Have you ever talked to someone who seems to be living in a different world than the one you live in? It can be hard to communicate. When people are working with different “truths,” collaboration and communication break down since they can’t see things from another point of view. Believe it or not, this can become a problem for companies, too. Your business needs a single source of truth in order to maximize effectiveness and collaboration.
What is a Single Source of Truth?
In the context of business data, a single source of truth (SSOT) means that all your company’s information and data should be stored and organized in one central hub (usually a data management software system). Your SSOT should be integrated with your other business software in order to prevent data silos and connect all aspects of your organization. The more data your company stores, analyzes, and uses, the more important it is for you to have an SSOT—because the risks of messy data go up exponentially the more data you have.
Risks of Not Having an SSOT
The specific risks of foregoing an SSOT will vary depending on your industry and business model. These risks can appear across your entire business operation. For example, if your sales, customer service, and marketing teams don’t have a single place in which to record all customer interactions, a customer’s communication preferences may not be known across the board. Or, if you don’t store your documents in a central repository, an outdated form or contract may be sent to a client. Duplicate data with slight inconsistencies can create confusion, especially if you can’t tell which data is most recent.
Benefits of an SSOT
Having an SSOT can vastly improve your company’s efficiency, employee satisfaction, and customer service. In the first place, with an SSOT, your employees can find the information they need immediately. They don’t have to toggle between systems or track down someone from a different department in order to get the data they’re looking for. Having important data on hand can drastically cut down on the time needed to accomplish important tasks.
Not only does an SSOT save your employees time—it also saves the company money. By creating an SSOT, you can eliminate redundant software and reduce your data storage expenses. Lastly, an SSOT can help your company’s executive team make truly data-driven decisions by making the latest data available for analysis immediately.
How to Create an SSOT
If your company does not yet have an SSOT, you’ll want to start by doing a data inventory or audit. Before you can decide what solution is best for your SSOT, you need to understand what data you have, how much of it you want to keep, and which departments need access to that data. Be sure to talk to your employees and any other key stakeholders to truly understand their data needs. Take security into consideration, too: how sensitive is the data you’re storing? All these conversations will help you choose the best data management software for your needs.
We Can Help You Build an SSOT
If you’re looking for a partner who can help you build an SSOT, we’re here to help! At Laminin, our team of experts knows business management software inside and out. We specialize in connecting data and software across your company and can help you choose, implement, and customize the perfect data management solution. Contact us today to begin your journey towards a unified source of truth in your company.
