Business Intelligence: Signs that your company may need a new data-centric business ecosystem
In today’s market, we regularly face enormous amounts of data flow, and a multitude of businesses are still struggling to adapt. Big data is not just big — it is constantly growing. Moreover, quantity does not constitute quality, especially when it comes to data. The organization and utilization of collected data are far more important. The quicker you adapt to the latest trends and demonstrate faster reaction times to what you learn, the better it will be for your company. Various businesses just keep on embracing the old constraints of legacy and siloed content management systems. Problems with mismanagement of digital content will continue to linger in the air if owners and managers continue to do business as usual and ignore the inevitable future of incessant data flow.
Reasons you need a single source of truth
The content crisis is starting to get serious. Single source of truth (SSOT) is the practice of structuring information models and associated data schema so that every data element is stored exactly once. And only once. Since data is growing exponentially, you may be facing many different challenges across various teams and the company as a whole. Such challenges tend to include modifying data without awareness of what others are changing or having multiple files saved with the same content, clogging your server and systems. Another chronic problem is the questionable quality of data; once the data is shared, you can no longer trace the original, uncompromised content. Also, tracing specific data is time-consuming. All of this can lead to major clutter and misinformation that could seriously damage your workflow, as well as your company’s capacity to deliver promised services.
Connecting the data dots to create a single source of truth across the entire organization…
Big data, above all else, helps you see the bigger picture. The collected data you are using everyday is here to tell you a coherent story from beginning to end, for every individual user. So make that story a good one. This is why you need one unique data-centric system where everything will be in a singular place. In creating a sole universal system for your business, you will be avoiding data fragmentation, the phantom workload that comes with too many files, iterations, and users on a single project, and ineffective use of the valuable data you’ve collected that should be giving your company an advantage.
Not having confident access to business data could also slow down your employees…
Decision-making is much slower when data can’t be validated and access isn’t granted. If the company won’t give answers to questions that seem trivial to the big picture but are vital to the operations of the business, you are in big trouble. If you can’t use real data as soon as possible to predict a certain outcome, you are working at a disadvantage. Employees who aren’t empowered to work with actual data in a timely manner slow down the workflow.
Implementation of any other system could be slowed down tremendously…
When it comes to innovation — your hands are tied. Data fragmentation is a phenomenon in which storage space is used inefficiently, reducing capacity or performance and often both. This is one of the many problems with doing everything manually as well as the lack of data clarity. Yes, some companies still ask their employees to copy all the data manually. People are spending way too much of their valuable time performing manual and error-prone copying and pasting data from one system to another. If your company implemented a new data-centric business ecosystem, the workforce could move onto the business at hand: translating the collected data into an actionable plan for your business’s growth and sustainability.
With the rise of Big data — the importance of data integration is increasing. But also, the importance of your data security is also a very important aspect to consider. You want to rest assured that your data is safe. With the rise of cloud computing, safety risks are increased. Unfortunately, frequent data breaches are a nightmare for every company but they can happen quite often nowadays. If you are not sure what is the best way to protect your data — you might want to consider consulting cybersecurity experts.
One source to rule them all!
Implementing a single source of truth (SSOT) to your company could be a lifesaver when you have a flood of data coming up. SSOT can be described as a dependable, accurate, consistently updated and easily accessible information hub. It can help you with creating a collaborative workplace, where everything is in the place it should be. For example, the increasingly popular M-Files offers an intelligent information management platform that improves business performance. M-Files unifies systems, data, and content across the organization without disturbing existing systems and processes requiring data migration. It would be a huge shift for leadership — but your company will need to fully transition to a new way of operating. Some of the benefits of using SSOT include:
- Centralized content and information: People can find all their information quickly and effectively, without time-consuming research…which is crucial for optimizing workflow.
- Easier editing, authoring, reviewing, and sharing across different channels and devices: All done in real-time, one sole version exists and is the same for everyone.
- Silos of information are history: In every organization, it is common to have several non-integrated content management systems. Those systems are creating silos of information that are increasing the complexity of everyday workflow. By integrating all the data and providing access to the right information that is reliable, current, and authored by the right person, you are guaranteed to break down those silos.
The shift from using a selected few content systems to one centralized content management system is probably going to be complicated but in the end, it’s well worth it. Big data and IoT are trends that are here to stay, and SSOT is here to prepare your company. As a leader, you can provide important information and proper training to your employees. You will all probably have an extensive journey but will come out on the other end with far more resources... Breaking down the silos and connecting everything will reach its full potential very soon. Work smarter, not harder.