• Achieve Better Decision Making with the Power of Data Orchestration

    Digitisation is profoundly transforming today’s business landscape, impacting businesses and companies across all industries worldwide. Digitisation refers to the process of converting analog information to digital data. As the pace of digitisation increases, data production also accelerates at an unprecedented rate. Experts predict that by 2025, data production will reach a staggering 175 ZB (zettabyte). In today’s data-driven world, businesses are constantly striving to make better decisions by leveraging on modern data; data on sales, growth, performance, etc. Companies are actively collecting information about their targeted audiences to understand their preferences and behaviours, turning them into actionable insights, then empowering them to make informed decisions. 

    The availability of such data has led to a need for businesses to effectively manage and use them. However, with so much data to work with, a critical question arises how confident are you in your ability to successfully harness, manage, and leverage this data?

    The problem with too much data

    There is no doubt that rapid technological advancement has led to an explosion of data being generated by businesses. Yet, this data is often siloed and is separated into different systems or departments, making it difficult to be accessed or analysed efficiently. As a result, there is a significant barrier in leveraging the data to fuel growth and innovation. 

    For instance, non-tech executives must make informed decisions backed by accurate and comprehensive data. But to do so, they often rely on IT departments to streamline data processes, such as integrating data from various sources. This requires manual extraction, transformation, and loading (ETL) processes. The IT staff has to manually create scripts and code to extract data from different sources, transform it into a usable format, and load it into a target database or application. Manual data management is a time-consuming and error prone process that may lead to data inconsistencies, errors, and security risks. Moreover, if data stays siloed, it can be difficult to obtain a complete picture of the organisation, which may negatively impact business operations such as inaccurate predictions and flawed decision-making. Hence, businesses are leveraging modern data orchestration technologies to address these challenges. 

    Data orchestration, the key to making better decisions

    “We live in a world full of data. But what is the point if data isn’t cleaned to be interpreted?

    As highlighted earlier in the article, the modern business landscape generates vast amounts of data that is spread across various systems, applications, and platforms, posing a challenge for businesses to effectively integrate, manage, and analyse data. In fact, IT departments spend 60% of their time cleaning and organising data, leaving less room to work on other critical tasks. Data orchestration, however, changes things up. 

    Data orchestration is the process of collecting, organising, and managing siloed data from multiple sources (i.e., databases, applications, and APIs) in order to provide a single, unified view of the data. When businesses leave their data fragmented and siloed, they are unable to obtain a comprehensive understanding of what their data is conveying. Data orchestration breaks this barrier by automating the ETL processes and enabling seamless integration and management of data from multiple sources. This does not only help companies drastically reduce the time spent on acquiring and preparing data for analysis, but also allowing them to make the most out of their data. Businesses can now quickly and easily identify trends, patterns, and opportunities, enabling them to improve their decision-making processes.

    For example, a retail business can use data orchestration to integrate different data sources, such as sales, customer, and inventory data. By analysing all three data sets together, business owners can gain better insights into their customers’ buying patterns, optimise inventory levels, and make more informed pricing decisions. In short, data orchestration is all about making your data more useful. If your business has multiple data systems, data orchestration may just be what you need.

    Elevate your decision-making process with Juris DecisionCraft, our automated decision engine

    Juris DecisionCraft is an automated decision engine that orchestrates and synergises data and analytics from different sources to produce the best decision possible. It is designed to empower business executives and decision makers to make fast data-backed decisions at scale. Juris DecisionCraft allows you to uncover actionable insights that will drive your business forward, and this is how:

    Advanced integration to various data sources

    As a data orchestration engine, Juris DecisionCraft’s advanced integration capabilities allow businesses to seamlessly pull data from various sources (i.e., internal and external sources, third-party data sources, alternative data, AI/ML models, etc) to provide the best result-based decision recommendation. For instance, if a business is using any automated Machine Learning (autoML) or AI platform such as Juris Mindcraft, Juris DecisionCraft is able to streamline the AI model selection process by orchestrating AI models from different systems and recommending the best one for each unique situation.  By leveraging Juris DecisionCraft’s powerful integration capabilities, businesses can make data-driven decisions that are both accurate and timely. This feature enables businesses to gain a more comprehensive understanding of their data, while providing them with a clear and concise recommendation that they can trust.

    Make data-driven decisions in real time

    Many decision-makers and executives perceive that quick decisions come at the cost of good ones. Our automated decision engine challenges this notion. Juris DecisionCraft does not only automate data processes, but is also able to seamlessly integrate new data in real-time, enabling the new data instantly available for analysis. Thus, encouraging proactive decision-making that gives businesses a competitive edge. For example, a loan that used to take weeks to approve can now be processed within minutes, allowing your business a chance to dominate the market. 

    Besides that, its ability to synergise and orchestrate data enables businesses to make confident decisions quickly without the need for manual analysis or lengthy discussions. Businesses can now respond quickly to changing market conditions and customer needs. Simply input any type of data from any source or system, and Juris DecisionCraft will do its magic!

    Assess potential business impact before deployment

    It is essential that businesses are proactive in preparing for potential fallout that may arise so that there is a higher chance for recovery. To facilitate this preparation, our decision engine provides businesses the tool that allows them to test and refine decision models before they go live. This allows businesses to simulate different scenarios and evaluate the potential impact of each decision on their operations. Juris DecisionCraft also provides error-checking and logic validation tools to help businesses identify and fix any issues before deployment. Ultimately, this approach helps businesses improve their decision-making processes, minimise risks, and increase their chances of success. 

    The Champion Challenger

    Juris DecisionCraft is also equipped with a game-changing feature — the Champion Challenger. This feature is designed to help businesses determine the best decision model for any given situation, while allowing decision makers to update and configure the current decision model with ease when necessary. Champion Challenger allows businesses to run simulations and test different decision models and their potential performance or impact towards current decision rules. Businesses will then obtain valuable insights into how certain decision models would perform in real-world scenarios. 

    And that’s not all..

    That is only the tip of the ice-berg, there is more to what Juris DecisionCraft can do. Our automated decision engine aims to help businesses in streamlining their data processes, reduce errors, and ultimately, improve data quality and security through data orchestration. We understand that data is complex, and to manually manage and orchestrate them will hinder your day-to-day operations. Yet, if data continues to work in silos, we will never be able to unlock its true potential. If you want to stop working for your data and make it work for you instead, contact us today! At JurisTech, we are always here to support you on your digital transformation journey.

    About JurisTech

    JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

    By | 2024-01-17T18:01:30+00:00 24th March, 2023|Fintech, Insights|

    About the Author:

    Sabrina Looi was a Marketing and Communications executive at JurisTech. She is highly interested to explore the diverse technologies in the financial services industry and enjoys keeping up-to-date with the latest market trends.