What is a Single Source of Truth?
The SSOT (Single Source of Truth) is a key concept for a data strategy and allows all members of an organisation to make business decisions based on the same data sets.
What are the benefits of having a SSOT in your organisation?
- Eliminate duplicate data, ensuring that there are no multiple data entries.
- Enables decision-makers to have access to the right data at the right time.
- Reduce team efforts and time spent on data analysis.
- Improve data intelligence capabilities, enabling more agile and accurate decision-making processes, so the organization is ready to implement new strategies.
What if your company does not have a SSOT?
Without a SSOT, it is easy to have conflicting versions of information as each department has its own view. With so much disparity between versions, it is impossible to reach agreement. In addition, even if agreement is reached, we will be using incomplete and inaccurate data, resulting in wasted time and resources.
For companies working on a project basis, such as in the construction industry, those without a SSOT run the risk that their projects will not meet budgets and deadlines. According to Autodesk+FMI, 52% of rework is due to poor project information and lack of communication.
A reliable data management system leads to better collaboration and makes it easier for team members to get started.