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Teradata Corporation, together with its subsidiaries, provides a connected multi-cloud data platform for enterprise analytics. The company offers Teradata Vantage, a data platform that allows companies to leverage their data across an enterprise, as well as connects various sources of data to drive ecosystem simplification and support customers on their journey to the cloud through an integrated migration. Its business consulting services include support services for organizations to establish a data and analytic vision, and identify and operationalize analytical opportunities, as well as enable a multi-cloud ecosystem architecture and ensure the analytical infrastructure delivers value. In addition, it offers support and maintenance services. The company serves clients in financial services, government, healthcare, manufacturing, retail, telecommunications, and travel/transportation sectors through a direct sales force in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. Teradata Corporation was incorporated in 1979 and is headquartered in San Diego, California.

TERADATA CORPORATION

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The FinTech industry is a fast-moving train, and the one who joins early will be the winner. The market, evaluated at around is developing at a CAGR of 20%+ and is expected to exceed $699 billion by 2030. So, it’s definitely a worthy investment for companies related to finance and a must-follow trend in the coming years. , $110 billion in 2020 Strategic partnerships play a huge role in this sphere, as you can’t succeed without a reliable, experienced provider of financial software development services. Such companies bridge your business ideas and working products, making the project fail or fly. Picking a dependable partner is necessary if you plan to get a fair share of the lucrative FinTech industry revenues with cutting-edge digital products. Parameters for Top FinTech development companies selection When choosing a FinTech development company to work with, you should focus on a set of key quality parameters and make an unbiased choice based on that information. I recommend focusing on the following: Experience. A young firm can have talented, energetic staff and deliver stellar services, but the experience is still precious in the FinTech sector. So, I recommend working with FinTech software development companies that already have a couple of successful projects under their belt, enjoy high rates on reliable review platforms such as Clutch.co, have positive client testimonials, and work with top-rated FinTechs. Domain-specific expertise. A team with in-depth expertise can help you make vital decisions in terms of the underlying technology, core features, and the overall development process. During the expertise assessment, you should check the number of completed FinTech projects, the availability of FinTech services, and the presence of additional support like DevOps-as-a-Service, Security Audits, and Business Process Improvement Advisory. Tech stack. The team of your chosen FinTech company should possess varied skills and mastery of different software tools and frameworks. You never know what additional tech needs will arise in the work process, so your chosen team should be ready to manage the tasks of any tech complexity. Analyze what technologies they work with, what expertise in third-party system integration they have, and what technical partners they work with. Reputation. Don’t expect good service from a company with a notorious online reputation. It’s vital to check your candidate company’s online reviews. You may also contact a couple of its previous clients to get first-hand testimonials from somebody who has already worked with the firm and analyze the customer return rate to understand whether customers are generally satisfied with the service. I’ve done the legwork for you to pick the Top-10 providers for 2023 and beyond. The FinTech developers meet the following criteria: Relevant expertise in the FinTech industry. A positive online reputation across reputable review websites and tech ratings. A solid presence in the FinTech market. A broad tech stack that covers various FinTech technologies and tools. Let’s move on and see who’s worth your attention and who can provide state-of-the-art FinTech solutions for your business. Top 10 FinTech development companies to work with in 2023 Here are the top 10 providers I’ve hand-picked for your close consideration based on their positive track record and reliable services. 1. RNDpoint RNDpoint is a go-to provider of FinTech development services. The company delivers full-cycle development services in the Fintech industry and has a large team of 250+ software experts on board. This financial services provider has established many long-term partnerships with FinTech businesses, banks, and lending organizations. Its major specialization is banking software automation and digital transformation of financial entities. The provider currently has five offices in Western Europe and the USA, building a genuinely international presence in the global financial sector. It’s a must-try option in the FinTech software development market, given the large international team capacity and a broad international partnership network. 2014 Year of foundation: Services: Trading and Wealth Management platforms Loan Origination Systems and Scoring solutions Payment Processing software Mobile Banking and eWallet apps BNPL and Loyalty Management platforms KYC / AML and Fraud Detection solutions DevOps-as-a-Service Security Audits Business Process Improvement Advisory 4.9 Clutch.co rating score: FICO, Breaking Equity, Loop Wallet, Danske Bank, First Abu Dhabi Bank, Teradata Major clients: Website: rndpoint.com 2. 4IRE 4IRE - is a Swedish-Ukrainian software development outsourcing provider with a large team of top-rated developers with an innovative mindset. The company has been in the DeFi/FinTech market for 12+ years and has become a significant player in the FinTech revolution. Among its key achievements, one can name the Substrate Delivery Partners membership, 16 awards for FinTech innovation, and a large team of 250+ engineers available for hire. 4IRE has been at the forefront of FinTech development in Europe. This Fintech development firm is also an official NEAR integrator, assisting companies worldwide in the transition to blockchain functionality for better performance. 2009 Year of foundation: Services: Blockchain Development Green Finance Development Crypto Marketing DeFi Development Fintech Solutions Development Banking Software Development NFT/P2E Development 4.7 Clutch.co rating score: Stockholm Green Digital Finance, Stockholm Sustainable Finance Center, Innobridge Major clients: Website: 4irelabs.com 3. Praxent Praxent provides FinTech UX design and engineering solutions to financial organizations targeting digital transformation. The company has been on the market since 2000, with its founder, Tim Hamilton, paving his way into software development. Today, the company boasts a huge portfolio of 300+ finished projects and 100+ team members on board. Clients may choose from US-based or LATAM-based coders to compile their project teams. With 15+ years of industry experience and a large team of FinTech-specialized designers and developers, Praxent can become your go-to provider of robust business solutions in the FinTech sphere. 