January 9, 2023

Why Buy, not Build integrations for Small Business Data?

Digitalisation has led to the generation of a large amount of data and the subsequent demand for integrations to access and leverage such high-potential data. APIs to access such data are the need of the hour and given the technological developments in the space, businesses face the dilemma of whether they should buy or build the required integrations internally.

“Why buy when you can build internally?”, is a common thought you might have while making a decision regarding which option, Buy or Build, is best suited for your business. While building everything you need internally may be tempting, here’s why you should consider buying integrations as the best solution for your small business data requirements:

Why Buy Integrations for Small Business Data?

Focus on Core Business
Building, managing and maintaining integrations internally is resource-intensive and might dilute your team’s focus from your core business operations. Buying integrations can help you address your specific needs while allowing your team to focus on core operations, doing what you do best.

Quicker Implementation
Data-driven decision-making is more crucial now than ever. While building integrations may take time, buying readily available integrations can offer a timely solution to help you make data-driven decisions at speed, while focusing on your core business.

"Building official integrations take time to formalize, and require frequent and periodic agreement signings and terms negotiation. Using a data aggregator with readily available integrations helps decrease this time, and ensure you spend more of your time on building your product."

Shyam Kalairajah, Co-founder at
Finku.


Expertise and Ongoing Updates
If you build an integration in-house, the onus of maintaining and periodically updating the integration lies with you. This will require the allocation of dedicated resources and budgets which may not be in line with your core business focus. On the other hand, when you buy integrations, the provider strives to consistently give you an improved and updated version of the integrations since their core business is to provide their clients with the best solution in line with the latest developments in the market. Providers serve multiple clients, solving diverse issues which gives them the experience and expertise to consistently improve their integrations so you get the best solution without the need to allocate internal resources for integration improvements.

"Using readily available integrations by an aggregator can mean that you can be aware of all the newest and most innovative data sources. Given the 100's of data providers in every field out there, aggregators can make sure you have the latest data at hand."

Shyam Kalairajah, Co-founder at Finku.


Cost-benefit
Buying integrations may prove to be more cost-effective than building integrations internally since building the features and functionalities offered by readily available integrations would cost a business much more than buying the integrations. The cost of using readily available integrations may be even lower if your business is expected to leverage these integrations for a longer period or for a larger volume, giving you the benefit of economies of scale.

"Economies of scale has a very significant impact on data pricing, especially in Indonesia. Working with an aggregator, who aggregates many companies' demands, helps to reduce price of data. Some data providers also have purchase minimums, which can be avoided when working with a data aggregator."

Shyam Kalairajah, Co-founder at Finku.


Dedicated Support
When you buy an integration, you get dedicated support from the provider right from onboarding to implementation and ongoing training and support. You will not be required to allocate internal resources to manage and maintain your integrations, allowing you to focus your resources on your core business operations and on offering the best solution to your customers.

For financial service providers looking to buy readily available integrations, PowerCred offers an API suite for small business data that might be the solution you are looking for. Here’s why:

Coverage- We offer 15+ integrations leveraging our partnerships with data partners across segments to give you the right data.

Single API- You can access data from multiple partners using a single API integration, without the hassle of managing multiple integrations.

Structured and summarised data- Our APIs extract raw data and shared it with you in a structured and summarised format for ease of reference and analysis.

Quick TAT- We’ve come a long way in adding more speed to our onboarding process as a result of which you can now go live with our integrations in less than a week’s time.

Seamless user journey- Our solution offers a self-customisable UI that allows you to build a seamless user experience for your customers maintaining your branding on the UI.

Free trial- We offer a free trial of our integrations. You can request free credits from our sales team to try our integrations.

Tech support- Our support team is available to guide you through the onboarding and implementation process as well as to address your queries and issues with a short response time.

If you’d like to know more about how PowerCred’s integrations can help you with your small business data needs while allowing you to focus on your core business, feel free to contact us or book a demo with our team.