31 Aug
Remote work is the norm moving forward. Because of COVID-19, many businesses pivoted to 100% remote overnight, relying on tools and technology to fill the gaps.
But what seemed like a great solution at first has now become a data nightmare. This glut of information hits your employees from all sides. You need collaboration and clarity, but between email, IMs, project management software, and documents, everyone has information — but the knowledge is slipping through your fingers.
Disparate systems mean your employees don’t have a fast, trustworthy way to get the information they need to do their jobs. Misunderstandings, delays, and frustrations mean you’re losing productivity, morale, and revenue.
Now’s the time to get your data problem under control. It all starts with a single source of truth (SSOT).
What is a single source of truth (SSOT)?
Your single source of truth is one repository for all business information. Instead of storing your files, decisions, and messages in separate systems, the SSOT keeps everything in one easily accessible, searchable place.
When you develop a single source of truth, each piece of information exists only in that place. That means employees no longer have to comb back through Slack to find something, wondering if it’s actually in their email instead, for example. Your people know where to find what they need because you’ve developed a single source of truth.
As you can imagine, this fragmentation of information costs your team many hours every week. In fact, according to consulting firm McKinsey, your employees spend at least 20% of their week just looking for information, or asking their coworkers for information. That’s one workday every week dedicated just to the data goose chase.
No matter your niche or industry, your business needs a single source of truth. Not sure if it’s worth the hassle? Consider these 6 reasons you need a single source of truth—stat.
1 – Save money
The most urgent problem with information overload is that it costs your business money. In fact, Fortune 500 companies have lost $31 billion because their employees fail to share information and collaborate.
You’re paying employees to solve problems, not dig for information that should be easily-findable. A single source of truth gives everyone a simple and fast answer that removes hours of data digging.
2 – Make better, faster decisions
Your team likely isn’t on the go right now, but they’re working under unprecedented conditions. Don’t make it harder for them to find the information they need. Use a single source of truth to give your leaders and employees the right information.
Instead of digging through Slack, email, and Google Docs, everyone can pull the right information in seconds.
That equals faster, better decisions based on facts and data. When you silo your information outside of a single point of truth, you’re making blind decisions that aren’t in your best interests. The SSOT stops bad decisions and empowers your team to make better choices.
3 – Reduce liability
Nobody wants to increase their legal liability. But when you silo your information, that’s exactly what you’re doing—especially if you’re in a hyper-regulated industry, like finance or healthcare.
A single source of truth gives information access to the right people on your team. It can even provide compliant procedures, templates, and documents to employees so they always use compliant information.
4 – No more rework
Have you ever created a new resource, only to find your team created an identical one six months ago? Rework is incredibly inefficient, and it costs businesses time and money.
A single source of truth gives your team their time back. Get a sky-high view of your project, monitor the paper trail, and choose the most recent resources with your single source of truth. With just a quick search, you can clearly see what’s already done and what you actually need to create.
5 – Improve the customer experience
86% of buyers would pay more for a better customer experience. A single source of truth helps your team deliver on its customer promise.
Don’t store customer data in several places. That leads to outdated, missing, or incorrect customer information. A single source of truth helps you make a bigger impact with relevant, accurate customer data stored in one place.
Stop asking customers over and over for the same information: an SSOT will save the day.
6 – Boost employee morale
Information silos cause a lot of frustration and miscommunication between your employees. That’s not only bad for business, but over time, this can decrease team morale.
A single source of truth is just what the doctor ordered to increase collaboration and boost employee retention. Keep all of your communications in one place so employees just do one search for quick, reliable access.
Act on your knowledge
Most businesses use disparate systems that don’t integrate intelligently. We love email, chat, and other data sources, but they work against each other. Store all of your information in one smart, accessible platform as a single source of truth.
Solutions like Elium give your team 24/7 access to the information that matters. With powerful search options and mobile apps, it’s a no-brainer for finally empowering your team.
The world will be digital-first for the foreseeable future. Download the free white paper, “Emerging From Lockdown” to find prosperity after a season of crisis.
