Let’s dive into these scenarios in more depth.
Data Enablement
One of the primary benefits of keeping a separate copy of Salesforce data off-platform is the ability to enhance data enablement. Financial institutions can perform more sophisticated analyses by extracting and integrating Salesforce data with other data sources, leading to deeper insights into customer behavior, revenue trends, and operational efficiencies. Here are the full benefits you can gain with your data enablement:
- Advanced Analytics: Extracting Salesforce data for analytics enables deeper insights into customer behavior, financial trends, and operational efficiencies.
- Enhanced Reporting: Off-platform data can be utilized to create custom reports that are not limited by the constraints of Salesforce’s reporting capabilities with in-platform data. This flexibility allows financial analysts to generate reports tailored to specific business needs.
- Data Integration: Having data off-platform allows for easier integration with other systems and databases. This is crucial for financial institutions that rely on multiple systems for their operations, such as loan management systems, risk assessment tools, etc…
nCino Migrations
Migrating to nCino, a popular banking operating system, requires meticulous preparation and execution.Maintaining an off-platform copy of Salesforce data significantly aids this process:
- Data Cleanliness: Before migrating data to nCino, having an off-platform copy allows for thorough data cleaning and validation. This ensures that only accurate and relevant data is migrated.
- Migration Testing: An off-platform copy provides a safe environment to test the migration process. This helps in identifying potential issues and ensures a smoother transition when moving data to nCino.
Backup and Recovery: In the event of migration failures, having a backup copy of the data ensures that no information is lost and provides a fallback option.
Archival of Noncritical Data
Financial institutions are often required to retain data for extended periods to comply with regulatory mandates. Archiving sensitive data off-platform meets these requirements by allowing you to maintain records of the historical data that’s not being used.
And that leads to one major benefit – storing large volumes of data in Salesforce can be expensive. Archiving this older, less frequently accessed data off-platform can significantly reduce storage costs.
It’s important to keep a separate copy of Salesforce data off the platform. This is especially beneficial for financial services companies, as it supports data enablement, nCino migrations, and the archiving of sensitive data. These practices not only enhance operational efficiency but also help with regulatory compliance and overall data security.
Join us for new episodes of Radical Transparency every Thursday. We’ll demonstrate the power of leveraging Salesforce data to drive extraordinary growth and innovation. Moreover, if you’re searching for a quick, straightforward, and secure method to safeguard your Salesforce data and metadata, we’re eager to connect with you! Reach out to our team or follow us on LinkedIn, YouTube, or X.
Video Transcription
Hello. My name is Ted Pappas, and welcome to Radical Transparency.
In this video series, we’ll talk about why having an off-platform copy of your Salesforce data is critical to your business, and we’ll work under the Salesforce pillar of equal education. My goal in this series is really, really simple. It’s to make sure that every single person in the Salesforce community is equally educated in the art of possible with an off-platform copy of their Salesforce data.
And today, this Thursday, we’re going to talk about the top three reasons that our financial services customers talk about the need for off-platform copy, and the first one is secure data enablement. So as an example, we have a top 10 bank in the world that’s a customer of CapStorm, and they came to us with the problem of needing to secure needy, I’m sorry, needing to integrate three different data sources into one securely for reporting purpose.
They had a consumer banking division, they had an investment banking division, and they had other CRM data. In this case, I think it was sap that had to be integrated into one for an aggregated view of multiple data sources into a single source of truth for their executives that very candidly is not possible.
You can’t integrate consumer banking, Salesforce data, investment banking, Salesforce data, and SAP data into the same data set for an aggregated view of reporting within platform. So they came to us to help them with off-platform. That’s number one, secure data enablement.
Number two is nCino migrations. Presumably, everybody knows that nCino is a managed package that’s launched from the force.com platform, but their data model is different than the Salesforce data model.
So to get data from nCino, and as an example, to see the sandbox for any of the use cases in the SDLC is simply not possible with in-platform data. You have to get the data out of platform. So Encino migrations is the second reason we hear from customers.
And number three, which is the one we talk about virtually every week is historical data in Salesforce that’s not used. Let’s just make it up and say records and files as an example, storing that in platform is just really expensive.
So getting that data out of the force.com platform, putting it into an environment, cold storage as an example, like S3 on AWS is a much more cost-effective way to archive data so secure data enablement, use case number one, nCino migrations use case number two, and archiving noncritical data is use case number three, that our financial services customers come to us to get an off platform copy of Salesforce.
So again, my name is Ted Pappas. I’m the CEO of CapStorm. Please visit us at capstorm.com
I love hearing from everybody on LinkedIn, so please find me on LinkedIn.
But most importantly, please come back next Thursday for another episode of radical transparency. And thank you very much.