2000 Year of foundation: Services: UX/UI design Web app development Mobile app development Front-end and back-end solutions Web portal development 4.8 Clutch.co rating score: OpenLending, Dimensional, Meriwest, Synctera Major clients: Website: https://praxent.com/ 4. Itexus Itexus is an international FinTech development agency with an international outreach and physical presence in the USA, Australia, and Poland. It was founded by talented developers and business analysts and has completed 220+ projects since then. The company has custom-tailored solutions for companies of all scales and sizes, from startups to large corporations. It may become a reliable provider of FinTech solutions with a forward-thinking approach and a team of seasoned experts on board. The Itexus team possesses in-depth industry expertise in numerous domains covering sports and lifestyle, education, real estate, manufacturing, entertainment, and travel. 2013 Year of foundation: Services: FinTech development and consulting Insurance software development Banking process automation Healthcare and telemedicine solutions Mobile and web apps DevOps UX/UI design Machine learning Solution discovery Booking app development 4.9 Clutch.co rating score: Mango, McDonald’s, Stella & Dot, DigiRealty Major clients: Website: https://itexus.com 5. Softjourn Softjourn positions itself as a full-cycle consulting and software development company with finance, media, and entertainment expertise. The company also has a strong business focus on ticketing. Thus, you can easily find relevant talent and vital business insights into your new FinTech project at Softjourn. Softjourn currently works with companies of all sizes, from startups to Fortune 100 members, and has 300+ employees on the team. It is present in 30+ countries and has partnered with top industry players over 17 years of its operations. 2001 Year of foundation: Services: FinTech & software consulting Payment processing software Expense management systems Prepaid cards solutions Remittance software Code audit API development 4.8 Clutch.co rating score: Vendini, Ticketmaster, Live Nation Major clients: Website: https://softjourn.com/ 6. HatchWorks HatchWorks has integrated US-based and nearshore agile teams ready to deliver top-notch software solutions to clients. The provider has US offices in Atlanta, Chicago, Dallas, and Washington and a set of regional branches in Costa Rica, Colombia, and Peru, providing outstaffing solutions to close tech stack gaps and help these industry leaders advance in FinTech development. You can also try its flexible services to build outstanding FinTech software with seasoned industry experts. 2016 Year of foundation: Services: Product design Software development Data Analytics Technology consulting Product fundamentals 4.9 Clutch.co rating score: Fleetcor, Recruitics, Charter Communications, NV5, Anthem, myFloc Major clients: Website: https://hatchworks.com/ 7. SPD Group SPD Group is a software product development company with a strong focus on FinTech. It has 17+ years of market presence and a wide network of branches in Eastern Europe. The provider’s headquarters are in the UK. Its vast experience and broad project portfolio make SPD Group ideal for delegating complex, large-scale FinTech projects requiring top talent and cutting-edge technology use. SPD Group delivers web and mobile dev services and provides dedicated teams of developers. You can follow their lead and work with the company’s expert dev team on your next FinTech project. 2006 Year of foundation: Services: Full-cycle custom software development Enterprise-grade software solutions AI/ML development Software unification and orchestration Legacy software modernization 4.8 Clutch.co rating score: Roche, Morningstar, PitchBook, SpaceNeedle Major clients: Website: https://spd.group/ 8. 10Clouds 10Clouds has been for 10+ years in the FinTech dev market. The company can deliver top-quality consulting and development services on demand. This Poland-based company has offices in Warsaw,  Poznan, Wroclaw, and Novi (the USA), and caters to a wide network of international businesses. The company currently has 200+ tech experts and consultants on board, so you can create stellar blockchain-based FinTech products with its help. 10Clouds has collaborated with top FinTech market players, so its reputation speaks in favor of using this trusted provider’s services for superior outcomes. 2009 Year of foundation: Services: Web & Mobile apps development Web design, production design, and illustrations UX design FinTech solutions development ML solutions development Blockchain-based products development DevOps and MLOps 4.9 Clutch.co rating score: TrustStamp, Aleph Zero, Forbes, Omise Major clients: Website: https://10clouds.com/ 9. Code & Pepper Code & Pepper is a well-known Poland-headquartered provider of top-tier FinTech products for mobile, web, and cross-platform use. The company used to be a small dev agency with proprietary SaaS software at first, but then its management adopted a strategic FinTech focus. Thus, it has quickly grown into a FinTech software developer serving dozens of clients across Europe and worldwide. Code & Pepper has many positive reviews on Clutch.co, has won a Forbes award in 2022, and received an honorable mention on Awwwards. Its team’s talent is not under question. The company is a tried and tested variant for FinTech software development. 2006 Year of foundation: Services: FinTech and banking apps development Wealth management software Insurance solutions development Lending software development Law & Legal software development Open Banking development Digital transformation 4.6 Clutch.co rating score: DirectD, Finbourne, Smart Pension Major clients: Website: https://codeandpepper.com/ 10. UppLabs UppLabs has been on the FinTech dev market since 2014 and has completed over 150 projects since the company’s foundation. The provider currently specializes in FinTech technology, focusing on healthcare and real estate software. You can get professional consulting and development services at UppsLabs, as the company’s expertise covers a broad array of technologies, including .NET, Python, Node.js, Vue.js, Java, SWIFT, and Kotlin. Over time, it has partnered with many frontline FinTechs to contribute to their innovation and help them transform their IT infrastructures. According to client reviews, working with UppLabs is a rewarding experience with impressive outcomes. Year of foundation: 2014 Services: Fintech web and mobile development Money transactions platform engineering Online trading and exchange platform engineering AI-based Fintech solutions Payment systems integration and optimization Existing services maintenance and modernization Custom IT solutions for financial business Custom IT solutions for financial business\ 4.9 Clutch.co rating score: CBInsights, Distributed Lab, RevTech Labs Major clients: Website: https://upplabs.com/ Conclusion There are the Top-10 performers in the FinTech sector to work with in 2023. Feel free to pick any financial software development company from the list above to get top-quality solutions from experienced pros. Don’t leave your FinTech projects to chance, as the market is very competitive, and only feature-rich, functional, and user-friendly solutions can win the demanding, tech-savvy users’ hearts and create a stable source of revenue for your business. Entrust your next FinTech project to experts to avoid risks, uncertainty, or double costs of mediocre development.

