Single Source of Truth: This is how important reliable data is for your business

Regardless of whether you want to improve delegation processes, make the customer journey more pleasant or optimize your marketing strategy: The basis for all these processes is reliable data. We’ll show you how a single source of truth can help you organize your processes effectively. [Anzeige]

Successful companies – no matter how different they may be with regard to the industry, corporate culture or products – have one thing in common: structured handling of the data they collect. Because in order to be able to sell a product or a service, all employees need access to reliable information that they can pass on to customers. This plays a special role, especially in times of the corona pandemic and home office as a permanent condition. Quick agreements or inquiries are often not possible due to the new working conditions. So how can a company still guarantee access to current and reliable data for all employees? The answer is simple: with a single source of truth.

What is a single source of truth?

Single Source of Truth (SSoT) or Single Point of Truth (SPoT) is a database that all employees of a company can access and that provides them with reliable data. The SSoT system provides that authorized data is stored once in a System of Records (SOR) and updated regularly. In addition to providing reliable data, the SSoT concept has another advantage. Similar databases – as they can occur in data silos, for example – are constantly checked for their relevance. This means that the information is continuously updated, compared and adjusted. The latter prevents old and invalid data as well as duplications from remaining in the system and leading to confusion.

No reliable data, no success? How bad information management affects your business

Who is not active data management runs the risk of not using the full potential of one’s own company. The following four examples show the effects the lack of an SSoT can have on a business:

1. Duplicate work and rising costs

Out of date or missing data can mean that employees have to spend a lot of time getting the correct information, for example to make a decision or to work out a valid offer for customers. If the processing time is too long, the latter could even have the consequence that interested parties drop out and your company loses sales.

2. Processes become slower

Those who do not have the relevant information cannot work adequately. If employees are constantly busy checking, procuring or passing on data, tasks cannot be completed in the targeted time frame. Work processes slow down, which in many cases means a disadvantage for your business.

3. Your company’s image suffers

Employees who have no reliable information as a basis are often busy eliminating errors, for example because outdated information has been passed on to customers. Customer communication also suffers because your brand not communicated in a straight line. The consequence in the worst case: the image of your company is damaged.

4. Problems are recognized too late or not at all

Many companies sooner or later fail in one area or another – this is nothing unusual. Successful businesses are, however, in a position to locate the error that led to it and to optimize the corresponding work process for the future. Without reliable data, however, it is extremely difficult to identify problems and get them out of the way. By the time that happens, your company could already be in the next crisis. This is a downward spiral that many people find difficult to get out of without structured data management.

Simplified delegation processes and an improved customer journey: What are the advantages of the SSoT concept?

The implementation of a system that serves as a reliable source of information for all employees has a noticeably positive effect on the delegation processes within the company. Responsibilities are clearly defined, relevant information is documented, company guidelines are formulated unambiguously and can be accessed and the exchange of information usually runs smoothly via a central IT system. This not only saves time, since duplicate or manual processes and errors can be avoided. In addition, an SSoT gives companies a significant competitive advantage, as they can act faster thanks to an uncomplicated flow of information. It is not for nothing that the single source of truth is considered a company’s nervous system.

In addition, the customer journey can be significantly improved through an SSoT. Customers expect smooth communication with a company at all touchpoints. However, Salesforce took part in the aktuellen State of the Connected Customer Reports found that in 2020, 54 percent of those surveyed still had the feeling that they were not communicating with one company, but with the separate departments. The reason: The individual teams within a business do not have the same customer information. Customers are therefore forced to repeat information for different contact persons in the company and to explain their concerns again and again. An SSoT can remedy this by collecting customer data centrally and making it visible to all employees involved.

A positive customer experience can have a significant impact on the buying process and brand loyalty. The State of the Connected Customer Report from Salesforce also found that today 91 percent of those surveyed are more willing to buy again from a company after a positive customer experience. Comfort is particularly important across all generations (from baby boomers to generation Z). More than 60 percent of the study participants from all age groups stated that they place more value on comfort than on the brand. At a comfortable and thus for the majority of the customers: inside positiven Customer Experience uncomplicated communication with the company counts. However, the Connected Customer Report also shows that many businesses make only small strides towards a consistent customer experience. An SSoT can make a significant difference for companies here, as this makes customer information available consistently and conveniently at the relevant touchpoints of the customer journey – and thus ensures a positive customer experience.

SSoT: Make your business more customer-friendly, more competitive and more digital

For many companies, the introduction of an SSoT is a challenge. Only 22 percent of marketing teams say of themselves that they are over effective tools for a complete customer overview feature. In view of the immense potential with regard to the customer journey that an SSoT has in store, it becomes clear that there is a lot of room for improvement with this number. A cloud-based solution makes a significant contribution to optimizing work processes and providing complete insights to customers: inside – at any time and at any touchpoint. For example, companies with a comprehensive SSoT system can create a customer identity that can be accessed across all digital contact points. This not only offers the advantage that there is reliable data about the customer, which, for example, makes the personalized approach significantly easier and more efficient. But also that the brand experience is significantly improved. In addition, many SSoT platforms offer uncomplicated tools for evaluating customer data or guaranteeing information security.

The introduction of an SSoT can therefore not only make work processes more efficient, but also significantly improve the customer journey. Through a holistic positive customer experience – from targeting to conversion – potential customers can be more closely bound to the brand. And which business would like to forego the competitive advantage of strong brand loyalty?


Source: OnlineMarketing.de by onlinemarketing.de.

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