Cost of Poorly Integrated Data and Dilemma of “One Source of Truth”

It seem like we can’t get enough of the latest buzzword ‘data’ of late? Whether it be big data, data privacy, data mining, data science or data-driven marketing, we have become data-obsessed, because in this digital age, data plays a vital role in any business. However, unfortunately, too many organisations fail to make sense of and capitalise on their data or ‘data assets’. And I suspect this lack of prioritisation and procrastination comes down to feeling overwhelmed by the sheer size, complexity and different segments of data. Like a massive seafood platter, most simply don't know where to start!  

 What organisations don't realise is that they are hurting their bottom line when they have a poor data strategy in place. Or worse, no strategy at all! Research from Gartner proves that sloppy data processes, poor quality of data costs organisations in millions. In this post, we will discuss our view how you could save and make more money by investing in a quality data management solution for your business.

 The role of data driving business today

Data allows you to see the bigger picture and improve business decisions and processes. As a result, you save time, money, and create better customer experiences. But with so much data out there, often it can be hard to sift through the noise to get the right information that will inform decisions about your next course of action, strategy and growth.

 One of the key areas where data is crucial is the customer experience (CX). In today's technological marketplace, CX is more important than ever as customers expect an efficient and seamless experience while engaging with your brand. Much of quality CX comes from deep-diving into what customers love and crave. Forward-thinking companies achieve this by making use of their data to better gauge their customer, create the optimal CX and improve journey mapping.

Why you should prioritise your data

 For businesses which are yet to embrace data analytics for CX, they most likely don't know where to start. They often have multiple systems in place, yet are not integrated. Such organisations need a cost-effective data management process with data lineage and user-friendly, data transformation capability. 

 In short, it's essential for organisations to collate information from multiple systems to make effective data-driven business decisions.

 Is your data overwhelming you?

If you find data overwhelming, you are not alone. Today, companies in every industry around the world are overwhelmed by an unprecedented amount of data. The volume of information is so frequent and complex that traditional data analytic systems are fast becoming outdated and ill-equipped to handle.

Dilemma of "One True Source"

Organisations use multiple systems that don’t talk to each other because of simple reason that they are not designed to do so. Conventionally experts convinced us that organisaitons requires “one true source” of data for reporting, compliance and to make accurate business decisions and it ends up by creating data warehouse/lake/dump etc My question is very simple, is there only one source of origination of data? If it is not then how can there be “one source of truth”. As soon as we copy data from original system then issue arise how can you trust your secondary source without massive reconciliation both in terms of IT and Business.

what I believe that organisation needs to make sure that they can access their data “cost effectively” and in “time” so they can make a well informed decision. 

Vnum offers solutions customisable to your situation whether it is just:

·     Integration of multiple data sources (providing one view without duplicating the data)

·     Accurately bringing data together to report on business-specific metrics such as internal, management reporting and board reporting