Blog

Data Integration-as-a-Service for Small and Medium Sized Business

SMBs Struggle with the Challenge to Integrate Their Business Data

In today's business climate, SMB owners and managers face many challenges, these include:

  • Rapid and radical technology change
  • Finding qualified employees
  • The need to take advantage of the Internet, e-commerce, and social networking
  • Increased price competition
  • Scarce access to capital

Busy SMB owners have little time to plan and less time to implement and follow-up. In the face of these day-to-day challenges, it is no wonder that owners and managers apply little time and thought to leverage one of their most important assets: information in the form of business and competitive intelligence.

Flow for IT and Data Services

IT and Data Services: New Challenges Every Day

In the past the word "data" was rarely uttered outside the IT department. This has changed. Data is now a strategic differentiator for most organizations and demand for it is increasing rapidly. Not only are IT and data service professionals required to share, convert, and integrate data across internal application portfolio, they must increasingly integrate and deliver information from external sources as well. The techniques and technologies developed over the past two decades were not designed to solve these challenges.

Customer Data Integration Leads to Improved Customer Intelligence

Banks, insurance and securities firms, lenders, and other financial institutions struggle with leveraging existing systems that do not share information with each other very well. This problem only worsens when business processes change and new systems are added to meet evolving requirements. A key challenge of integrating these diversified and distributed systems into a coherent, efficient infrastructure is creating a comprehensive view of the customer.

A comprehensive view of the customer answers critical business questions such as:

  • What are the most profitable opportunities for growth?
  • Which marketing actions will have the greatest impact?
  • What activities will have the maximum impact across lines of business?

Customer data integration solutions for financial services deliver a unified view of data across an entire organization, from both internal and external sources, maximizing the value of customer information. These solutions streamline business processes, promote efficiency, meet compliance demands, strengthen relationships with customers, and reduce operational costs.

Three Common Types of Data-Driven Decisions

Strategic, Tactical, and Operational Decisions

In my experience, most business decisions are, at least to some extent, data-driven decisions. This post takes a quick look at three types of business decisions that are improved and facilitated using a data-driven approach.The three types of business decisions are:

 

Business Analytics - Three Types of Data Driven Business Decisions

Business Analytics - The Role of Metrics

Metrics and the Data-Driven Decision-Making Process

This post discusses the role of metrics and their evaluation within the overall context of the six steps for making data-driven decisions. Reaching an established goal starts with defining a set alternatives that will lead you there. Metrics are established to evaluate alternatives and their suitability for reaching a goal. It is the analysis and evaluation of metrics that turns a decision process into a data-driven decision process. The goal is to optimize decisions through improving the quality of metrics and improving their ongoing evaluation. This is depicted below as a linear relationship between the precision of analytic models and the quality of data-driven decisions.