Should you implement a single source of truth (SSOT) system?
Single source of truth is a concept used to ensure everyone in an organization bases decisions on the same set of data. This is important because without common trust in the data used to make business decisions, you’ll have low trust, low usage, difference of opinions on what is ‘real’ or not, and ultimately, lower ROI flowing to the business.
As a firm moves up the data maturity scale, they move from outcomes like data integrity, privacy and governance to improving their competitive position and profitability. It’s truly a journey rather than a destination, and the common data trust enables these fruits don’t happen immediately. Big data management and architecture are enablers to be sure, but getting past common hurdles often leave companies struggling to achieve a true SSOT. That’s where data analytics companies can be extremely helpful.
Sphere’s data practice knows well how to get past these issues. Check out our webinar replay for insights on how we help our clients solve the single source of truth problems most encountered.