Is your organization challenged critical data being hard to access? Does siloed data handcuff your ability to analyze your business? These are two problems we often encounter with a traditional data warehouse. As a result, many companies are modernizing their data architectures to utilize a single source of truth repository for key business reporting and analysis.
Avoiding the Cost of Data Silos with Single Source of Truth
Data silos incur wasted resources, aka money. Often, multiple teams, departments or business lines store the same data or store complementary, but separate, data. Storage costs money, but allowing different teams access to the same data store is much more cost effective.
Constantly changing business needs require incorporating new data sources. Therefore, each data source must be cleaned and combined with existing systems. Single Source platforms allow flexibility to more quickly and with minimal resource effort, add new data sources.
Easing the Data Integrity Battle with Single Source of Truth Platforms
Data silos inhibit a team’s productivity. The contents within each data silo tend to differ slightly, thus raising the question of how to determine which source is the most accurate or up to date. Consequently, time is often spent collaborating with others across the organization on the validity of a data point or dataset. As a result of inaccurate data, poor business decisions or misleading reporting is created, causing companies great financial pain. Improve analyst efficiency by building a trusted data platform with a single source of truth.
Companies are frequently challenged with a lack of consistent definitions for data elements. A great business best practice is to create a data dictionary which will ease data misunderstandings within one data source. Another benefit to data consistency is a simplified audit process!
Conclusion
A single source of truth can reduce wasted resources and help ensure data integrity. To learn more, download the eBook “Accelerating Analytics with Direct Data Mapping” which provides insights on how to put together technology, platforms and processes to build a modern data platform to create a single source of truth for your enterprise.
