Having a Single Source Of Truth can revolutionise organisational operations.
Instead of having disparate systems and losing time reconciling the right customer information, a Single Source Of Truth ensures everyone across the business is starting from the same point.
According to Forbes…
“53% of companies use data to inform their policies, goals, and decisions.
Data is one of the most valuable resources your company or industry has when overcoming challenges”.Forbes
With data being so valuable, the consequences of inconsistency generate significant risk.
Not only for damaging reputations but reducing levels of customer satisfaction.
Why Introduce A Single Source Of Truth
As with any other business process, your approach to data provides more value, and savings, when it’s well optimised.
“A Single Source Of Truth is the practice of aggregating data from many systems within an organisation to a single location.
A Single Source Of Truth allows a company’s data, for a particular purpose, to all be found via a single reference point”.Mulesoft
In the case of a Single Source Of Truth, the value comes from easier access. This access is also more complete, and shared, in an integrated, rather than siloed, data environment.
Therefore, having a Single Source Of Truth facilitates parity across your team. Allowing you to maximise every opportunity that presents itself.
But that’s not the only bonus of introducing a Single Source Of Truth. Here are 3 key benefits of aligning your data systems to drive your success.
If you have variation across the “facts” from which you base critical business decisions, avoidable errors are going to become commonplace.
“The average worker spends nearly 20% of their time looking for internal information, or tracking down colleagues, who can help with specific tasks”.McKinsey
Instead of having to sift through internal messaging, ERP systems, email and attached documents, a Single Source Of Truth allows everyone to quickly access the right information and sing from the same hymn sheet.
That equals faster, better service based on facts and data.
When you silo your information outside of a Single Source Of Truth, you’re making blind decisions that aren’t always in your best interests.
Nothing drains precious resources like a duplication of efforts.
A Single Source Of Truth gives your team their time back.
By having clear visibility over your projects, you can easily monitor the paper trail, identify what needs to happen next and continue where colleagues left off rather than rinse and repeat work which has already been completed.
You’ve hired your employees for a reason, to solve problems and provide expertise.
They are not there to dig for information that should be easily and readily available.
Giving everyone a centralised record removes hours of data searching and drives accountability for accuracy.
By providing a clearer picture, following best practice processes becomes much simpler.
Right Data At The Right Time
“Only 34% of decision-makers report that they feel confident in the accuracy of the information they use”.KPMG
Segmented and hidden information can cause a lot of frustration and miscommunication.
That’s not only bad for business, but over time, can decrease morale and eliminate customer trust in your abilities.
The security a Single Source Of Truth provides guarantees that the right data, reaches the right people, at the right time.
Whether that means customers are served when they require attention or new opportunities are actioned as soon as they arise, having everything you need accessible and consistent ensures everyone across the company can operate at their maximum level.
Intrigued to learn more? Check out our Insights Hub to keep your business at the cutting edge.
August 12th, 2021-