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.
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.
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.