The traditional approach of working with business data involves intensive processes in which engineers extract value and decrypt patterns by looking through those datasets. The time-consuming nature of these transformation processes makes them infeasible to be maintained and scaled. Having embedded smart algorithms features in its platform, Lore IO mitigates these shortcomings by automating the process of interpreting and standardizing raw data. Its data virtualization engine handles complex data transformation, yielding logical data marts in a single click. “Our system crawls into data sources to automatically understand data structure and translates it into a semantic view for businesses to work upon,” says Lamba. After taking into account the data requirements, the system builds real-time data pipelines without the need of engineers to code them. Lore IO serves organizations that are either planning to build data platforms or already have Hadoop-based, cloud-based, or any of the twelve data platforms that the company’s software supports. The software is easy to install and takes only a few hours to complete the post-installation chores.
Lore IO operates and runs data platforms, and manages the services of its clients until they are ready to manage the platform on their own.
Our system crawls data sources to automatically understand data structure and translates it into a semantic language view for businesses to work upon
Additionally, Lore IO specializes in providing both data governance and data security by masking and removing any Personally Identifiable Information (PII) and Payment Card Industry (PCI) information before the processed data reaches the business users. Their system integrates with the existing security systems of its clients and works with the latter end-to-end to ensure data security. Customers have complete control over the operational, security, and governance policies of their data.
Lamba recollects a project wherein a leading financial services provider faced problems in producing timely and accurate reporting due to the deployment of hundreds of payment methods across dozens of microservices on their PCI certified platforms to process payments and onboarding of multiple new data sources. Lore IO standardized the client’s bank, its merchants and transaction data, and equipped the client with a real-time reconciled view of their data which increased their reporting availability by 97 percent while reducing data preparation cost by 90 percent. Lore IO also eliminated data entry errors, giving the client trustworthy data to make smarter decisions and eliminate lost revenue.
With an aim to revamp data preparation by completely automating the understanding of diverse schemas across various systems, Lore IO is continually investing in smart algorithms and artificial intelligence. The company is aiming to detect various patterns in the clients’ data and notify them about additional data attributes which are required to augment their businesses. “We understand the different systems that people use to capture data and we can apply that knowledge to automate all of that mapping that customers do manually,” concludes Lamba.