Most financial service and insurance companies run on various systems, especially between their sales, marketing, and service departments. iPaaS (Integration-Platform-as-a-Service) is a solution that improves communication between different silos by integrating software to better share data within the organization. iPaaS creates a central ecosystem to view, manage, and modify all data, infrastructure, and operations.
What is centralization?
Centralization is the process by which an organization's daily activities — planning, communications, project management, marketing, and decision-making — become centralized under a single authority. As one of the ways to modernize your marketing efforts, it aims to route the critical decision-making and planning powers toward the center of your organization.
Managing a well-organized marketing technology stack is an example of a centralization effort — bringing order to the chaos by grouping technologies to better plan, execute, and measure the variety of marketing efforts present in most businesses.
The primary benefit of centralization, particularly in large organizations, is the economy of scale the business gains, from centralized workflow management to data-handling improvements.
The larger your business, the greater the number of disparate systems you likely need to manage, making centralization even more beneficial to your organization. A centralized approach to managing multiple systems is also a cost-effective way to simplify system administration and integrations that promote efficiency. For example, one central login via SSO (single sign-on) means employees won't be spending time trying to remember passwords, and the IT department will no longer need to manage password reset tickets.
One increasingly popular method of integrating disparate systems is through iPaaS (Integration Platform as a Service), which provides a platform in the cloud for enabling the development, execution, and maintenance of integration between different business process systems and data warehouses across multiple groups within an organization.
Who benefits from centralization?
Almost every business benefits from a centralized, customer-centric approach. For example, offering a satisfying customer journey that maintains a consistent brand message has become strategically imperative if you want your brand to remain competitive far into the future. But what aspects of your internal organization benefit the most when you leverage centralization? Let's take a look.
- Marketing— Representing the heart and brain of many business processes, the marketing group benefits from centralization. Having a centralized place to store and disseminate their brand guidelines and customer-facing content expectations to all other parties helps with brand compliance. With centralized processes, marketers can also better target consumers worldwide with personalized content sharing. This is created through tighter interactions with the IT group so that marketers have the tools and technology necessary for advanced personalization.
- IT— IT teams, which play a vital role in ensuring a firm's employees have the technology needed to do their work, benefit significantly from centralizing processes that can often become repetitive. Instead of spreading the myriad of technical help tasks across individuals in a firm, taking a centralized approach ensures the same people are sharing knowledge among themselves and approaching repetitive tasks in the best way possible.
- Sales— Sales teams can close more deals with better sales and marketing alignment. Centralization ensures the sales team is speaking the same language as the marketing team — maintaining brand image consistency from the top of the funnel all the way to customer onboarding and into retention strategies.
Leveraging Centralization in your marketing department can improve productivity, efficiency and compliance, but it is important to identify which approach to Centralization will work for your plan. To find out more about the pros and cons for the solutions for Centralization download our eBook - Centralization and Automation Strategies to Propel Your Business Forward.