The technology and applications that power your firm are critical to the overall mission of your organization. Unfortunately many of these applications are disconnected which causes us to end up with siloed data. So what’s the big deal? Firms that end up with siloed data spend more time flushing valuable resources (time and money) down the drain than working towards their overall business objectives! Do you really want to spend more time managing your data, than managing your clients?! Stop flushing your resources down the drain by eliminating siloed applications from your organization.
But wait, what exactly is a siloed application? Siloed applications are partitions within organizations that isolate departments, teams and even people. These applications do not communicate or share data with any other system, greatly limiting your ability to leverage the data living inside of these systems.
Are You Stuck in a Data Silo, But Don’t Even Know It?
Have you ever stopped to think about how your internal systems communicate and share data? Perhaps you’re unsure about the overall connectivity of your business systems. Read the below scenarios to see if you are suffering from siloed data.
- Your systems are slowing you down and preventing you from making real-time decisions
- You find yourself unsure of where critical data lives. Or even worse, you find yourself locked out of accessing data because you don’t know the right username or password
- You are unable to track campaign/project results without checking multiple systems
- You are representing data in multiple locations, causing the need for duplicate entry
If the above scenarios describe your firm, then you are suffering from data silos. Fortunately for you, this is a common problem and there is a solution!
How Can You Get Rid of Data Silos?
There are many ways to get rid of data silos in your professional services organization. The trick is finding the right solution that fits your corporate culture. Here are some examples of ways to break free from the grips of siloed data:
- Take it to the cloud. As we have written about in previous blogs, there are multiple benefits to taking your organization’s data to the cloud. The benefits are clear in strict terms of breaking your data free from restrictive silos. Mainly, once your data lives in a cloud based application or system you are now able to leverage connections to this data from all over the world. Gone are the days of being tied to a desk. Employees are doing more than ever before and they are doing it from all around the world!
- Centralize your data storage with a master record set. Creating a master data set will introduce a method to the madness of managing disparate data. Next time you are evaluating a new piece of software or application ask yourself how it fits in with your already established master data set. Is it worth adopting this technology if it only creates additional silos? This is something that you will need to review with all key decision makers and stakeholders.
- If you connect it, they will come. Unfortunately we find ourselves living in a world of highly specialized technology. There is a reason the average company has 5.5 applications per employee; in today’s highly competitive market we need access to the tools that can help differentiate us from our competition. Fortunately, integration technologies are becoming widely available.
Once seen as an option only available for major corporations, application integrations have become common place in both the business and personal world. If you have ever hooked your Instagram account up to your Facebook account – you’ve used an integration. If you’ve ever synced your email accounts to one central mailbox – you’ve used an integration.
Integrations allow us to get the most out of current investments, while not limiting the technology available to our business teams. In fact, many firms won’t even consider purchasing new software if it does not have integration capability.
Not Sure Where to Start?
If you are ready to start breaking free of these data silos, but don’t know where to begin, we have the webinar for you. Join Pete Nuffer as he presents Dude Where’s My Data. This webinar will review best practices focused around data integrity, including the establishment of a master record set. See how new out of the box tools can be used to promote data sharing within your organization.