How data connectivity can boost business growth

Each day, businesses, smart devices, Internet of Things, cloud services, government agencies, and other entities generate a staggering 402.7 million terabytes of data. 

Yet, 80% of organizations have trouble pulling their data together, making it hard to glean insights and leaving most of this data to go unused. 

Data connectivity brings together this scattered data, creating a unified resource for better decision-making and reporting. 

What is data connectivity?

Data connectivity is how systems and tools connect and share information. It links different data sources like databases, CRMs, cloud services, IoT devices, third-party applications, SaaS platforms, and more so they can exchange data smoothly.

For instance, if your fitness tracker connects with your phone to show how many steps you’ve taken and how fast your heart is beating, that’s data connectivity. 

Now, picture a retail business where its website, store shelves, and warehouse are all connected. When a customer buys their favorite shampoo or the latest camping gear, the system updates the stock and notifies the warehouse to restock. It even predicts when to reorder more — instantaneously.

Data connectivity helps data move easily between systems, so it's always ready and useful when needed.

Impact of data connectivity

By connecting systems, data connectivity can help businesses gain insight into how they operate offering improved:

Flexibility

Data connectivity helps businesses adapt quickly to changing demands. Centralizing real-time information from various sources helps business leaders make split-second decisions based on the latest data. It also automates processes and boosts collaboration, allowing businesses to adapt to demand changes. 

It allows businesses to connect new data sources easily without overhauling their entire system. For instance, if you notice that a lot of customers are asking about a certain product, you can quickly adjust your inventory and marketing plan to meet this demand. Targeted promotions around this product can also help drive more traffic and sales.

Performance

Disconnected systems can slow organizations down and make it harder to get the information needed to make an informed decision. But when data is connected throughout the enterprise, users save time by skipping the hassle of manual processes, such as fixing mismatched numbers or double-checking spreadsheets. 

The smooth exchange of data across systems helps ensure faster data processing, allowing reports to update in real-time providing answers at a glance so teams make smarter decisions faster and improve productivity.

Value delivered by reporting systems

Connected data makes a business's reporting system much more powerful. It pulls everything together, making reports more reliable, adding better context, and easy to understand. These reporting systems also transform this data to better meet end-user needs, and delivering this actionable information when it matters most, through scheduling or alerts. 

For example, you can combine data on units sold with data on inventory levels to create a consistent view between the two systems that helps procurement managers decide which products to restock before they run out. A bank with connected systems i.e., checking, stocks, and mortgage loan details, can use pixel-perfect reporting to create precise and accurate compliance reports instantly that show the Loan-to-Deposit Ratio or link transaction histories with customer profiles to help spot unusual activity that might indicate fraud. 

Factors to consider when choosing a reporting and embedded analytics tool

Picking the right reporting and analytics tool can make a big difference in how you handle data and drive business success. Here are some key factors to keep in mind: 

Number and types of data sources supported

Consider how many data sources you need to connect and opt for a tool that can pull information from any source to provide more comprehensive reports.

Connectivity methods

Choose a tool that offers multiple connectivity options, such as APIs, direct database connections, Open Database Connectivity (ODBC)/Java Database Connectivity (JDBC) drivers, and cloud integrations. 

Data transformation capabilities

Raw data is usually unorganized, lacks context, or varies between systems, making it hard to use. It’s important to clean, organize, and visualize it to derive actionable insights. 

The right tool automates this process, offering features like input controls to help you filter and customize reports, saving time, boosting accuracy, and speeding up insights.

Real-time data handling

Choose a tool that can process data in real-time without sacrificing performance to best provide up-to-date insights. Take Jaspersoft’s real-time dashboards for instance. They automatically update with the latest data, providing up-to-the-minute insights for accurate decision-making.

Security and Compliance

Pick a tool that offers the latest security features like user authentication, encryption, and role-based access control to protect your data and ensure the privacy of your information.

Benefits of data connectivity

Data connectivity has the following key benefits: 

• Drive decision-making: Regular data reports give you a 360-degree view of your business. With accurate, up-to-date information in one place, it's easier to spot trends, understand your business, and decide what to do next.

• Increase efficiency: Reporting organizes and presents data in a way that’s easy to understand, saving you time. So rather than spending hours digging through spreadsheets or mismatched numbers, reporting organizes data in a way that you can glean insights quickly while also giving you back time to focus on other important business activities.  

• Improve team collaboration: Data reports are much simpler to share with your team or stakeholders. Whether through charts, graphs, or dashboards, everyone stays on the same page, resulting in a more connected team with aligned goals.

• Take a proactive approach: Regular data reports can help you catch issues before they become major problems. For example, if sales are dipping or a product is running out of stock, a good report will flag it so you can act quickly to fix it.

• Boost customer satisfaction: By tracking data like customer feedback, buying habits, or service performance, you can see what’s working and what’s not. You can leverage this data to improve your offerings, keeping customers happy and coming back.

• Adhere to regulatory compliance: Data reporting helps you meet industry rules and regulations. Generating detailed, accurate, and timely compliance reports helps you avoid penalties, maintain trust, and show that your business handles data responsibly.

• Drive business growth: Data reporting shows you where your business is growing and where it needs attention. Regular and current data reports can reveal new opportunities or highlight areas to invest in and drive growth.

Unlock data connectivity with Jaspersoft reporting

Data connectivity is the foundation for powerful reporting, especially in today’s competitive business environment. It brings together all your data in one place, making reporting faster and more accurate.

Jaspersoft makes data connectivity simple and powerful. Along with the ability to connect to any data source, its pixel-perfect and ad hoc reporting tools, flexible deployment, and easy integration make it an ideal solution to grow your business. By giving you clear reports and data, you'll be in position to make smart choices and improve your operations.

Try Jaspersoft for free and unlock the full potential of your data today!

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