A Modern Approach to Data Sourcing & Optimization
Data Sourcing Optimization with Benzaiten
Background
In today’s world, data is king and has become a major source of competitive differentiation for businesses across all industries. The COVID-19 pandemic has further accelerated the use and importance of data as the world’s governments and businesses adapted.
Predictably, this growth in demand for high quality data has led to a rise in data spending. According to McKinsey, the average spend of a midsize financial institution for data sourcing ranges from $70–100M annually.
However, rapid growth in data volumes has led to many unforeseen challenges. How do you manage costs of sourcing data? How do you compare and analyze different data sources against business requirements? How do you identify, aggregate, and distribute data across the organization?
Effective data management is critical in order to both fully maximize the data you have and also to ensure that it does not turn into a liability. Problems always arise when the wrong data product is sourced or the costs of maintenance become overbearing.
These challenges, combined with a shortage of data professionals, has created demand for technology products that aim to simplify, organize, manage, and automate sources of data.
