Valuation as a process has been completely rewired using innovative and advanced technologies. This transformation was necessary to overcome the drawbacks of the complex, age-old valuation methods, leading to improper encapsulation of the worth of the assets. While the industry has adopted many AI-powered tools to transform the valuations and calculate the true value of the assets, the disjoints between the multiple systems are still a barrier.
Imagine every tool and data warehouse that your business uses as a part of your technology infrastructure is a separate island without any bridges or ferries connecting them. The manual efforts invested in transferring the information and data from one system to another can increase the risks related to delays, errors, and lost opportunities.
Not only does it drain your team’s productivity, but it also leads to slow decision-making, making your business inefficient in this past-faced world. The integration module acts as a middleware connecting the applications, tools, and databases, bridging the gap.
For instance, a loan origination system (LOS) and a credit score assessment platform are two different systems. Using an integration module, we can connect these two disparate systems, and the data flows directly from LOS to credit score assessment. It helps in making well-informed decisions, leading to reduced default rates and building better customer relationships.
Challenges of Distributed Databases Across Tools and Warehouses
Around 85% of IT leaders and managers believe that data integration and automation play an integral role in boosting productivity. While most leaders understand the importance of data integration, many of them still have to deal with disconnected systems and the complexity of connecting different platforms.
For instance, Assaí Atacadista, the largest wholesale chain in Brazil, was facing issues with the manual process required to calculate profits for thousands of employees. The team relied on using complicated spreadsheets, making the process prone to error and time-consuming. However, using an integration module, its three important systems: ADP, Compasso, and Oracle databases, were integrated, eliminating the need for manual processes were completed eliminated.
Let’s understand the challenges a business usually faces when its systems don’t talk or are connected using an integration module:
1. Lack of Collaboration and Communication Between Departments
One reason for ineffective communication is the lack of system and data integration between departments. Most departments operate using isolated systems, which interrupt the flow of data between the disparate systems, making collaboration difficult and ensuring consistency in data records.
That’s why an integration module can integrate all the different disconnected systems into one single and cohesive system. By connecting all the critical functions, it automates workflows and reduces the effort of duplication.
2. Limited Transparency Overall: All the Data
Data holds value only when it is utilized to its fullest potential to provide a clear, actionable understanding of market dynamics and strategic effectiveness. If the tools and data warehouses aren’t integrated, then you might not get a view of the overall picture of your operations or business.
An integration module connects all the platforms and fetches the data to store in one place. The data can be extracted seamlessly for analysis, reporting, and decision-making. For instance, 73 Extract extracts unstructured data into structured and actionable information. Powered by AI algorithms, it provides digitized intelligence with 99% accuracy to make high-precision decisions.
3. Increased Rework and Task Redundancy
Without proper system integration, data remains fragmented and inaccessible across departments, increasing operational workload and reducing overall productivity. Different verticals repeat the same process. If the sales team records the orders in one platform, the finance team needs to update the same transactions on their system for account tracking.
The manual entry increases the risk of errors. Small inconsistencies throughout the data lead to incorrect data generation, which directly affects the reliability of reports and decision-making processes. Correcting these mistakes will require additional time to ensure accuracy.
4. Impact on Team’s Productivity and Well-Being
The distributed systems not only affect the operational efficiency, but the impact is also visible on the team’s productivity. The broken processes and incomplete information reduce the team to focus their efforts on high-value tasks, and they are forced to use their energy to finish the less valuable tasks. For instance, collecting the data from different systems to create a report.
When the data is distributed across systems, obtaining an up-to-date view of the portfolio is difficult. The team becomes less agile in responding to market changes, affecting the company’s competitiveness due to the unavailability of data on a dashboard.
Also, when employees are forced to deal with inefficient processes, outdated tools, and repetitive tasks, they become demotivated. Around 70% of employees lose around 20 hours of their week because of fragmented systems.
73 Strings’ Solution for Data Consolidation Challenges
73 Intelligence is a revolutionizing platform that integrates data extraction, portfolio monitoring, and valuations. Utilizing highly advanced AI algorithms, it consolidates unstructured and structured data to streamline data management and back-office processes.
Each business has a unique mix of legacy, third-party, and modern IT systems. Now, we understand that businesses may face problems when it comes to integrating a SaaS-based platform, like 73 Intelligence, into their infrastructure. For instance:
● Compatibility issues: The SaaS-based platform is not compatible with their existing legacy systems or in-house infrastructure, leading to data silos.
● Different data format issues: Different tools store data in different formats, structures, or using different protocols. Synchronizing this can be time-consuming.
● API integration limitations: Some IT systems lack robust APIs or modern integration capabilities, making it difficult to connect with SaaS-based platforms.
● Security and compliance issues: When dealing with sensitive data, improper integration can increase the risk of cyber attacks. Hence, the integration should comply with industry standards and internal security protocols.
That’s why we offer flexible channels to integrate the platforms with your infrastructure. Businesses can choose from four different options: Snowflake, SQL, SFTP, and API-based integrations. Let’s understand about them in detail:
1. Snowflake Integration: We provide direct integration to organizations leveraging Snowflake as their cloud-based data warehouse. The direct integration allows seamless access to structured and unstructured data and allows the extraction of relevant datasets directly into the 73S platform without performing complex migrations. With minimal set-up requirements, this integration ensures reduced latency and streamlined data utilization within familiar environments.
2. High-Performance APIs: API-based integration is a suitable choice for businesses looking for dynamic and customized integration solutions. Businesses can choose APIs from the non-exhaustive library and easily transfer data in or out of the platform. This is a highly scalable and adaptable approach that provides flexibility to tailor the integration and workflows as per your requirements. Using the APIs, our platform will virtually connect with your business system, ensuring real-time data exchange and automation.
3. SQL Database: This approach is suitable for organizations that rely on relational databases for their data management needs. Our Azure Data Share ensures the secure sharing of data snapshots from the Azure SQL database and Synapse Analytics with other Azure subscriptions. By connecting our platform to SQL databases, clients can query, extract, and manipulate data in real-time. This approach is also perfect for teams that are familiar with SQL query language and established infrastructure, ensuring easy adaptability.
4. Secure SFTP Share: Secure File Transfer Protocol, or SFTP Data Share solution, offers a reliable and secure method for transferring large data files between systems. This method is suitable for organizations that deal with bulk data transfer on a scheduled basis or operate in industries with strict compliance requirements. SFTP guarantees data integrity and security, providing peace of mind with sensitive data or regulated information.
Apart from these channels, we can even build bespoke customized integration workflows that support your infrastructure and data streams.
The Bottom Line
As data inflows increase, advanced and flexible integration methods are essential to simplify data management. With the right mix of technology and integration solutions, businesses can keep their datasets up-to-date. Along with different integration channels, we also assist with inbound and outbound integration to create a cohesive and efficient data ecosystem.
The inbound integration pushes data from client systems to the 73 Strings platform, and the outbound integration transfers it to the client’s data warehouses.
The inbound integration ensures that the same data on the client’s system is synced automatically to the 73 String platform for setting a single source of truth. We have created some popular datasets, like Issuer Details, FX Rates, Credit Security Master, and others, whose data model you can download and get started.
Similarly, the outbound integration utilizes specific data models for monitoring, equity, and credit validation. Each model has the master information for funds, companies, and securities. This allows the data to be consolidated using common IDs. The data can be easily accessed per the models, and customer views can be created to meet client needs.
By utilizing standard models for both importing and exporting information, businesses ensure consistency and efficiency across their systems and get a consolidated view of their data.
Connect with our experts to get more assistance on workflow and system integration.