Finding the single source of truth in corporate data

Traditionally, organisations struggled to achieve this goal because their customer data was lying in multiple systems and different file formats (PDFs, Word and Excel documents, charts, images, scans, videos, etc.).   Technology was seen as a limiting factor to integrate this scattered and massive data and meet the business goals.  fraXses brings a solution to this by offering virtualisation and a federated approach to integrate and analyse data coming from large variety of systems across the organisation in an efficient and flexible manner.

Starting with data discovery, the fraXses platform the business to identify the sources of data that are available, through the Discovery Module.  This module enables the discovery of the data sources, establishing what data exists, discovering and building the relationships, links and schemas.  This has been simplified and completed at the push of a button.  Additionally a data lineage is automatically generated to provide the business with accurate data governance.  In simple terms the fraXses platform makes the data appear as if it were in a single location, easily presenting it for analysis

By overcoming the traditional restraints in a cost-effective manner it opens opportunities to ingest, store and process data from new sources such as external social media data, market data, communications, interaction with customers via digital channels, etc.  While as much as 80% of the data within organisations might be considered “unstructured” and considered unfit for traditional processing.  fraXses enables the processing of this unstructured data so that increased system intelligence can be used to improve performance in sales, increase understanding of customer needs, reinforce the internal risk management function, support marketing initiatives and enhance fraud monitoring.

fraXses also releases organisations from the traditional accuracy vs. cost challenge by enabling them to store data at the lowest level of detail, keeping all data history under reasonable costs and with less effort.  Combined with a lower cost of storage per gigabyte, this enables organisations to build, for example, a federated view of customers by shifting customer data from various separate business departments into a single virtualised infrastructure, and then to run consolidated analytics and reporting on it.

All companies need to start thinking about collecting and using relevant data, by utilising fraXses to create a virtual / federated data lake and golden source of data. It will mean that data-driven decisions can reduce inefficiency between the business, legal and IT, optimise existing information assets and address disconnects between different functions of an organisation. However, it is worth noting that the best data and the most advanced analytical tools and techniques mean nothing if they are not being leveraged by people who are asking the right questions.

Editors note: This post is being written as the GB Olympic team finish second in the medal tables at the Rio games with 27 gold medals.