Top FinTech Development Companies in 2023

Bitcoin ( ) stands as the world's pioneering blockchain-based cryptocurrency, often referred to as digital gold. Over more than a decade, BTC has overcome numerous challenges. Now, we are on the verge of a significant event— the point where no new BTC can be mined, as it is predetermined to be capped at 21 million. Nowadays, BTC mining has created heated debates regarding its energy-hungry consensus algorithm, ). Miners get rewards for utilizing their computing resources to validate the transactions and a huge amount of energy is required to operate their mining equipment. Miners are employing various energy resources, but a significant concern revolves around the environmental impact, particularly the greenhouse effect, due to their excessive energy consumption. BTC Proof-of-Work (PoW On the other hand, ) has transitioned to switch its PoW consensus algorithm to the energy-efficient Proof-of-Stake (PoS) algorithm. After the well-planned “ ” event, Ethereum developers introduced the PoS-based Beacon chain which has further assisted in cutting energy consumption by 99.95%. A question may arise here i.e. “ ”There are so many unfavorable factors that have made BTC’s transition into a PoS-based system almost impossible. I have already shared an in-depth study of this in a . Now, let’s explore some more detailed insights into BTC mining and its future. Ethereum (ETH Merge What if BTC is also switched from its PoW to PoS consensus algorithm? Hackernoon post Understanding what BTC mining is: The Bitcoin blockchain network consists of a chain of blocks. Each block consists of important information about transactions, the hash of the previous block, and other details. BTC mining consists of solving complex mathematical problems by using computers’ computing resources to create new blocks and new Bitcoin. For this task, miners receive rewards in crypto and BTC. Talking about the rewards and chances for producing a new block for the Bitcoin blockchain network, it is highly competitive as larger institutions are competing to validate the transactions. There are several components that are responsible for impacting Bitcoin mining which are as shown in the following diagram: Understand how BTC mining works: Bitcoin miners have a very important role in creating new bitcoins. They also mine transactions which are added to the blockchain. Understand the entire process from the following diagram. First, it begins with users initiating a Bitcoin transaction then it enters the — a temporary holding space for unconfirmed transactions. Miners then select transactions from the mempool to form a block. Miners compete to solve a complex mathematical problem known as PoW. mempool Remember, miners compete to solve the mathematical puzzle and the first miner to solve it broadcasts the solution to the network. After that, consensus should be achieved to validate the blocks and it will only happen when most miners agree to add the new block consisting of transactions into the network. Now, the successful miner receives newly created BTCs and transaction fees as the reward for conforming the transactions in the block. For smooth operation, there are periodic difficulty adjustments to maintain a consistent block time. Well, these are the basic concepts of BTC mining. Now, let’s focus on our core matter of discussion i.e. profitability of BTC mining, challenges, current practices, its future, and other issues. Profitability of BTC mining: Before 2013, there was less competition for BTC mining between individual miners but after that, the new development of application-specific integrated circuits ( ) came into existence. Individual miners started to face difficulties competing against big mining farms with bigger mining rigs to share more computing power. In addition, the gradual mining difficulty adjustments and cutting block rewards through the BTC Halving Events have made it less profitable for individual miners who can not afford to adjust proper mining equipment on a competitive basis. ASICs So, it is not profitable for a solo miner? No, it is not entirely correct. You can still manage to bag lucrative rewards if you can consider the following factors; Good ASIC mining equipment costs hundreds to thousands of dollars, and you should have to afford it for an initial mining set-up. BTC mining is not legal everywhere. So, if you are in a favorable country and the electricity charge is affordable, you can consider BTC mining. No matter even if you are a solo miner and lucky enough, you’ll get a newly minted 6.25 BTC if you are successful in mining a block. This reward plus the transaction fee in that block will be yours. Bitcoin mining difficulties adjustments can be a checkmark because if mining difficulty increases, you need to increase the hash power to compete with other miners. It will force you to adjust the risk as well as cost management strategy. But for bigger mining farms, that is not the case. They can make good profits if they manage to balance electricity, equipment maintenance costs, and operational costs with proper risk management strategies. The chart of Hash Rate for the different time frames has exhibited growing difficulties which means miners are competing to generate more computing power. In simple terms, the mining difficulty is directly