Unlocking the power of data Pt.1
Siloed Datasets & No Single Source of Truth
Lee Stern
April 18, 2024
Harnessing the potential of all the data companies have at their disposal is easier said than done. Building the necessary back-end systems and workflows to do so, with the aim of delivering greater value for end users, is a challenge facing engineering teams. Often under-resourced - in terms of size, funds or their current tech stack - they're held back from delivering progress for their company through best data practice and data optimisation.
Over the next three weeks, we'll dive into specific data problems and challenges facing lean engineering teams, starting here with the prevalence of data inconsistency and its potential impacts.
Siloed Datasets & No Single Source of Truth
Surprisingly, more companies than many would think hold conflicting data on the same subjects. For example, the valuation team at an asset management firm may have a datapoint for the number of tenants within a commercial asset, while the leasing team holds a datapoint offering a different number and the finance function may yet again have a different view.
The result of this is inaccurate data could see misinformed, significant business decisions taken; a client misled or a business initiative undermined. In turn, those reliant on the data - internally and externally - may suffer poor performance and no one wants to be responsible for negative outcomes that could have been avoided otherwise.
To that end, it's imperative to consolidate siloed datasets into a single source of truth that your business and clients can confidently lean on. Not only will this ensure business decisions made, strategies pursued and information provided to clients are based on true and accurate data, but it will deliver efficiencies: with time saved in maintaining and engaging one data hub rather than many.
While following best data management practice is easier said than done, simple and value-driven solutions are available to centralise and manage your company's data, making it an asset rather than a liability.
Next week, in part 2 of the series, we'll look at how value from data is being left on the table.
If any of the above challenges sound familiar to you, feel free to drop us a message so we can have a conversation. we'd love to hear from you!