Businesses are looking for ways to become more competitive, efficient, and capable of anticipating and meeting client needs in the current market. Businesses that have a holistic perspective of their departments, suppliers, and consumers, as well as how those various areas interact, are in a better position to make better decisions. The arranging, integrating, and storing of data is known as data consolidation. It’s also referred to as data ‘integration’.
When different segments of the business utilize different software applications or methods of storing information, problems tend to arise. Accessing and analyzing data might become incredibly complex and costly as a result of this. There are frequently duplications of effort across various databases, costs associated with multiple software licensing, and data security concerns.
So What is the Solution?
This is where the concept of data consolidation comes into play. The process of putting all of an organization’s data in one location is known as data consolidation. Data consolidation necessitates the use of software or consulting services to extract data from a variety of types and sources. The following are some of the advantages for your company:
- Typically, operating costs are lowered.
- It is less difficult to comply with data protection rules and regulations.
- You can build more precisely targeted campaigns with better client data.
- You now have access to management data at your fingertips.
- Having all of your data in one location boosts your productivity and reduces risk due to data breaches and the use of different credentials.
- Time spent on training and onboarding team members on varying software packages is reduced or eliminated.
How Can Data Consolidation Help My Organization Grow?
By consolidating your data, you help improve time management across multiple departments and allow for a better understanding when it comes to where to track down data. In other words you end streamlining your work, and improving morale among employees by improving their quality of work life.
Become More Predictive
In 2020, Market Research experts will need to continue to support strategic decision-making. We must establish our digital strategy as the number of data points grows, or we will bear the repercussions of fragmented research.
The method of gathering information from existing data sets in order to determine future probability is known as predictive analytics. Prescriptive analytics takes things a step further. It looks through data or information to see what decisions should be made and what activities should be done to accomplish a goal. Predictive and prescriptive analytics can be made easier with all of your data in one place.
What Could be the Potential Downsides of DC?
Data consolidation has a number of advantages, one of which is that it delivers useful business intelligence, which could potentially help you make better decisions over the course of time. However, despite the myriad benefits of data consolidation, there are some drawbacks that you might need to stay in-the-know about.
One of the difficulties that businesses could have when going through a data consolidation effort is that it just takes longer and not one tool can have all the required features into one platform. Several technical teams are frequently assigned duties based on the level of complexity that is added to the overall data consolidation process.
In addition, you may realize that your resources are limited and you just can’t afford such a service. It can be argued that just a few IT teams or certain individuals in the organizations possess technical understanding of the inner workings and structure of certain enterprise databases.
However, when it comes to the benefits that data consolidation can bring to the table, the advantages far outweigh the potential drawbacks that may arise, which can be mitigated.
It is highly encouraged to follow a phased-in approach when going through DC and focus on areas that yield the highest impact compared to effort/cost invested.
How PERFEQTA Can Help
PERFEQTA mitigates the potential drawbacks above by taking the entire process off of your hands. Since 2005, we have helped companies transform their regulated operations by means of digitization and data consolidation, and with our flexible pricing model, you only pay for the features and modules that your business needs to thrive. Schedule a demo today to learn more about the PERFEQTA platform and how it can help your company succeed.