by Tony Harris • February 9, 2021
Every day, humans produce 2.5 quintillion bytes of data. Just to put that number into perspective, there are 18 zeros in a quintillion. Unifying data, therefore, takes on an ever-increasing importance.
Access to data is great, but access to connected data is essential. If you want to be able to see the “big picture” to provide the best customer experience possible, you need to be able to unify all of your existing databases. This will act as the first major step in achieving digital transformation.
The vast majority of organizations have collected nearly endless amounts of data, yet these same organizations are starving for information — the type of information that can be used to make more informed decisions, supporting optimal growth and your bottom line.
Check out DreamFactory features, such as Data Mesh, which combines unrelated databases.
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Unify and Unlock Your Data Now
In today’s business world, marketers and organizations need to connect and analyze data from multiple sources, then use that combined data to enable actionable insights. The goal here is to not centralize data, but blend data from multiple sources to create a singular view.
According to a Salesforce report, only 47% of marketers had a completely unified view of customer data sources. Unlocking and unifying data can lead to immense benefits, especially when marketing and IT teams work together. According to the Association of National Advertisers’ Marketing 2020: Big Data and Analytics Survey Report, 30% of marketing departments in under-performing companies rarely work on big data strategies with their IT department.
This means that companies should strive for greater access across the entire organization, unifying data to empower all team members to use it accordingly — especially among marketers. Without unified data, marketing teams won’t be able to truly measure demand for their product, just as product developers won’t be able to understand the customer journey.
Omnichannel analytics is when an organization uses data from multiple channels to improve operations and customer experience.
As we look towards the future, it’s clear that artificial intelligence systems, machine-learning, and apps will create the foundation for technological advancement, and data will continue to be the primary factor that drives technology. Unified data provides a more complete and accurate view of a company’s data. However, unifying data is anything but simple.
Although massive strides have been made in the ways we use technology, in many ways, the capacity to manage and exchange data has a way to go. Here are just some challenges related to the current state of data.
The solution to unlocking and unifying data lies in a platform with APIs.
Read more: 7 Reasons You Need an API Integration Platform in the Age of API-First Development
API stands from Application Programming Interface and allows applications to interact with a third-party software program. There are several reasons why APIs are of immense strategic importance, including the explosion of the app market and the revenue potential of APIs. For example, Salesforce.com generates 50% of its annual $3 billion in revenue through the use of APIs, and Expedia.com generates 90%.
Numerous companies are beginning to recognize the potential of APIs, as they are providing opportunities to advance and expand into markets they would never previously considered. IBM’s Watson is the perfect example, which has the ability to scan through massive data volumes to answer questions. Instead of leveraging the unique potential of Watson for its own exclusive use, IBM opened access through APIs. IBM’s goal is to attract revolutionary ideas and inputs from third-party firms around the globe, allowing them to access new markets, including healthcare.
Need API advice? Our team has advised thousands of companies around the globe on API projects. Discuss your needs with our expert team.
If your goal is to produce a consolidated view of your data, DreamFactory unifies data to improve customer experiences and enhance key business operations. DreamFactory is the best in class solution for no code API creation and automation at a cost where you gain all the features you need and none that you don’t. Benefit from a secure, standardized, reusable, fully documented, and live REST API that supports the success of any Customer Data Platform (CDP).
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