Almost all the decisions that companies make are data-driven. Today’s business environment provides enterprises with copious amounts of data. Although this helps with informed decision-making, it can also be a problem.
Businesses can have data coming in from various points. Therefore, you have people working with mismatched data sets, which presents a problem. Even when getting information from similar tools, for example, two analytic systems from different providers, you can still end up with varying information.
So, how do you remedy this? By operating from a single source of truth (SSOT). The framework eliminates data fragmentation by having everything in one place. How does it work, though?
What is a Single Source of Truth (SSOT)?
Single source of truth is a knowledge management principle that also goes by the acronym of SSOT.
The construct of a single source of truth posits that all company processes and data should be located in one place. It means that all the data that is available to your business is accessed from a single source.
Therefore, each person has access to the same information. Think of SSOT as one search engine where millions of users access the same database. The team can use this information to increase productivity, perform tasks efficiently and more effectively.
Without SSOT, all your data exists in siloes and will have the need to answer the same questions over and over again.
For example, you have one for marketing analytics, another for sales reports while the production team has completely different data sets.
Failure to manage data properly can lead to various challenges that can cripple operations. You won’t have standardised data points, and that could mean workers are making decisions from outdated, inaccurate or misaligned information.
Why Your Company Needs a Single Source of Truth
Give your team the ability to easily find and use the optimal formula for each task or process within the business. Know exactly where to find the information for the process every time it’s needed.
Giving teams the ability to easily share information and collaborate. Encouraging teams to document and save information on how processes should be performed
Potential to increase team member value lies in improving collaboration and communication. Having trouble locating documents or identifying who has the information to solve the problem.
How much time is spent searching for business information? McKinsey in 2012 reported that ” The average interaction worker spends an estimated 28 per cent of the workweek managing e-mail and nearly 20 per cent looking for internal information or tracking down colleagues who can help with specific tasks.”
This research is a few years old but identifies how time can be used just by searching for the answers. Recovering even a small fraction of those lost minutes could boost your team’s overall productivity
What are the Benefits of a Single Source of Truth?
Single source of truth benefits for business.
Better Informed Decisions
Companies depend heavily on data to make decisions, as they should. However, making data-driven judgements is difficult when the available information is not in sync.
For one, employees could be making decisions using inaccurate data. When everything is located in one area, then merging old and new information is easy, thus boosting accuracy.
Besides providing the right data, SSOT avails information at the correct time. When decision-makers have to sift through mountains of data, some of which is irrelevant, then they waste time. You find that quick choices take a lot of time, and that affects the whole company.
A single source of truth solves this because relevant and accurate information is readily accessible.
Improve Collaboration Among Teams
A lack of information sharing among different teams in a company can spell trouble.
One team might be too focused on hitting its targets that it hinders another one from achieving theirs. One reason this happens is that different teams are not aware of what the other is doing.
However, with SSOT, it would be less complicated for teams to understand each other. They can about the different processes and goals and then analyse how to better align with their own.
Sharing knowledge can answer repetitive questions and queries. Such collaborative effort goes a long way in helping a business accomplish its revenue goals.
Enhance Data Integrity
Having data is not sufficient; it should be high-quality. However, achieving this is hard when working from data siloes.
Firstly, duplicate data becomes a problem. When you have workers sourcing information from different points, it easy to end up with the same information.
Another huge downside to fragmented data is that the risk of human error spikes.
Having information in one location improves data transparency, and consequently, integrity. High-quality data improves a company’s capacity to innovate and implement new systems.
Save Time Increase Productivity
Time is one of businesses most valuable resources. Help save a ton of time because that process can be used time and time again. Think of it as an internal wiki of tacit and business knowledge.
A single source of truth is essential for continuity planning in case of a major disaster recovery plan needs to be put into action. Other scenarios such of a member of the team getting sick and needing a long time off or someone getting hit by a bus which we call the bus factor plan.
Document Business Processes
Document business processes and team knowledge and store them all in one place where everyone knows where to find the answer. With a detailed documented optimal process for all business processes.
A single source of truth can change how a business operates completely. Implementing SSOT guarantees that everyone is working from the same page and that improves the synergy in a company.
Business processes can be dispersed across numerous teams and using many different tools. Making it difficult to locate and identify if a process has already been documented and can result in duplication.
Companies have numerous tools to use for SSOT from word documents, spreadsheets and even printed and documented in files. Even using file-sharing software like Google Drive or Dropbox isn’t always the answer. How do you know it’s the most up to date document that you should use?
SSOT Software Solution
Imagine if everyone within your team knew exactly where to find the best methods for each of your business processes.
Why document business processes and procedure? Checkify offers a solution to a single source of truth by allowing you to document business processes and have them in one place. Then when you need them you launch a checklist to make sure you follow everything and don’t forget an item or important step.
Checkify allowed you to create an internal knowledge base of business processes. Then use them to guide people through the process. This can help guide someone to complete a process that they maybe have never performed before. Maybe if covering sickness, holidays or even if a team member leaves the business it can offer support to a new team member or the person asked to cover.
Checkify offers a tool to enhance communications, share knowledge, and collaborate with team members.