Access to data can put organizations in a precarious position. Banks, accounting firms, and other data-intensive industries want to understand customer needs and create beneficial services in an essential and personalized way. For that reason, the world's most integral companies carry a heavy burden to use data with accuracy and integrity to improve their clients' lives.
Many of these essential companies rely on internal teams and solutions to securely manage and use data that deliver revenue-producing intelligence. Augmenting human expertise with industry-focused solutions is what makes them indispensable to the way the world runs.
Solving Data Needs
We've seen the statistic that 99.5% of collected data never gets used or analyzed. That's quite a bit of waste. Buried in the vast amount of untapped data throughout the enterprise, a typical Fortune 1000 can gain more than $65 million additional net income with just a 10% increase in data accessibility. Getting that 10% boost isn't simple.
A traditional, standalone BI tool won't cut it. Organizations need to be able to scale as new data enters their systems. Manual processes are reliant on the human touch and also beholden to human error. Even trusted text analytics tools can only go so far. If the product is an untrained data mining tool, the specificity needed to gain the competitive advantage of accuracy, speed, and efficiency is lost.
Staying in line with what makes a company essential to the world, how are companies and industries effectively using data?
We see integral companies using data platforms to extract specific data that needs to be managed in an enterprise data management environment or used in data quality processing.
Finding the Right Technology for Resiliency
As the world treads through COVID-19, many companies have prepared for the uncertainty surrounding operations and revenue growth by continuing to deliver value in the face of adversity - for themselves and their clients.
Technologies such as artificial intelligence, machine learning, and data analytics allow organizations to offer the foundational items needed in today's society (e.g., entering an agreement, purchasing essential items). These firms are pursuing more of an offensive strategy rather than a defensive one.
According to Deloitte Insights, a June 2020 survey revealed that 77% of survey respondents said the pandemic created significant new business opportunities to play offense. And while new business is essential, organizations are still wringing their hands over their information systems. The company says that information systems' reliability and functionality are top internal risks, particularly in the U.S. and Europe.
Having technology at hand that enables companies to access and analyze data into actionable insights accurately will help them manage risk and generate more significant revenue opportunities. Companies are looking to aggregate different data sources throughout the enterprise to truly understand the connections and dependencies among their people, branches, systems, applications, etc. Think of the possibilities when you're able to quickly evaluate the transactions and interactions form individuals and organizations from the trillions of data points darting throughout the enterprise and across the globe. In that case, you can see how important it is to tie together information that can improve customer satisfaction and new services.
Scaling to Meet the World's Needs
Grocers are starting to redefine the grocery customer experience by launching an e-commerce marketplace. They're augmenting traditional grocery store items with housewares, toys, and specialty items. Like popular e-commerce sites, they'll need to rely on their data to take advantage of digital technology. Their ability to scale is what sets them apart.
By cataloging, organizing, and analyzing data, banks increase the volume of services available to clients. The world's most influential organizations are using data to help them scale and meet consumers' growing demands.
Many of the companies we call integral use the Kingland Platform. Our designers have created a comprehensive data platform that delivers actionable and integrated data management for companies that can't afford to make a mistake.
Clients extract value from the platform through improved data quality, governance, workflow, rules, and advanced data and hierarchy capabilities. By reducing redundancy and empowering efficiencies, the platform's extensive service-oriented architecture and capacity for structured and unstructured data unifies legacy systems, revealing untapped opportunities.
At Kingland, we believe the most integral companies will continue to find ways to use data to connect their clients with foundational needs. Whether that's using data to support modern retail experiences or banks using data to speed up the securities process, these organizations understand the world depends on them to provide essential services and products.
Find your solution with the data platform for the world's most integral companies.
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