proportional to the amount of hash power required to solve complex mathematical puzzles of the block. The above chart exhibits the increasing mining activities with the increasing hash power. Let’s have a look at the current block reward distribution chart. The halving event is adjusted to happen every four years or when it reaches every 210,000 blocks which means another halving event is expected to happen this year. The BTC halving event of 2024 will cut the current BTC block reward to half of it which is 3.125 BTC. You can check the following chart to get insights into the cons and pros of BTC mining from a bigger farm. Crypto communities have explored different techniques and methods to feed the energy-hungry PoW consensus algorithm of BTC by utilizing its computing power. Here are a few of them: Pool mining: If you have difficulties in operating mining operations being a solo miner, you can prefer pool mining where other contributors also share their hash power with the pool. Please remember that you still need the mining equipment to participate in a pool. So, depending on your hash contribution, you will receive a reward from the sum of BTC that your involved pool received. Cloud Mining: Some mining farms sell hash power to users who are unable to afford electricity costs and equipment operational costs. In this sort of mining, the user can just spend his amount and sit remotely to track the mining progress and achieve rewards. However, this sort of mining still can not address the notorious energy consumption issue of BTC. There is a platform called “Gomining” that offers hash power to the users who purchase their NFT. It is an excellent way to bag benefits for both users and the company’s ends. The company fulfills its costs to run its mining farms from the portion of collected amounts from the users and splits the rewards to all involved users. Some companies or platforms have also developed their apps or browsers to mine BTC but they can not generate significant hash power through their device’s CPU. So, practically it is not the best practice for BTC mining. As already stated, BTC has to remain a PoW-based consensus algorithm due to its technical difficulties. Computing power is required to mine and confirm the transactions. BTC Lightning Networks have been created to address its persisting issues but it did not significantly contribute to reducing the high energy consumption nature of BTC. There have been growing debates regarding the environmental impacts of BTC mining. Controversies and real-world costs created by BTC mining: The majority of controversies and critics of BTC mining highlight center several factors. The first one is the high energy consumption that can contribute to climate change. The article from has suggested that Texas’ 10 Bitcoin mines have caused customers’ electricity bills to go up to nearly 5% ($1.8 B)  annually. Now, you can imagine what would happen if we take a reference of globally operated mines and their energy consumption. the New York Times Let’s have a look at the following diagram: The has an estimated 16.17 Gigawatt (GW) daily basis and annualized 141.72 Terawatt-hours (TWh) power demand of BTC mining. Cambridge Bitcoin Electricity Consumption Index (CBECI) Another one is carbon emissions due to BTC mining on a large scale. Particularly, if we talk about the USA, its nationwide BTC mining reportedly produces the equivalent of . 3.5 million gas-powered cars’ carbon pollution We can see an estimated 71.81 MtCO2e of annualized greenhouse gas emission from BTC mining. Some projects have already explored alternative energy sources and methods to minimize the energy footprint created by BTC mining because heavily relying on fossil fuels for energy is unsustainable. A report from the suggested that the sustainable electricity mix preferred by global BTC mining has grown marginally to 59.9% in 2023. Bitcoin Mining Council (BMC) Here are current techniques and practices to mine BTC by using sustainable energy sources along with real-world examples. 1. Alternative energy sources There are some real-world examples of companies that are utilizing alternative energy sources for BTC mining to reduce carbon emissions which are as follows: ✅ There are BTC mining companies like Bitfarms, Hut 8, Iris, and OceanFalls which have been utilizing hydropower as a clean energy source to mine BTC. Hydropower: Projects like Tesla, Block, and Blockstream have been unitized . Tesla is offering the essential technology and energy storage system to power the mining rigs. Projects Blockstream,  Riot Blockchain, and Lancium focused on both solar and wind energy to run mining farms. ✅Solar and wind power: to mine BTC off solar power You have heard it right. A project like has already initiated BTC mining with nearly 8,000 mining rigs in operation. This is the first nuclear-powered BTC mining project in the USA. ✅Nuclear-powered BTC mining: TeraWulf-based in the USA 2. Customization of mining equipment with powerful ASIC chips The Intel Corporation has developed a high-performing and energy-efficient Blockscale ASIC which is targeted to assist BTC PoW. The HIVE blockchain is one of the four to get this ASIC to integrate into their . In addition, the HIVE blockchain is focused on utilizing hydropower as the primary energy source to mine BTC which is an excellent