Understanding Data Aggregation: Its Purpose and How It Benefits Different Industries

“The most valuable resource of a business is – Data.”  

Without big data, companies and organizations are considered as handicapped. They are not liable to perform any operations. While all businesses possess data, gathering all the information is not just enough! With the introduction of data aggregation platform, managing and analyzing data has become relatively simpler.   

What is data aggregation?  

Data is collected in order to derive some helpful analysis out of it. Hence, data aggregation is the process that involves the collection of information and summarizing it to perform statistical analysis for various purposes. Raw data collected over a period of time is also aggregated to provide summaries, like average, sum, maximum, and minimum. The data analyzed is used for various purposes, such as targeted content for providing website personalization and showing advertisements to people belonging to the targeted group. The finance industry is one of the premium examples of good use of data aggregation. Financial account aggregation collects information from different sources such as bank accounts, investment accounts, or credit card accounts to provide an overview of all the financial reports in one place, making it easy to access.  

Data Aggregation Platform  

Data aggregation platforms are designed to fetch and accumulate information from numerous sources in one place. It makes the method of deriving data insights and tracking of different patterns easier with complete accuracy without losing source information heredity. These platforms are especially useful in enormous data analysis. The main aim of data aggregation is to provide a reasonable approach towards the collected data so that businesses can utilize this data for making effective decisions and better future planning. The best data aggregation platforms are the ones that provide massive in-depth data collected from numerous sources, clean the data, and investigate it before sharing the information as a solitary source. Accuracy, east accessibility, and speed are likewise qualities of a decent data aggregator platform.  

Primary Purpose of Data Aggregation Platform  

Real-time data accumulation takes advantage of streams of different sources like GPS data and arranges that information to give ongoing client data. This allows the system to manage, track, and analyze live streaming information. Aggregating data in real-time requires sufficient mindfulness and insight into understanding the current state of business. Let us look at the importance of real-time data and its primary purpose in data aggregation.   

1. To provide deeper insights into the business with the help of data visualization 

Visualizing an organization’s data is vital in administrating the key performance indicators (KPIs). KPI data provides accurate real-time information and offers updated information regarding business performance at any point of time.   

2. To monitor consumer behaviors to obtain valuable insights 

Real-time data provides further insights into consumer behavior. With the help of data aggregation in real-time, businesses can gain visibility into a product range that is frequently bought by customers, which products are less sold, what is more preferred by the consumers, and which service disturbs the client. Search information help businesses take timely actions towards the improvement of the company.  

3. To gain a competitive advantage  

Real-time data provides market trends and good competitive analysis. This provides businesses room for innovation and competitiveness, helping businesses improve their brand reputation.   

How does a data aggregation platform benefit various industries?  

There is no doubt in the fact that data is the future of every industry. Whether finance, educational, healthcare, or e-commerce, top executives and business owners head to data specialists for strategic plans and business growth.  

The reason why businesses need proper strategies and planning from data specialists is very simple. Raw data is complicated to manage, and accurate analysis is impossible unless gathered adequately in one place. Thanks to AI-based data aggregation platforms that automate the complete process from collecting the data to providing excellent solutions. Industries are now able to make better use of this advanced technology and inspect their position in the market. Data aggregation is the need for many industries, such as:  

1. Fintech Industry 

Fintech companies have the most to take from the data aggregation services. It is extremely helpful in administrating transactions, managing expenses, and gathering details of bank accounts all in one place. It also benefits companies with automated financial management and personalized financial advice.  

In the contemporary world, it’s essential to be updated with real-time news and trends. Thus, data aggregation provides financial firms the benefit of gaining market insights and using this data for predictive analytics.  

2. Healthcare Industry 

Data aggregation is helpful in the health care industry as it provides a complete summary of the patient’s data, doctor’s information, and the hospital’s finances. It is helpful in maintaining records and reports of all patients in one place, making it easy to access and use.   

Specialists can utilize aggregated information to recognize common symptoms that could foresee the course of a disease and seek understanding of the best treatment for sickness. This information can be precious for creating prevention measures.  

3. E-commerce Industry 

E-commerce is an emerging business and being an online business service requires a platform that can manage all the customer’s data. The data aggregation platform provides excellent solutions in the online industry by providing insights regarding customer shopping behavior, targeted shopping suggestions, and product enhancement solutions. It is mainly a viable tool for assessing competitive costs.  

4. Travel Industry 

The travel industry can benefit by utilizing information accumulation to assemble information from clients’ discussions. This information can then be utilized for client opinion analysis to decide voices contaminations, language, and articulations used to compute feelings that aid in service improvement choices.  

Summary  

In a nutshell, data aggregation has advantages like makes the task of operating data easier for everyone, even for people who are not a specialist in managing extensive data records. The automation facility provided by these data aggregation platforms quickly generates reports through accurate analysis of data in real-time, which helps businesses and companies invest time in making strategies for business growth.   

While it’s crucial to manage data for better exploration, it’s vital to pick up a technology partner that understands your needs and provides all the vital facilities to escalate your business. Perfios is one such platform that offers financial data analytics that can manage data from various sources with capabilities to extract, curate, clean, and analyze data, building different domain-intensive solutions. With the combination of AI and machine learning, Perfios aids in generating insightful reports and relevant results – simplifying the data-decisioning procedure for institutions.