The fact that data together with the use of technology will be key to future economic growth has been widely known for some time. However, with 89% of companies facing challenges in managing data, it’s critical to find and use API integration tools to harness the power of data in the internet of things (IoT) era.
The purpose of data management is to continually refine and hone the quality of the data itself. Much like fuel in an automobile, simply filling it up with oil will lead to a clunky performance with the engine eventually cutting out altogether. The gas needs to be refined and treated in order for it to do its job efficiently.
Data works much in the same way. The key is to get dispose of the data – whether its duplicates or incomplete – that gets in the way of business performance.
Getting a grip on data management will enable companies to fulfill the enormous potential data offers to increase efficiency and maximize profits. The right tools for businesses will help to:
- Eliminate bad data: The accuracy of data is essential for any company to grow. Having duplicate entries, incomplete details, and incorrect data will have a negative impact on the business. Streamlined processes rely on accuracy, and with the right integration tools, companies will be able to see the data in real-time and automate data management.
- Streamline processes: Integrated data leads to integrated and automated processes, which generates greater efficiency. Automation has instigated digital transformation at 94% of businesses, delivering a number of additional benefits, including:
- Increased customer satisfaction
- Increased volume capacity
- New sources of revenue
By streamlining and automating key processes, companies can dedicate more resources to customer care, allocate more space for volume capacity, and have more time to explore ways to increase revenue.
- Improve business decisions: An essential component of transparent and accurate data management is improving business decisions. With dynamic and flexible data integration tools, key decision-makers can analyze the data in ways that fit the purpose. For instance, a reputable platform can enable companies to track the customer journey from browsing to the checkout.. With clean and focused data, teams can quickly identify any weak spots in the purchasing process and increase conversions.
To utilize the full potential of data integration for, it’s essential to find the right tool and implementation process. In this article, we will review the steps companies need to take:
Defining the Purpose of Data Integration
At the first stage of integrating APIs and improving data management, it’s essential to define the purpose. Defining those goals will help companies develop the right data strategy and find the most effective integration tools. For instance, one business objective could be to improve the visibility of customer details - which would involve integrating data from CRM and invoicing platforms through API.
The alignment of goals with business objectives is key to a successful data integration strategy. Whether it is sales, marketing, or improving customer satisfaction - each of these objectives will rely on integrating different systems and its own set of data.
Streamlining the data towards specific goals will enable API components to communicate seamlessly and further automate business processes.
Data Integration Approaches
As the role of data becomes increasingly critical for business performance, the type of integration companies opts for can prove vital. There are four key types of data integration techniques to consider:
- Data Consolidation: This is a straightforward form of integration, where all the data is brought together into one accessible platform. That data is then organized in such a way that teams can easily filter out the irrelevant information and manipulate the data to help make better faster decisions.
- Data Warehousing: Similar to consolidation, with additional analytics capabilities. This is a useful approach for companies who want to dive deep into all their existing data and analyze the business.
- Extract, Transform, and Load: As the name suggests, the data is extracted from multiple sources, which is then transformed into a different format and loaded onto a new, single platform. It is essentially a step up from data consolidation and gives the user more flexibility in using the data.
- Integration of Programs: Integrating entire programs and platforms is the ultimate goal for many companies. It is possible to achieve this through using an integration platform as a service (IPaaS). iPaaS is a solution that uses cloud technology to integrate applications and processes, as well as data. This brings a number of benefits for businesses that have the resources, including:
- Advanced capabilities: The appeal lies in iPaaS’ ability to integrate systems as well as data. By simultaneously transforming data management and integrating applications, companies can synergize multiple processes quickly.
- Increased productivity: Taking a holistic approach with integration means companies can speed up the time to increased productivity. For example, iPaaS can automate CRM and logistics processes, which can become more efficient and time-saving, allowing the company to increase volume capacity.
- Ease of use: Reputable providers, such as Universal Adapter, design the solution with the user in mind. Therefore, iPaaS is generally easy to use with minimal or no training and technical ability.
- Scalability: Another significant factor in iPaaS solutions, particularly at Enterprise level, is scalability. For ambitious companies looking for sustained growth, using a cloud-based solution that fits the IoT era is the most suitable option due to its open source nature and its ability to evolve with technological advances. It provides the user with access to the most advanced technology in multiple industries, including ecommerce, healthcare, and shipping.
Depending on the type of business and its goals, it’s essential to consider the different integration options before moving ahead. For small companies with limited data - a straightforward consolidation may well prove to be the most efficient approach. However, for an ambitious company with plans for growth, a more advanced approach, like iPaaS, would be more optimal.
In addition, having a data management system in place, supported by integration tools will enable companies to maximize the potential of API integration. The crucial link between backend systems and applications relies on high-quality data and seamless automation of processes.
Integrate for the IoT Era
The purpose of data integration is to generate more value from the information a company already has. As we move into the IoT era, the role of data is becoming ever more critical. Data is the fuel for the 21st century economy, and the more refined the fuel is, the better it performs.
Having a healthy set of data with a strong infrastructure in place will put any company in a position to take full advantage of the latest technology. By working with an IPaaS solution such as Universal Adapter, companies will be able to fully leverage that data, while integrating multiple processes and applications.
The sobering reality is that 55% of all data collected by companies is wasted. This is known as “dark data,” and up to 36% of US businesses estimate that over 75% of its data falls into that category. On the flipside, it represents a real opportunity for companies to get ahead of the game and steal a march on their rivals.
Simply by managing their data.