Data integration is a complex process in which data from a company’s various sources and IT systems are merged, improved, enriched and cleaned. The uniform presentation of this then provides insight into all the available data. The raw data can then be analysed and turned into smart data for commercial or other purposes. This Wiki explains data integration.
The need for data integration in your business
Internally, many systems produce a wide range of data entered by many different employees. The manual inputting of data can often be prone to errors which can lead to incorrect customer and prospect information which can have undesired consequences. By implementing a data integration framework, you’ll ensure that data is updated and maintained in an accurate and consistent manner, often centrally organised. It also allows different types of data to be integrated, thus improving efficiency to create a single customer view.
Taking the example of credit ratings, by integrating customer and financial data, employees no longer need to manually check a customer’s credit rating. Furthermore, all the relevant information relating to the customer immediately becomes accessible to everyone within the organisation. This means that sales receives the right information, negotiating on the terms of delivery and ensuring ‘safer’ agreements with customers. Ultimately, this reduces bad debt and disputes because everyone has access to the same up-to-date financial information.
What’s more, 20% of all data in company databases is liable to change. Ensure that you have all the latest company information at your fingertips by partnering with a specialist data information and intelligence partner.
The advantages of data integration
- Up to date customer data always available
- Fewer margin for error in customer data
- Faster business processes and communication based on integration into internal systems
- Direct insight into financial customer information from any system
Who benefits from data integration?
Using the example of credit information, by integrating your data into your various systems and making the data readily available, various departments can make use of this data in a range of different ways:
- Marketing: immediate access to up-to-date company information, less waste of money due to incorrect contact information
- Sales: insight into up to date credit information improves negotiations on terms of delivery
- Finance: access to up to date credit information speeds up the credit assessment process. Correct invoicing details always available
- Customers: always contacted with correct information at the correct address
APIs are the way forward
An Application Programming Interface (API) enables companies to seamlessly integrate data from a variety of sources to create bespoke data platforms. With the advancements of APIs in recent years, companies are increasing their data infrastructure to gain valuable decisions. With the latest company information from Graydon, ensure you have the latest data on your customers and prospects to enrich your data strategies.