Data drives the business world. It's a necessity that companies in every industry have learned to embrace as they attempt to outshine their competitors.
But just because data is an integral part of business doesn't mean it's easy to manage. On the contrary, the ever-changing world of data and analytics can be overwhelming - especially for those who are trying to manage their data on their own.
This has led to the rise of many third-party data solutions companies. Each one offers its own unique way to help companies manage, analyze, and leverage their data effectively.
Here are a few examples of innovative brands that stand out in the data-driven landscape.
Truework Is Speeding Up Data Management
Data can be low-risk, and in those cases, it can be easy for businesses to manage things on their own. But data can also consist of sensitive information that represents a high-risk asset to both an individual and a brand that they're working with.
When important personal financial information changes hands, it opens the doors to security breaches and other threats. There are ways to protect that exchange of data, such as using multi-factor authentication (MFA) or setting up more secure databases. But these can bog down business activity - which is where Truework comes into the picture.
Truework helps provide verified income data to transform the way personal financial information changes hands during milestones like buying a home or a car. The brand's platform provides multiple options to safely share sensitive financial information and only does so with explicit consumer consent. Once granted permission, Truework's tech tools make it easy for its client companies, from lenders to landlords, to access the financial information they need.
Torii Helps Manage SaaS Spend
One of the issues with technological tools is the sheer quantity of options available. You might sign up for a suite of SEO tools here, an invoice automation program there, an e-commerce platform after that - the list goes on.
Before you know it, you have a massive tech stack, half of which you aren't using. Even when you consider the half that you are using, there's so much going on that it's difficult to tell which ones are worth the ongoing investment.
This is where Torii is making an impact. The SaaS management software helps evaluate ROI from software-as-a-service applications.
The proper term for this is "SaaS spend optimization." According to research reported by the company, teams add 18 or more SaaS apps to their tech stacks on average each month, while 35% of those licenses end up wasted.
Torii helps brands understand their SaaS-related costs. They pinpoint which digital assets have a high ROI and which ones aren't performing (or being used in the first place). This enables companies to take immediate action by removing unnecessary items from their tech stack - and lowering their overhead in the process.
Acceldata Improves Data Observability
It's difficult to use data if it isn't organized and accessible. This may sound obvious, but in practice, many companies fail to consider how they can use their data once they've obtained it.
They track things like site traffic, product performance, or customer demographics and let the raw data sit, unused, in data lakes - something commonly referred to as "dark data." This isn't evil data. Nor is it inappropriate data or some sort of malware. It's simply data that you can't see - and, therefore, can't use to your advantage.
Acceldata helps companies manage this ongoing waste of data-related resources by functioning as a data observability platform. The concept of "data observability" is the practice of staying up-to-date with your data. It means you're keeping your database organized and your IT team on the same page.
In the same way that Torii is optimizing SaaS spending, Acceldata is optimizing the data itself. It helps brands organize existing data, properly add new data, and then maintain a clear visual understanding of what that data is telling them over time.
The Growing Field of Data Solutions
From securely streamlining high-risk data access to optimizing SaaS spending to improving data observability, there are many ways data solutions companies are impacting daily business. And this is just the tip of the iceberg. There are countless similar software solutions for each and every activity that takes place in 21st-century business.
The pandemic is a large reason for this. The global struggle with the virus led to a boom in startups, many of which focused on new technologies and data-driven business solutions. The challenge facing leaders now, both in IT departments and the C-suite, is figuring out which of these new data solutions companies are worth patronizing.
Which ones solve genuine problems without adding to a bloated tech stack? Which companies are the most suited to provide quality data-focused support? Which ones will be around for the long haul?
One thing is clear. The world is no longer dabbling in data. Everyone has embraced it as a necessary part of the global economy. The most important question that must be answered, at this point, is which companies are going to stand out and, more specifically, which ones can help your business?
