Over the last 30 years, globalization has become a reality. The race to new market frontiers is more competitive now than ever before, and strong business alliances have formed between companies on a global scale, creating more economic opportunities to exploit. Digital communications were established to tie this global economy together with an infinite amount of data constantly being generated and collected. Data integration is a key part of the modern digital business in 2020.
Data and information about the end-user have become more readily available as the consumer adoption of electronic communications has increased significantly. With this shift in consumer adoption, data has become the most valued commodity.
Why is data a valued commodity?
Most corporations are familiar with buying data for market research, taxation regulations, HR best practices, financial markets performance, production benchmarks, etc.. However most companies will freely distribute data to other research companies when asked, very few companies sell this valuable data for profit. Oddly enough, very few companies use their own data to inform strategic decision-making processes and enable business agility.
Companies are quickly realizing the power of data and harnessing it for internal use.
The CEO of a manufacturing company gave us some insights on why this happens: “data was not our core business, producing and selling goods was.” A similar answer was given by a large retailer: “our business is to make products available to consumers, they will come.”
These are examples of how capital resource restriction impacts data usage based on the focus of the organization. This it the picture of the traditional business before the age of digital transformation. Additionally, this situation changed almost overnight after the COVID-19 pandemic reached the US and an emergency was declared in all 50 states.
What has been the impact of COVID-19?
A Bank of America Research report from March shows that at the beginning of the government declared lockdowns there was a complete change in consumer behavior. As people were forced to stay at home, spending reductions caused the hospitality and travel industries to suffer while grocery stores saw an increase in growth.
In an effort to flatten the curve and avoid overloading the healthcare system, everyone, including company leaders and employees were encouraged to stay home. Social distancing changed the lives of many and would impact the economy over time.
The US government recognized there was a significant risk to businesses and offered low-interest loans for companies in need in conjunction with another loan to help maintain people on the payroll for longer. Although this relief was available, not every company needed a loan from the government. In fact, some companies reached exponential growth during the pandemic. The “Zoom Boom” is an exaggerated example of a relatively unknown video conferencing company reaching a market valuation of almost 50 billion dollars. As of May 2020, this is higher than the seven largest airline companies in the world combined.
Have we entered the “The Great Separation”?
The new normal is changing the way people interact personally and professionally. This new focus on the use of technology to facilitate social interactions has resulted in a digitally enhanced business to consumer business model. The Bank of America refers to this moment as the “Great Separation”.
“The Great Separation” recognizes that there will be a chasm in the economy with an estimated 10% GDP reduction in the 2nd quarter, a very stagnant 3rd quarter, the separation valley, and a 4th quarter economic rebound.
The companies that will drive the economic re-growth will have:
- Survived the crisis
- Adapted and adopted new electronic strategies, becoming a digital-first e-everything company
Source: BofA Global Research
How to Become “Digital First”
That there is not a single company today that does not have a legacy technology inventory; being it hardware (servers, network, desktops, etc), software (ERP, CRM, BPO, office packages, etc.) or cloud-based as a service systems in place.
In order to become a digital-first company and be e-everything, companies need a data integration strategy that leverages both past investments and new technology, orchestrating the information technology to become more agile, nimble, dynamic, cost-effective, crisis-proof, and profitable.
How do you become digital first? DATA INTEGRATION.
The dictionary defines integration as adding parts to create a whole. In technology, systems integration is an adage that started when the second computer was created and needed to exchange information with the first one.
Modern systems integration strategy requires consideration of all the existing technology assets and how they will work with the current business model, keep up with new business, and integrate any innovative disruptive technology yet to be created. Integrate without a single line of code with a Digibee’s HIP.
Reboot your IT Strategy with a HIP
A digital first strategy is why Hybrid Integration Platform concept was created. The HIP model can connect past and future, local and remote, on-prem and cloud systems, or any cloud system enabling complete end-to-end integration on ONE platform.
Any user can develop and deploy connections leveraging Digibee’s simple drag and drop canvas where the system will automatically manage and enhance data flows and balance loads faster than ever before. Digibee’s platform will enable users to complete these data integrations with armored security 10x faster than any other process or platform available today.
A self-service data integration platform helps to reboot the IT strategy and bring immense value to the business in many different ways. Accelerating the pace of business transformation will strengthen the flexibility of an organization in times of crisis and can be leveraged for growth and data innovation as well.
Digibee Case Study
Triggering Event: New POS to meet tax compliance requirements
Project Initiative: Connect 68 stores, some with gas stations on premise, to the new POS system. Integrations include:
- ERP on the back end
- Retail POS
- New Gas station
- Tax settlement platform
- New cloud-based CRM
- Third-party e-commerce platform
By using Digibee, this complex data integration scenario was connected and up and running in 48 hours. All invoices from the POS and e-commerce were posted to the back office and to the taxation system for audits. The system currently processes over 2 million invoices per month. Additionally, they rely on Digibee to be future proof as the platform can create and link new systems as needed.
“The Great Separation”, a rapidly changing consumer landscape, is forcing companies to accelerate the rate at which they adapt and adopt a digital first business model across the business.
The battle to integrate legacy systems and new technologies together is an incredibly complex and expensive task that proves to be a daunting challenge for many companies.
With the emergence of Hybrid Integration Platforms, like Digibee’s, companies can quickly enable an end to end integration process that ensures success as we face “The Great Separation”. Which side of history will you be on?
To see how the Digibee Hybrid Integration Platform has helped companies accelerate the adoption of a digital first strategy, check out our customer success stories.