start. HIVE Buzzminer 3. Waste heat recovery The mining equipment uses electricity and mines produce excess heat energy while mining BTC. There are some projects to introduce an innovative approach to use such excess energy. One such company is SAITech-based in Singapore. They use a liquid cooling system to recycle waste energy produced due to BTC mining. Such waste energy is used in residential, agricultural, and industrial applications. Another company that uses waste heat recovery is MintGreen. They recover 96% of the electricity used for BTC mining as heat. Such heat energy is then utilized for different industrial applications. Is BTC mining the most energy-consuming vampire that contributes to harmful environmental impacts? No. If we perform an in-depth investigation, BTC’s estimated annualized 141.72 Terawatt-hours power consumption (mentioned above) is even less than 1% of the . It is even less than the traditional banking system and gold production process’ energy consumption. world’s electricity The fact is, BTC mining itself is not directly linked to carbon emissions; however, the energy production process is. Miners and mining farms are relocating to areas with affordable electricity charges. Nowadays, BTC miners are increasingly opting for sustainable energy sources to power their mining equipment. If we talk about BTC mining’s emission intensity, it is just . It is comparatively less than that of the traditional banking sector, gold industry, and other industries as exhibited in the above chart. 296 g/kWh Challenges of BTC mining: There are several risks that BTC mining has to tackle which are as follows: BTC price is highly volatile in the market. Miners may face difficulties in balancing the cost and profit balance particularly when BTC price is decreasing. There is a good sign that BTC mining utilizes the highest sustainable energy mix from 2019 to 2023 in comparison with other industries but, energy cost is still high. Security concerns have always been one of the most notable challenges of BTC mining as attackers may intercept the connection of mining devices to insert malware or malicious software for the wrong purpose. Despite BTC miners shifting towards eco-friendly energy consumption, it is still a fair matter to consider that the environmental impact caused by to energy production process is one of the major challenges. There is significant progress in building powerful processors and quantum computers from various companies. The encryption of BTC is the strongest and assists in securing the entire blockchain network. Reversing the work done by BTC’s PoW algorithm needs tremendous amounts of computing power but by chance, if powerful quantum computers evolve rapidly in the future, it may also create challenges in BTC’s encryptions. Future of BTC mining: Finally, we have an answer to our initial question “ ” What do you think? Based on our analysis of data and evidence, BTC mining will not end soon. Rather, there is a possibility that it can become a leading adopter of renewable energy resources. Not all BTC miners, but that miners with low costs and a highly sustainable energy mix for mining BTC will likely thrive in the future. Is it the end of BTC mining? analysts suggest Bigger mining farms as well as miners are seeking alternative energy sources because they can not afford to pay high for electricity to operate the mining devices. So, governments and different projects have opportunities to establish solar plants and other renewable energy solutions on a larger scale. It creates employment opportunities for so many workers from different industries. In addition, orphaned wells of methane emission can be sealed to utilize it as the energy source for BTC mining which will create an extra usage of waste gas for income. Some effective practices like grid balance, mining decentralization through pool mining, etc. are already initiated which can be even more effective in the future to use energy effectively. The development of powerful chips like Intel’s Blockscale ASIC could assist in reducing energy consumption with high-performance ability. Fears persist due to the development of quantum computing and its presumed ability to crack BTC’s encryption but it has not been proven yet so, no worries. Even if such computing becomes an enemy to BTC, let’s hope the Bitcoin community will invent a genuine solution to tackle it. Overall, the future of BTC mining is bright. Conclusion: The main attraction of BTC is its decentralized nature and security feature paved by its PoW consensus algorithm. Computing power is required from BTC miners to form a single BTC that’s why it is something special and some investors have already seen it as a modern form of store of value i.e. Digital gold. BTC has a limited supply so once all BTCs are mined, miners have to rely on its transaction fees as the reward for mining the transactions. The critics have accused BTC mining’s over-energy consumption has created carbon emissions and environmental impacts but based on our analysis, traditional banking and other industries are leading to BTC. It doesn’t mean that BTC miners should do nothing to invent new energy-effective solutions to reduce carbon emissions but if it is related to global issues, why critics are majorly centred on BTC mining? We all should be equally responsible.

