial institutions worked to manage a complex and uncertain economic landscape, many digital transformation efforts were refocused on critical digital consumer-facing solutions or products.

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As organizations continue to handle more data and adopt more applications, the need for that data and applications to work together has never been greater. 

But serious challenges in integrating data and connecting applications persist, forcing employees to jump between apps to get access to data, integrate data to access different applications manually, and inevitably, lose insights that can help companies make informed decisions. 

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When data is inaccurate, missing, or outdated, the organization’s business teams are forced to make less-than-ideal decisions on behalf of colleagues, clients, and prospects. 

Addressing the foundation of the problem requires improving the end-to-end process of data collection from different source systems, storing it in a data warehouse, and then exchanging it with myriad downstream applications. 

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As companies scale, they rely on an increasing number of applications for garnering and storing their data. The average organization, for example, leverages nearly 300 applications across its business ecosystems. 

However, as companies invest in more applications, they fail to get most of the growing volume of data that’s collected: Research by IDC states that the average company doesn’t use 68 percent of its data.