Regulatory reporting, improving customer retention and developing a viable product using the unstructured data are some of the critical challenges that companies face today. These challenges become larger problems when organizations fail to aggregate and manage data sprawling across different geographical regions and dispersed in different systems. To deal with such issues, firms must break the data silos and data fragmentation with ETL (Extract, Transform, and Load) tools that integrate information stored in different systems.
Advantages of ETL Tools
There are many benefits of using ETL tools and they are an effective solution for dealing with data fragmentation issues. The tools can deliver enhanced connectivity that enables IT teams to modify applications, and data sources without the need of restructuring the integration layer. The organizations can set up an integrated ecosystem where information solutions can simplify regulatory reporting, improve customer journeys, reach target audience and drive top line growth. The following are some of the benefits:
Regulatory reporting: A good number of laws, regulations and rules emerged after the financial crisis of 2008. To meet the statutory requirements firms must have robust risk analysis and reporting systems to pull, clean, reconcile and standardize data. The ETL tools simplify the regulatory reporting operations with features for data virtualization, data mapping, data mapping and data structuring.
Getting a 360-degree view of customer: Organizations struggle for getting a 360-degree customer view encompassing its preferences, interests, likes and dislikes. ETL tools deliver a tailor view to the business leader, partners, stakeholders that enable them to interact with clients and improve customer experience.
Enables data-driven decision making: ETL tools are embedded with predictive algorithms to foster data-driven decision making in an organization. The data virtualization features further allow in creating a massive data warehouse that places every data elements at an organizations fingertips.
Effective Data Management: Features like REST APIs and Any-to-Any connectivity bolster the data management initiatives. By integrating data from legacy systems with the cloud, web, and other relevant data sources APIs help in effective data management. This even augments existing integration architecture and optimizes the overall resources.
Integrate Anything: With the help of ETL Tools partners can create a series of interconnections between a large number of hybrid systems. Such features help in launching new initiatives and unlocking data across the enterprise in minimum coding. That's why, this tool is recommended for organizations that have a range of hybrid systems and software.