The traditional process to integrate data sources, for example, for decision making, takes too long and becomes easily rather costly. In most cases companies have at least 10 individual locations for data, meaning, operative systems, IT solutions, and datastores. The larger enterprises, smart cities, and business networks may have up to 100 data sources. So, companies need to integrate all these together in order to make legitimate and accurate business decisions.
When the amount of data sources grows the duration and cost of one integration becomes more and more important. If the practical business value of making all data available is not easy to understand or the value of data cannot be evaluated beforehand, it is quite hard to argue why companies should spend tens or hundreds of thousands Euros just to break the data silos.
Often you do own the data source systems which collect and store the data. More commonly the data source system is purchased as a service from the cloud. Even if the data source system is installed locally for example in your facilities, it has to be integrated into solutions analyzing the data or using it in a more sophisticated way by artificial intelligence or with machine learning. You want to handle integration fast and cost-effectively to enable faster solution building and reduce market entry time for your own products and services. With only a limited amount of your data available, you will get only a limited amount of benefits for your business.
To use data, for example, in decision making and enhancing the value of your services and products, is to monetize data.
How integrations have worked so far
It is said that an average time to build integration is around 20-30 business days (see cloud-elements.com). When the integration is performed by an external party, the cost starts from around 15.000€ and almost every integration starts from scratch. Does it make sense that almost all of the integrations are built one by one and used only by one company even when many companies are using the same solutions, services and their needs are partially the same?
Normally one integration is not even enough, but solving the business problem requires 5 or more data sources. With a simple calculation, the price of integrating five systems point-to-point is around 150.000€. Nothing has been gained yet, the value from data has not been extracted, it is just available. Most likely the data is also in multiple formats and data models which makes the utilization often really cumbersome and costly. The time needed to integrate needed 5 data sources is in worst case 180 days which is roughly 5 months.
In short, integration of 5 data sources requires 150.000€, delays value creation by 5 months and resulting data streams are not compatible, but just available.
And think about what happens in the future when you would like to replace one of the data sources in your existing solutions. You need to make all the integrations again between all these systems and because of this, companies tend to stay with their existing solutions just because of the costs of change. In these rapidly changing times and with fast-evolving technologies, do you really want to stay behind because of your internal integrations? Typically, business decision-makers and business owners are passing decisions about integrations to the IT department. However, these decisions decrease companies’ ability to change and increase the costs of making data available.
The smarter way to do integrations
The above is the reality with traditional methods to start using data from multiple sources. That does not sound like a good option and thus we developed a solution to react to customer's needs at a faster pace and with fewer costs.
Platform of Trust is an integration platform that allows you to integrate one system only once and then use that and whatever other data sources you might need. We will harmonize your data into a compatible format so you can start using it in any analytics, visualizations or applications you might have. Note, that the traditional method does not include the harmonized data but you need to pay extra for compatible data. In Platform of Trust it's all included.
Integration more often available already
On Platform of Trust, more often you do not need to worry about the integrations at all, but it is already developed for your data needs and data source systems you use in your organization. You can see the out of the box supported data source systems and measurements from Platform of Trust website (platformoftrust.net/en/the-data-products). The amount of integrated systems and measurement capabilities grows every week.
What if the integration is not available? All of the integration components are reusable and are built for purpose exactly when the customer requests it. This is possible thanks to a process we call the Connector Engine.
Connect any API driven data source in less than a week
In our process customer indicates our sales what data is wanted and from which data source system. That information is fed into our Connector Engine, which is a ready-made service to fulfill customer’s data integration needs. We develop the necessary integrating component between the data source system and Platform of Trust.
The benefit is that the data source system is not modified at all but we utilize the provided API. It takes us now around 3 days to develop the integration component. In the process, needed data harmonization ontology and data models are also created in a couple of days.
Connector Engine is 75% faster in integrations
Platform of Trust offers often 75% faster and 66% cheaper way to integrate any API driven data source than the traditional integration approach.
We enable the creation of large data value chains and value networks
So far, we have talked mostly about the data needs and integration issues of just one single organization. However, real competitive advantage with data comes from enriching companies' own internal data with subcontractors, customers and other stakeholders’ data, from sharing data in real-time, sharing data among all parties, connecting new data sources whenever needed (in a few days and at low cost), and this way, creating large data value chains and value networks.
This is a business decision and we have exceptional expertise in this, take a look at our use cases here.