Is It the End of BTC Mining?

To understand the concept of data catalog, we need an assessment of the fundamentals that constitute the process on an elementary level. At the most rudimentary stage lies the idea of arrangement and the order of things. The data catalog is a metadata management tool that aids business corporations to the source, organize, and manage piles of data from various data points related to the organization. Now metadata sounds too technical for a layman right? Let’s simplify a bit here for those of us who are far from tech geeks. In the simplest terms, metadata provides a concise description of the main content, which could be in any form. Metadata management is a combination of science and art behind the process. It also aids in creating a contextual picture for the data being searched. By now, you must be thinking that the data catalog seems like a data dictionary, but it’s far more advanced than that in terms of searching and retrieving data. a thorough analysis of the intended usage and the user base. Building a great data catalog requires The Benefits of Using a Data Catalog As organizations expand, the need to diversify and branch out becomes indispensable. This expansion leads to numerous value additions and in turn, create numerous data points. The classification of data points into sub-segments is vital to obtain a dynamic facet of information. The increasing operations of the company leads to an increase in data accumulation from the same source. On the other hand, the diversification of business segments creates new venues for data accretion. The benefits of this data accrual can only be obtained if a structured format exists to source the information needed in the future. In the contemporary, what’s trending today is obsolete tomorrow, so time is of the essence, the right information at the right time is the real deal. This data demand-supply gap in real-time is addressed by using the data catalog system that helps to organize data, and presents the information in a systematic and well-organized layout. Information is power, but only when it’s contextual and made available at the right time. Companies use data to obtain insights about the prospective customer, which in turn helps them to make products more in alignment with the needs of the customer and also to help prepare their advertising pitch accordingly. That’s just one of the several scenarios of contextual playing with the data. Data catalog helps the business people to get a better perspective of the sourcing and distribution of data throughout the data supply chain in a precise way enabling synergy between the IT and business personnel of an organization. Leveraging Data Governance to Create and Maintain a Data Catalog In an era where data drives the future of mankind, the demand for data is at its peak. The need to obscure it from the masses can be easily understood. We are surrounded by tons and tons of data points and data sets from the respective points. Now some data might be personal or classified, some of it might be for a particular practice, so the need to store and make it available for the intended user is utmost. This is where . Data governance can be understood as the guidelines that help in maintaining the use and availability of data sets for different users. It entails a well-defined set of procedures and also information regarding execution of the same. data governance comes into play The data catalog is all about organizing and maintaining the data sets. We can’t categorize or arrange a data set without a guideline; the degree of subjectivity is enormous because of the context in which the data is used. To help provide a planned structured with the Dos and Don’ts, the data governance tools play a key role. Data governance also sets accountability for users using a particular data set as to how it can be used and defines the restrictions that are imposed on its usage. Conclusion is not for mere tracking of the events but to provide insights into the future based on the previous records. Data is the bridge between today and a better tomorrow. In a general trend of things data is used now to assess past performance, make predictions about future trends, and employ strategies based on the predictions to achieve the goals. In order to benefit from this advancement we need to structure and organize data sets into usable formats, The data catalog helps to fulfill that objective with proper deployment of data governance which sets the general guidelines for the usage of data and defines the Dos and Don’ts of the process. The role of data today

Is Data Catalog an Indispensable Tool for Corporate?

