The world is becoming increasingly data centric; and thus there has been a growing need and response to gathering data in central locations. One of the biggest tech buzzwords over the past few years has been the emergence and growth of the Internet of Things (IoT). At a high level, what this really means is developing a network of “things” embedded with electronics, software, network connectivity and often sensors, which enable these objects to collect and exchange data.
By connecting all kinds of different devices within your home or business (for example your thermostat, your lights, your door lock, your garage doors, your window locks and your coffee machine) and developing a central control central, you can not only tell each device how it should act and what it should do, but you can collect and store all of their usage and performance data.
However, it isn’t just about controlling your devices digitally. The next step is using the data to have the “things” collaborate in one central location. For example, having a smart thermostat that is Wi-Fi enabled and can be accessed via your smartphone to change the temperature while on the go or at work is really just the beginning. Enabling your thermostat to switch off and, with the same server, tell your lights to turn off and your front door to lock is another thing. The interconnection of data is essential to harness insight that can result in unprecedented business growth.
Connecting Data to Empower Insight
To support the growth and innovation of companies across industries, the methodology of IoT must be mirrored in the data management world. Let’s take the real estate industry as an example. Your company has a large set of documents required for the process: an application, an offer letter, inspections, a pre-approval, the actual closing and the mortgage documents.
Traditionally all of these documents have their own set of supporting data that is stored in different loan origination systems (LOS). Unfortunately, when data is siloed, you can’t reap as many benefits as when it is all housed within the same location.
With a central location, that data can be secured, analyzed, correlated and controlled, just like objects in your home with the IoT. Then, you can automate performance and compliance alerts and complete analytical tasks like comparing if the interest rate in the pre-approval is within a certain range of the interest rate of the actual loan documents.
How it Works
Here is a visual comparison to consider. The graphic below shows a typical IoT ecosystem. When we compare it to the real estate industry example from above:
- The Black Sections would be the doc prep and origination systems.
- The Purple Sections would be the network of resellers and portals.
- The Orange Sections would be the end users.
- The Green Sections would be the central location to secure, analyze, correlate and control the data.
The Path to Data Success is No Different from IoT Success
In an article by Inc. Magazine, journalist and digital consultant John Boitnott outlines “How Entrepreneurs Can Ride the Internet of Things to Success”. Boitnott believes the path to success is achieved in three easy steps:
- Seamless Onboarding Experience
- Support for Multiple Devices
- User-friendly Systems
While that list of criteria may seem basic, you must remember that for most industries, like our real estate example, there are a lot of moving parts, which complicate seamless integration, and thus compromise the onboarding and user experience. Nevertheless, it is important to remember that data, like that of the real estate industry, is meant to interconnect with each other; and enabling data to work together will only benefit your company.
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As you can see, the IoT industry already does all of this. Unfortunately most industries that manage financial assets collect similar levels of data, but do not have proper management for the data, and thus have an overload of “dark data”, or information collected that remains stagnant in an analytical world. When used correctly, this data is invaluable to businesses, as it allows them to uncover and leverage additional and new insights more efficiently and effectively.
In today’s world, businesses do not utilize tools to aggregate the data, resulting in lost time, money and resources for businesses. eOriginal helps businesses achieve data success with its latest product offering, DatalyticsTM, a real-time compliance and analytics solution that accesses asset-level data from diverse documents providing an unprecedented level of insight and due diligence while saving time, reducing risk and decreasing costs.
And, when we connect it to the three steps to success from Boitnott of Inc. Magazine, we see Datalytics step up to the plate at every level. Here are a few examples:
Seamless Onboarding Experience
The Datalytics system can pull data in from any system and there is no limit or forced naming formats of conventions.
Support for Multiple Devices
The system is directly integrated with a growing list of providers, plus data can be pulled in via API technology and treated as digitally-signed and trusted data. The eOriginal system serves as the central data hub location (like the green in the graphic above).
With Datalytics, there is not coding needed. All business rules, logic, graphs, etc. are configured through its simple web interface. You don’t need to know any complicated formulas or Structured Query Language (SQL) like many other tools.