What's the big deal about the single source of truth?

Do you know the global big data market in terms of revenue was estimated to be worth $162.6 billion in 2021 and is poised to reach $273.4 billion by 2026, growing at a CAGR of 11.0% from 2021 to 2026?

Well, this points out the fact that today data plays a central role in this process, providing insights that drive key business strategies.

While businesses are often focused on creating a single source of truth - it's better to think about ensuring key information about customers is true across all your platforms

This is because your teams will work on different platforms.

If you have a single source of truth on Salesforce, but a marketing report on HubSpot - which isn't kept up to date, that will cause a lot of arguments

Every team should have a view of the truth.

There are two ways this can be done.

• A single view of truth - where you aggregate data from all platforms and use a Bi/reporting tool that everyone uses to inform their decisions. Or,
• You build truth across all systems, by selecting the metrics that matter and using a tool - like Syncari to orchestrate the data so that every platform is up to date.

In this article, we will explore the following:

• Why do all stakeholders need to have a view of the same data?
• Challenges in creating a single source of truth.
• Top 7 companies that are actively working on solving this issue by connecting CRM tools with other platforms.

Let’s get the ball rolling.

Why All Stakeholders Must Have a Single View of the Data?

Alignment: When all stakeholders, including executives, managers, and frontline employees, have access to the same data, it ensures alignment throughout the organization. Everyone operates with a shared understanding, enabling them to work towards common goals and make decisions based on consistent information.

Accuracy: Having a single view of data minimizes the chances of inconsistencies or conflicting data across departments. This promotes data accuracy and eliminates the risk of making decisions based on outdated or incorrect information.

Collaboration: Shared data fosters collaboration and enables cross-functional teams to work together seamlessly. When everyone has access to the same information, they can collaborate effectively, exchange ideas, and collectively develop strategies that leverage the organization's complete knowledge base.

Efficiency: By providing a unified view of data, organizations can streamline their decision-making processes. Stakeholders can access the information they need without wasting time gathering disparate data from various sources, leading to improved operational efficiency.

Mitigation of Bias and Assumptions: Individual stakeholders may have biases or assumptions that can influence their interpretation of data. When all stakeholders have access to the same data, it helps expose these biases and assumptions. This mitigates the risk of decision-making based on incomplete or skewed information and promotes a culture of data-driven objectivity.

Challenges in Creating a Single Source of Truth

Data Silos: Many organizations struggle with data silos, where different departments or teams maintain separate databases and systems. This fragmentation hampers efforts to create a single source of truth, as data is scattered and disconnected.

Integration Complexity: Integrating diverse systems, such as customer relationship management (CRM) tools, enterprise resource planning (ERP) systems, and business intelligence platforms, can be complex and time-consuming. Technical challenges, data compatibility issues, and legacy systems often hinder seamless integration.

Data Governance: Establishing data governance frameworks is crucial to ensure data accuracy, security, and privacy. Organizations need to define data ownership, access controls, and data management policies to maintain a single source of truth.

The top 7 companies trying to solve the data disconnect

There are a lot of companies that are actively working to address the challenges associated with data operations, reverse ETL, and data orchestration, empowering organizations to achieve a unified and accurate single source of truth for their data-driven decision-making processes. Some of the top companies trying to solve this problem are:

Syncari : Syncari offers a unified data operations platform that helps organizations synchronize and govern their data across multiple systems, enabling a single source of truth.

Fivetran : Fivetran provides automated data integration solutions, simplifying the process of extracting data from various sources and loading it into a centralized data warehouse.

Hevo Data : Hevo Data specializes in data integration and migration, allowing organizations to connect and sync data from various sources to their desired destinations in real time.

Matillion : Matillion offers data transformation and orchestration solutions, allowing organizations to extract, load, and transform data in cloud-based environments like Amazon Web Services (AWS) and Google Cloud Platform (GCP).

Talend : Talend provides a comprehensive data integration and orchestration platform that enables organizations to connect, transform, and deliver data across various systems and applications.

Tray.ai : Tray.io offers a cloud-based automation platform that connects and orchestrates data workflows across different systems, simplifying data operations and enabling seamless data synchronization.

Segment : Segment provides a customer data platform (CDP) that helps organizations collect, unify, and manage customer data from various sources, allowing for a comprehensive view of customer interactions.

In conclusion, in Revenue Operations today, we need to shift our focus from a single source of truth to a single view of truth. The importance of all stakeholders having a shared view of the same data cannot be overstated. It aligns the organization, enhances decision-making, fosters transparency, facilitates problem-solving, and mitigates biases. By prioritizing the establishment of shared data views, organizations can unlock the full potential of their data assets and drive meaningful outcomes.

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