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Quality and usability of a data stack might not be what a startup founder had in mind at the beginning of their business journey. But let’s be clear: when you’re overwhelmed by data, when teams lack the tools to extract the necessary data to make informed decisions, and investors can’t get a clear picture of your business health, it’s already too late. The common misconception is that data is complex and abstract, and only corporations need to deal with it. Yet, every tech startup creates a massive amount of data with each click, transaction, and interaction. This data ranges from payment transactions, client databases, and marketing pipelines to employee birthdays. As companies grow and scale, they produce even more data that requires new tools and professionals to manage it. Interestingly, big tech companies work with data warehouses, while startups may only use Excel sheets shared on WhatsApp; still, at their core, both corporations and startups handle data in similar ways. The question then is: how do startups start doing the same? From managing a data warehouse at a tech corporation with over ten thousand employees and working on my own startups, I've learned that regardless of the volume of data and business requirements, startups need to think big from the start. Still, there is no universal solution for every business case, but the core principles that all big tech companies adhere to can and should be adopted by startups. Doing so will cultivate a scalable data culture at every stage of business growth. What data do we have and who is responsible for it? Supporting a culture of data responsibility from the beginning is crucial. Even though data is often interdepartmental and responsibilities tend to fluctuate in startups, it’s essential to understand where data is stored and who owns it. The owner of these datasets should be responsible for their storage, usage, and quality. For instance, in a situation where a product manager calculated the unit economics, but a finance team doesn’t have access to the expenses and a sales team insists that more sales were made, the role of the data owner is to create a clear path to resolve the problem. A common misconception is that tech teams should be entirely responsible for data. This creates situations when data is led by technology requirements, rather than business needs. When tech teams prioritise technical aspects like data storage, security, and infrastructure, they might not fully grasp the true needs and objectives of the business. As a result, the data analysis and interpretation may become limited to what the technology allows, rather than what the business truly requires. This is not the path to becoming a data-driven company. It might sound counterintuitive, as all the data lives inside the data stack, but business teams should be data owners and stewards. At the end of the day, the point of data management is serving business needs. The easiest way to start is to divide your data between business functions, such as sales (CRM, marketing data), product (unit economics, backlogs, road maps), and finance (financial reports, budgeting), etc. Then, assign a data-owner from each business function for each dataset. To prevent these data responsibility roles from getting lost during rapid growth and scaling, make sure to move the roles accordingly. How do we store the data? The main rule here is if you don’t keep all the data in corporate software, you don’t have the data at all. As a simple example, when a client is ready to buy a product with a 30% discount that was discussed with your sales manager in a private message, who is now on vacation, and there’s no information in a CRM system, you might face some issues. Ensure that all important data is stored and accessible for the right team members. First, set up shared file storage to support collaboration among team members. Cloud storage might be your best option, as it's an accessible, scalable, and usually cost-effective solution for managing your data. Even when you introduce new software and tools, such as document management and content management systems, CRM, and ERP, cloud storage will remain a place where team members can store data like reports, presentations, or documentation. Keep both the raw data (data that has not been processed for use) and processed data — it will help to avoid situations where something went wrong and a team needs to re-do the analytics or sync data between departments. Remember, data can be qualitative but not always usable. Corporations typically adopt a ‘store it all’ approach to data storage, but for startups where resources are limited, this task can be daunting. It is hard to predict what data might be of any use in the future, but thoughtful planning and looking into best market practices might provide some insights. If you find your startup is struggling with storage costs, consider introducing a recurring data demand review. Over time, it might turn out that some data that was considered useful is not anymore. You can simply start by checking data that wasn’t used for many months, but remember to align any decision to delete or archive data with the respective owners. If it doesn’t help, it might be a good time to seek a better tool with superior data compression and tailored pricing options. How do we secure the data? Data security is undoubtedly one of the most important goals for any tech startup, as well as the hardest one to achieve. Just imagine that a finance team member stores reports on their personal computer, and a sales intern has access to the full clients' database from day one — sounds like a recipe for disaster. While full data security is mostly an unrealistic objective, implementing a company culture with data security at its core could potentially minimise major data leaks or damage. Once you have chosen your data storage software, and data owners and stewards have been assigned, it’s now time to discuss who sees what and how to get access to data. Choose a team member responsible for assigning data access. For small startups, it is probably going to be a founder, but as the company scales, a decentralised approach may be more suitable. It’s easier to maintain access permissions when they are granted to roles rather than team members, which makes it easier to transfer access between employees in case of any