Data is a critical asset to your organization, but it is most effective when not analyzed in isolation, and by having these silos, organizations are not only affecting their ability to respond quickly to ever-changing market conditions, but also the accuracy of any analyses they make.
Organizations, rightly, also have one eye on the future – how best can they secure recurring revenue and ensure they maximize customer stickiness and make the most of their assets?
The key is to follow the data. However currently, with disparate data sets residing throughout organizations, those who do follow the data find themselves on disparate and divergent paths.
So why should you take the steps to a more effective and integrated data strategy? Though our conversations with clients throughout the years, we’ve identified five key reasons that you should be integrating your data:
- Single source of truth – we’ve found that most have little confidence in the accuracy of their data, and this is because that if a single question is asked, multiple differing answers are given because people are looking in multiple places for the answer. By integrating your data, the organization can increase confidence in their data and ensure that everyone works from the same source of data.
- Improve the quality of data – by integrating your data, you can then start on the critical process of improving your data quality. Without integration, you are unable to have a clear view of your data, and establish where the errors lie – duplicates, incorrect and missing data, and any data improvement projects will fall short.
- Known Knowns – Without a holistic, single, integrated view of your data, it’s harder to be able to successfully identify your blind spots. Like the famous Donald Rumsfeld quote says, its hard to know the unknown unknowns – but by arming yourself with all of the data available to you, it leaves you able to respond much more effectively.
- Application of institutional knowledge – a single source of truth also makes it much easier to apply, and share knowledge with colleagues – being able to mine those nuggets of insight which can be the hardest to quantify – those held within employees. By being able to easily collaborate with colleagues all on the same source of data, it is much easier to quantify feedback and ensure that all available insight and information is being utilized.
- Respond quickly to market conditions – integrated data means that you can respond to, and also proactively protect against market risks and issues, and ensure that you are not negatively impacted. A single source of data means that anyone can drill right into the up-to-date data they need – and fast, for accurate insight for those critical business decisions.