What is data? It is valuable to start with a definition of what data is to serve as a foundation for the rest of what we will talk about today: Data integration and what it can do for you. Data are individual units of information, especially facts or numbers, that are collected to be examined, reported on and analyzed. It is often visualized using graphs, tables, images or other analysis tools.
Data is oftentimes used interchangeably with the “information” and “knowledge,” but these terms are subtly different. Data becomes information when interpreted. Knowledge is an understanding or skillset that arises from studying information in-depth.
So, for example, the depth of the Grand Canyon would be deemed data (6,093 feet, in case you were wondering!). A book relaying the geological characteristics of the Grand Canyon would be viewed as information.
Knowledge is using the information available on the Grand Canyon to create a guide on how to best hike to the floor of the canyon. Businesses, no matter the industry they operate in, need data to be successful. Data helps businesses make informed decisions, solve problems and see performance. It assists in understanding each part of a business process so that managers know what needs to be optimized and which parts of the process are performing well. Data can assist with maximizing profitability by increasing operational efficiency and customer satisfaction while also giving managers the ability to predict future events.
The Importance of Integrity and Integration
There is no doubt that data is vital. Because of this, data integrity should always be maintained. Data integrity refers to the accuracy and consistency of data over its life cycle. It should be reliable, trustworthy, traceable, secure, verifiable and complete.
Maintaining integrity can be difficult as data often comes from various disparate sources. If your business relies on data for decision-making (which it should), all data must be accessible, correct and reliable. One of the best ways you can achieve integrity is with data integration.
Data integration may be self-explanatory for many, but let’s define it regardless. Data integration combines heterogeneous data residing in disparate sources and then provides users with a unified view of that data. Software is used to achieve this goal.
Let’s look at an example for clarity. IKEA is a well-known multinational homeware retailer. There are currently 433 IKEA stores operating in 52 countries as well as an international website selling IKEA wares online. Each store as well as the website generates an enormous amount of data. Within each store there are also a variety of sources that contain additional data. Data integration software extracts the data from all these sources and puts it onto a single platform in recognizable formats. With the help of this software there is now a big picture view of current inventory.
SAP, a German multinational software corporation, conducted a study named, “Data 2020: State of Big Data.” In this study, 500 IT decision-makers from enterprise-level companies in the US, Brazil, UK, Canada, Germany, France, Japan, China and Australia were surveyed on issues surrounding data and data integration. These are some of the results:
- 86% say there’s much more they can do with their data.
- 74% say their data landscape is so complex that it limits agility.
- 68% of companies incorporate data from applications outside the enterprise.
- 83% would benefit from using a data integration solution.
- 85% struggle with data from a variety of locations.
- 72% say that their data landscape is complex due to the variety and number of data sources.
A Look at Adoption and Accessability
When there are disparate sources at play, there needs to be people available to manage these sources. These individuals have specific knowledge related to the source they’re managing – knowledge that is likely not shared by many others. This creates an environment of reduced accessibility, making effective usage of data difficult. When only some people have access or admin rights to a specific source, it can potentially block collaboration between teams and diminish decision-making abilities.
Data integration brings all sources together onto one single platform. With it, employees who require access to data only need to go to that one platform to get what they need. Disseminating knowledge on how to use that one platform is much easier than teaching employees how to use many different systems, thus increasing system adoption. In turn, this improves employee buy-in. A single data integration platform also simplifies the onboarding of new employees, saving both time and money.
The more data businesses have access to, the better the entire decision-making process will be. By having a bird’s-eye view of all processes, it’s easier to see patterns emerging and to determine which areas need improvement. This allows for changes to be made immediately and appropriately.
Making real-time improvements to your fleet’s operation and overall business processes will no doubt result in better customer service and thus increase satisfaction. Should a customer have a query, it can immediately be examined and addressed because there is quick and easy access to data. In turn, response time will undoubtedly improve.
Examining Real-Time Data
A data integration system extracts and transfers data on a regular basis throughout the day or in real-time. However, if you don’t have a data integration system, you likely have individuals who manually input data for analysis, usually not daily. This is both time-consuming and timewasting, and there is often a delay between when the data is originally captured and when it goes to where you need it. That delay can be detrimental to making good decisions.
Should data only be analyzed after events have transpired (even if there is a just a day-long delay), the data may not be relevant anymore to what’s currently happening. This will lead to decisions or changes being made that don’t have the desired impact or do not take everything into account.
Having access to the most up-to-date data gives you the ability to predict outcomes more accurately, pre-empt issues and decrease risk. You can even reduce downtime with real-time data. For example, should you see a trend in certain vehicles not being utilized most of the day, you can immediately send them out to jobs or even book them for maintenance while they’re not needed. Remember, empty vehicles equal a decrease in profitability. Real-time integration also ensures that data is not “wasted.”
How to Analyze the Data
Data analysis is the process of obtaining raw data and then converting it into information that is useful for decision-making. Before proper analysis can be done, the data needs to be collected, processed and cleaned or organized. Data integration software does all of this and more, and that’s why it’s so important to implement.
Using Big Data intelligently can improve your overall business performance. Around 2012, Harvard Business Review set out to prove its hypothesis that data-driven companies are better performers by conducting structured interviews with executives at 330 public North American companies. Companies that described themselves as data-driven performed better on objective measures of financial and operational results. On average, companies that made data-driven decisions were 5% more productive and 6% more profitable than their competitors.
Aside from the fact that data analysis aids in efficient and accurate decision-making, it can also reduce costs. For example, you may be thinking of purchasing new vehicles for your fleet, something that will incur a lot of costs. But is it really needed? By studying your vehicle utilization data, you may come to find that certain vehicles are not being used as much as they should be or are being inappropriately allocated, resulting in “dead time” where a vehicle is not being profitable. This information may then lead you to change your mind about purchasing new vehicles and instead shift the focus towards improving your current utilization rate. Thus, you will not be unnecessarily spending money.
Of course, there are many other positives about using the data your integration software collects to do analysis, including anticipating future needs through identifying trends. The most important thing to remember is that data integration provides the perfect environment for analysis. It organizes and standardizes data in recognizable formats and places it in an accessible yet secure place while eliminating errors through input automation. It also ensures that the data on hand is always as up to date as possible, which is crucial for decision making.
So now the only question is, has your fleet jumped on the data bandwagon?
from Quick Transport Solutions Trucking Blog https://ift.tt/301uqZl
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