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Big data businesses are hard to ignore, primarily when 53 percent of companies use big data to achieve goals, make decisions, and inform their policies. With that said, there’s no doubt that data is one of the most vital resources your company needs to help overcome obstacles in your industry.
But with all the resources available, the biggest issue companies face is having the right method to organize and collect data for people to access it easily without worrying about version control. This is truer for self-service terminals because besides streamlining processes for customers, having a source for all data is crucial for improvement and growth.
Over the past two years, there has been a whopping 90 percent of data made and has the potential to grow even bigger. With these opportunities rising everywhere, it really pays to understand how to manage big data and the potential power of having a single source of truth data architecture.
What is a Single Source Truth?
A single source of truth or SSOT functions as a centralized location for all your company’s information. However, integrating an SSOT model is more than just a data architecture strategy.
It helps business leaders stay on the same page and reduce overlaps and duplications, making this a great advantage in the market. In order for a company to succeed with this tool, your business must be committed to this mindset.
How is Having a Single Source of Truth Beneficial?
In essence, having a single source of truth empowers companies to build better solutions, and much like a car and gasoline—you need this kind of power to run. So if you put it in that context, pure fuel—or having a single source of truth—maximizes the efficiency of your car. More power means you can push through any challenge while minimizing engine (your company) wear and tear.
But if you use low-quality gasoline—or in this case, a messy pool of sources of data—you’ll ultimately get an unpleasant “driving” experience, leading you to poor decisions. So if you’re looking for eGovernment software solutions, it’s crucial to integrate SSOT guides to build a robust data management system with strategic intelligence applications.
This ensures that all data sources are current and stays relevant to company decisions. Below are some of the other benefits a business gains when implementing SSOT:
The Bottom Line: Is Having a Single Source Feasible?
If you want to know if having a single source of truth is feasible for your company, it’s best to ask fintech experts to help you with this concern. Besides that, there are fundamental factors that your company must possess for this mindset to work; buy-in, accuracy, and mutual understanding are non-negotiable building blocks for SSOT.
With that said, it’s best to sit with your team and a panel of experts to understand if your company is ready for SSOT implementation and experience the potential gains that come with it.
How Can We Help You?
Informatics is a leading custom software development company that also focuses on infrastructure solutions and services by utilizing all the years of experience and knowledge we’ve acquired in the industry.
If you’re looking for an identity-management system that refers to an information system, or to a set of technologies that can be used for enterprise or cross-network identity management and want to learn more about SSOT, speak to us today!
Written by Hiran Wickremasinghe