changes. Moreover, the data owners should know the platforms' backup policies by heart. For the most sensitive data, a manual backup must be applied. The restoration of your company's customer database after a website breach could depend entirely on a single checkmark in the site settings. How do we keep the data organised? It’s likely that, at some point, data owners will be busy with more pressing matters. Their focus will move away from the data stack, leaving it without any support. That’s why at the very beginning, it’s essential to adopt the right approach to data management. Otherwise, while scaling and growing, a startup could be overwhelmed by data, and produce duplicate reports and analytics based on incorrect data. The more unmanaged data you have, the less usable it becomes. Prioritising is key here. At every stage of a company’s development, choose the right approach to data governance that is aligned with your current needs and capabilities. Data governance is a collection of policies, processes, roles, metrics, and standards for effective and efficient use of information. Consider Introducing a data steward role in your company. At the very beginning, it’s probably going to be a founder or CEO, who will set up data governance and oversee the beginning of cross-functional implementation. However, shortly after, it’s better to appoint a dedicated team member to facilitate its development, such as providing data owners with guidance for data storage, security, management, and best practices exchange. Make sure that the policies are followed by them. Otherwise, investigate the cause and make the required changes. How do we know where to find the data and what does it actually mean? As the volume of your data increases, so does the time spent searching for the right data. For example, when a commercial team needs to report on a company’s monthly results in retrospect to the last two years, it might be a stressful task to look through all the data, if it wasn’t in order at the beginning. That’s where a knowledge base will be of help. Even though documentation might seem overwhelming and unnecessary when everyone is juggling numerous urgent tasks, once done, it will be a significant time-saver in the future. Corporations usually use a data catalogue software, a kind of data library where data is well-organised and securely stored. For startups, the solution will probably be extensive — any knowledge management software, such as Confluence or Notion, will be more than enough. Start with writing down what software you use, what data you have, who is responsible for it, how to get access etc. Next, create a data analytics glossary that will help the team to speak the same language and work on cross-functional tasks more effectively. Make sure the terminology is also used in file naming and routes to them; these small implementations will sufficiently reduce time spent on searching and exchanging files, as well as on the documentation itself. Assess the complexity of documentation based on the business structure, size, and amount of data possessed. For instance, a glossary listing the data collected and the most crucial reports with their data owners would suffice for small low-tech businesses. For high-tech startups, data flow, entity relationship diagrams, deployment diagrams, and metadata layers can be beneficial for ensuring data quality and usability. A good practice is to create manuals for reports and analytics. This could be step-by-step guides with examples or video recordings on how to create them. Pay particular attention to the alignment between departments in terms of reports. In case the operational team’s members approach the finance team and ask for the same numbers but in different formats and variations, it could lead to a mess inside both departments as well as unnecessary time consumption. This issue can easily be avoided by agreements between departments on what type and format of data should be provided, timeframes, and responsibility for the delivery team members. How do we handle the data? By fostering a data-driven culture within a startup, you create an understanding for every team member that data analytics is a task that should be taken seriously. Data governance must become an essential element of business, from choosing a data analytics tool to establishing file naming principles. Let’s consider some more useful tips and tricks for how to handle the data better: . If there’s a pattern of repeatedly emerging questions or situations, such as team members wondering where reports live or how to calculate a newly introduced metric — document it. It’s better to address such questions right away than find out later that your company uses at least two different formulas to calculate the LTV of its customer. Documentation . When creating an extended report, start with its prototype: discuss the essential requirements, do a quick analysis, approve a layout and design, and then move to the report creation. This process will help to avoid situations where a report that took a month to create turns out to be unacceptable. Reports prototyping . Always brief before data processing. When creating a report using data you’re not an owner of, make sure you interpret it correctly. Briefing . Cultivate a culture of peer reviews to validate data and its usability. Encourage asking questions before doing anything and align priorities with the overall business goals rather than individual or department goals.’ Peer review For any tech startup, the data stack is an essential part of the business. While some big tech practices might look unnecessary and even harmful (for example, if the growth speed is more important than the long-term perspective.) But fostering a data-driven culture from the very beginning can pave the way to success and help turn your startup into a fast-scaling company. Just remember: it’s a lifelong journey, and following the Pareto principle will help you on your way to becoming a truly data-driven company.

TERADATA CORPORATION

teradata.com

5K-10K employees

Since 1979

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TERADATA CORPORATION

EVERGREEN INDEX #10288

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TERADATA CORPORATION

teradata.com

5K-10K employees

Since 1979

COMPANY RANKING

TERADATA CORPORATION

EVERGREEN INDEX #10288

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