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INSIGHTS

The True Cost Of Data Silos

Without smart tooling and processes in place, data from various systems will quickly revert back to idle silos that leak revenue, lead to missed opportunities, and stall growth. 

Companies are losing 20-30% in revenue every year due to inefficiencies

IDC USA

Poor Data Practices Are Killing Your Business

We’ve all been here – the introduction of a shiny new CRM and the promise from your team to manage data entry meticulously in order to maintain the integrity of your data. And then all of a sudden, life happens…personnel changes, end-of-quarter panic stations, and everything in between.

If you are a CEO with a vision to build a data-driven organization, you must understand the importance of building a sustainable environment to manage and improve data quality. Whether it is your CRM, finance, or ERP system, your organization is churning and storing more data than ever before.

Without real intention to manage and take advantage of these vast volumes of data being created, insights are left sitting in various, disconnected systems (data silos) across the organization, leaving you and your team ‘blind’ to growth opportunities and creating business inefficiencies. For most ‘digital first’ businesses, operational and financial problems get solved (eventually) however, they take months or years and usually require traditional approaches.

Not only are organizations taking a financial hit, poor data quality practices undermine digital initiatives, weaken their competitive standing and sow customer distrust.

Gartner

How To Overcome Data Silos

Siloed data prevents businesses from being agile, and leads to slower decision making.

The first thing to remember is that ‘perfect’ data management does not exist. However, there are some best practices you can follow to get closer to operational excellence. 

1. Develop A Process For Data Control

Without a clear set of guidelines and processes that are continuously monitored, challenged, and adhered to, your team will quickly fall back into old habits that lead to data congestion. Identify and decide what data is key to driving value in your organisation, who is responsible for managing data control and how what success looks like.

2. Commit To The Process

Your business strategy and personnel will constantly change and evolve over time. To avoid slipping back into a dark hole of data silos, you must be prepared to identify, execute and commit to a stringent process of data management for the long term. 

3. Identify Tooling To Do The Heavy Lifting

There are various predictive systems that use AI and Machine Learning to filter and analyze your data, allowing you to resolve challenges and make strategic decisions in hours and days rather than weeks and months when using traditional methods. 
 
In order to identify growth opportunities, data silos must be broken down. Instead of making decisions based on data that is not available to the whole organization, such as exported spreadsheets created by individual systems within departments, you must look at ways to create a data ecosystem that creates a consistent view of your data meaning there are no hidden blind spots when making high impact decisions. 

CUSTOMER STORY

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