Turning data into a valuable business asset

Creating a single source of truth

As organisations adapt to the ‘new normal’, it’s important that they don’t overlook data. Disorganised internal data can hinder business growth, making it more challenging to gain a holistic overview of the company. So, how can businesses solve this issue by creating a ‘single source of truth’?

1. Bring processes up to date

Outdated business processes, such as the use of multiple spreadsheets for recording information, can cause valuable information to become fragmented, with only a few key individuals knowing where and how to access it.

2. See the potential in internal data

By maintaining and updating data, it can support leaders’ objectives and deliver value, unlocking its true potential as a business tool.

This process should include adopting a consolidated data management approach, in order to improve reliability by creating an all-important ‘single source of truth’. For example, data warehouses incorporate feeds from different business areas, acting as a hub for all internal data and reporting.

3. Consider the end goal

Once an end goal for data improvement activity has been identified, this will then determine the questions that need to be asked to achieve it. In turn, the correct processes and solutions can be chosen to integrate internal data in line with the business’ goals.

Data improvement should be a gradual process. Breaking down the task into manageable pieces, while keeping employees in the loop at every stage, can help businesses to complete it smoothly, one step at a time. Delivering valuable information quickly – even if the value is modest – is better than waiting for a huge gain and running out of time.

Ultimately, treating internal data as the valuable asset that it is can lead to an organisation that thrives, no matter the external situation.

For more information, contact Tim Powlson here.

Published: Dec 21, 2020

By Tim Powlson

Senior Business Consultant

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