Eliminating data silos: why your business needs a real-time upgrade
As businesses grow and evolve, so does the amount of data they collect. However, without proper organisation and analysis, this data can quickly become too difficult to navigate.
Data silos are a common issue. And they have huge consequences - leading businesses to fragmented views of customer behaviour.
But some data-led businesses are thriving. Technology is helping companies get a comprehensive view of their customers. So how do you get from siloed data to a connected ecosystem?
What are data silos?
Businesses process mega volumes of data, every day, from multiple sources. This data is often stored in different places and doesn't always communicate. This can happen when different departments use different tools for data collection. Or, when new tools are added into the mix, legacy systems become isolated.
Why are data silos an issue for modern businesses?
Data silos are a major problem for modern businesses because they can lead to serious issues like data loss, data inaccuracies, and even security breaches.
But even the most modern companies have data silos that prevent them from reaching their full potential: “it doesn't matter whether you’re a start-up or a large corporation, silos will exist if different departments inside your business store their data in separate locations” says Mihai Cernei, CTO at Amdaris, “as these disparate assets grow, so do your silos”. Data silos also make analytics way more time-consuming and stressful than it should be.
But the biggest issue is that data silos can result in a fragmented view of your customer, product, or market. This leads to inefficiencies, missed opportunities, and even costly mistakes.
For example, imagine a company that has separate databases for its sales, marketing, and customer service teams. Each team can access the data they need to do their job, but they can't see the full picture of a customer's interactions with the company. This means that the sales team may not know that a customer has already spoken to the customer service team about a problem, and the marketing team may not be aware of a customer's recent purchase. Without a 360 view of your customer, you cannot deliver an effective experience.
Modern businesses are aware of the importance of having the right data. In fact, data leaders are focusing this year on prioritizing data-driven decision-making…
Data leader's top priorities:
But unsurprisingly, siloed operating systems are one of the biggest challenges.
Biggest challenges for data leaders:
5 key strategies for eliminating data silos in your business
Here are the 5 essential steps to get rid of data silos and move towards a connected ecosystem…
Perform a data audit.
Map out all your current data sources. This is an important first step – you need to know where your data is before you can decide how to integrate it. This will help you identify where your data silos are, so you can consolidate them into one centralized location. It'll also allow you to identify any problems with data integrity or accuracy, so you can fix them before they cause issues down the line.
Set up a single source of truth.
Once you've figured out where all your data is, it's time to establish one place where it all lives. This will make it easier for everyone in your organization to access their most recent version of any given piece of information they need – and they'll know they're getting the most up-to-date version because they'll all be pulling from the same place.
Use integration software.
Integration software allows companies to connect their various databases, systems, and applications so that they can share information more easily. For example, if you’re using a loyalty program to better understand your customers, sync it up with your CRM data.
Use AI to help you analyze your data.
The amount of data collected by any business can be overwhelming. AI can provide a holistic view of your business and reveal patterns and trends that might not be apparent when looking at data in isolation. This can help you to identify new opportunities and make more informed decisions.
Establish ways of working.
Set up training sessions for employees so they know what they need to do when it comes time to use their new tools and systems (and so they feel empowered to do so).
The benefits of a real-time data upgrade
Many organizations are unaware of just how much value can be added to their company simply by having the right data.
Companies that can get consumer insights in minutes rather than days are better placed to increase customer acquisition and reduce churn. E-commerce stores, for example, can run analytics with instant results to personalize the shopping experience, boosting conversion rates and revenue.
But it doesn’t matter what industry you’re in or what product you offer - removing data silos and getting consolidated, real-time data analytics improves every area of your business.
It’s time to confront the challenge of building real-time data architecture. And technology can help.
But why start from scratch when platforms like White Label Loyalty are already solving the problem? Our platform can integrate existing data, whilst supercharging your data collection methods, to add new customer insights.
Find out how a loyalty program can help you get real-time data and insights
There’s no doubt that breaking down data silos can seem overwhelming. But the benefits of gaining a “single source of truth” - enabling all decisions to be based on the same, data-driven insights, mean that it’s less of a cost and more of an investment into the future of your business. Plus, allowing legacy systems to operate in your business could prove more expensive (and detrimental) in the long run.
But don’t panic. The emergence of technology and integration solutions has made it easier than ever to say goodbye to data silos for good.
White Label Loyalty is a powerful loyalty and engagement platform that can help businesses eliminate data silos and establish a single source of truth for customer behaviour and preferences. With its ability to integrate data from multiple sources, automate data analysis, and track any kind of interaction that a customer makes with your brand, you can gain valuable insights that drive growth and improve decision-making.
In a time when your competitors are becoming more data-driven, it is not an option for you to settle for fragmented data…
Get in touch today.
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Senior Content Marketing Executive
Helen is our Senior Content Marketing Executive. She shares valuable information about the Future of Loyalty and will keep you up to date on the latest industry insights...