Thursday, June 1, 2023

Eliminating Data Silos for Enhanced Data-Driven Decision-Making

By Prangya Pandab - March 21, 2022 4 Mins Read

Eliminating Data Silos for Enhanced Data-Driven Decision-Making-01

The silo struggle has been going on for a long time, and both humans and technologies are to blame for it. Business success in this high-speed digital age is dependent on collaboration between humans and real-time insights derived from data. If companies want to keep up with fast-paced expansion, they need an end-to-end data strategy in place.

Data is generated every second in the age of technology-driven transformation, by both humans and machines. Despite the fact that, in this digital age, data is a critical for success, most businesses fail to translate this into actions. Organizations are having difficulty establishing a data-driven ecosystem, and as a result, they are failing to realise the true potential of data.

With the exponential growth of data, the same tools that are used to handle it have resulted in data silos, which can create hurdles to information sharing and cooperation across departments while also driving IT to spend too much time on data infrastructure management. So, how can businesses take control of their data?

The answer isn’t in legacy systems.

Companies that have a centralized view of their data, which is gathered from various sources across the organization, can act faster and address business problems. Their data-driven strategy pays off because they can offer a better customer experience while also increasing revenue.

For companies with legacy technology, capitalizing on data insights from a number of sources might be difficult. The majority of these systems are unable to process large amounts of data without experiencing performance issues. Businesses should consider doing data integration and analysis inside a cloud data warehouse before investing further money in their on-premises data infrastructure.

Eliminating Data Silos

Here are four ways organizations can simplify data management and eliminate data silos.

Make data-driven culture a reality for everyone

Any company’s ability to foster a collaborative data-driven attitude is a critical component of obtaining connected data-driven insights. It’s a habit that starts at the top and works its way down. It is critical to promote a culture of lifelong learning, information sharing, and open communication among all consumers, stakeholders, partners, and employees. To identify gap drivers, departments should construct leading and lagging KPIs. As a result, it will be easier to select success criteria with care and confidence, as well as to make well-informed decisions that will enable business direction.

Also Read: Fragmented Data? How Data Governance Can Address It

Improve visibility

The view of the data is hampered by data silos. Without an enterprise-wide picture of their data, businesses can’t uncover chances for operational cost savings, for example. IT teams will be able to focus on data-driven decision-making that is critical to a company’s financial health by getting visibility. Poor data visibility, however, can make data security more challenging, potentially exposing data or making a company non-compliant with regulations.

Create a system to centralize data from multiple sources

When the same data is kept in multiple locations and users download their data to their personal storage, resources suffer. Streamlining data into a single source frees up storage and lowers IT burden from unnecessary storage purchases. Putting all business data into a cloud-based data warehouse is one strategy to break down data silos. Cloud solutions help in removing technological hurdles and providing a ready-to-use option for integrating siloed data. This allows teams to collaborate in real time on a single data platform.

Centralize data access with a data governance framework

Data is one of the most important assets for an organization. A data governance structure can aid in the availability, usability, and security of data. A streamlined management policy enables defining and enforcing data sharing and compliance standards across cloud databases easier and faster. With centralized data, the entire company follows the same plan. This can lead to higher accuracy and consistency of reports, better decision-making, and fewer data duplications and manual data entry processes.

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Prangya Pandab

Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

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