How can you access your data?
Within most organizations, there are two types of data being generated – transactional data and analytical data. Transactional data is often connected with items being sold by the organization. In the mortgage industry, this includes loan information, such as appraisals, title, employment verification, and other data fields. Whereas analytical data is a collection of data that is used to support decision making and/or research. It can come from a combination of sources that includes transactional data and is typically stored in a read-only database that is optimized for data analysis.
Most companies have access to their transactional data through their system of record, however, that system is not built to handle complex queries or create ad hoc reports. Therefore, to produce those actionable insights, they need a platform that can pull data from the transactional system in real-time and analyze it separately.
What should you look for in a data platform?
To reduce risk, maximize productivity, as well as ensure a flexible and user-friendly experience, your data platform should have several key capabilities including:
Decouples the data platform from the transactional system for better performance
Accesses to at least three years of historical data for year over year comparisons
Verifies the reliability and completeness of the data reflected in the analytics
Enables secure access to your data
Offers direct data access to run reports yourself or engage third-parties as needed