Predictive analytics turns data into actionable insights, but only when it is integrated in the decision-making process. As the business world gets more in tune with predictive analytics, data harmonization is becoming critical to success. What is data harmonization, and why is it so important?
Using Data Harmonization to Understand Your Business Truth
Imagine trying to leverage the vast volumes of data at the disposal of any fair-sized company. You don’t have the luxury of time; you need to make decisions quickly. But how can you tell if the data is accurate? What data source among many should you believe?
Many of our clients have approached us with the same concerns. To handle these issues, we point to data harmonization.
Simply put, data harmonization is all about creating a “single source of truth.” It does this by taking data from disparate sources, clearing away any misleading or inaccurate items, and presenting it as a whole. This means you get a single window view of everything and anything that supports ongoing decision-making, including financial information and business performance.
Data is coming at you from many different angles. But once it’s harmonized, it’s been cleaned, sorted, and aggregated to provide a complete picture. And everyone sees the same data. So it’s easier to get people on board and easier to steer your business in the right direction.
What Can Data Harmonization Do For You?
Aside from providing a single reference frame for your entire organization and prepping your business to benefit from predictive data analytics, data harmonization offers four tangible benefits:
Open doors to new techniques. At its simplest, data harmonization enhances the quality and utility of business data. Thus, helping in quick and inexpensive deployment of new and advanced techniques like machine learning, artificial intelligence and Internet of Things.
Confident Decision Making. You don’t have to wonder if you’re getting the whole picture. You can completely rely on the truth of your data. So you can proceed with more confidence and make stronger decisions.
Less Wait Time. When you have a “Single Source of Truth” that is updated either regularly or in real time, there is no need to spend time verifying, re-hashing, and tracking down multiple sources of data. The information is there, and you can decide upon it. This will make your company more agile and responsive to market changes.
A Smarter Organization. Suppose you start using harmonized data with one team. As your system evolves over time and accumulates additional relevant data inputs, it becomes relatively quick to replicate the process in other business areas. And as usage and adoption increases, the system becomes a robust knowledge repository. Once again, your whole organization benefits, becoming more flexible and active.
Big data analytics is growing. If you want to take advantage of the power it offers, data harmonization should be one of your very first goals.
Authored by Richa Kapoor – Marketing Manager at Absolutdata