The Investment You Keep Ignoring: Your Single Source of Truth

Posted by RocketDocs Content Writer | Mar 19, 2018

Shall we play a game?

No, this isn’t WarGames, where we need a teenager to save us from the onset of World War III. This is a business competition and the correct matches can save your company thousands, maybe millions, of dollars. Interested? I thought you might be.

The instructions are simple, match the blog article to the year it was published.

  1. Why a Single Source of Truth Matters1 a) 2014
  2. Jumping the Hurdles: Finance’s Race to a Single Source of Truth2 b) 2015
  3. Getting a Single Source of Truth for Your Data3 c) 2016
  4. Understanding the importance of a single source of truth4 d) 2017

Having some trouble with the game? Okay, I’ll give you an out. If you can answer this question, you win.

Why in 2018 are we still trying to explain the importance of a single source of truth? (I’ll give you a moment to think about it.)

Drum roll, please…

Okay, the answer is: companies do not believe a single source of truth (SSoT) is worth the expense, the collaborative resources, the time to migrate existing data, or the effort to possibly replace their existing technology. But don’t just take my word for it, I’m merely paraphrasing responses given by 435 CFOs in a survey conducted by Adaptive Insights5.

Granted, sometimes a company doesn’t have the resources to make a change like shifting to an SSoT overnight, but surely, some of the transition can happen. I doubt when the wacky notion of the World Wide Web came out everything you are doing now with the web you were also doing then. I was definitely not completing my March Madness bracket online in 1996.

But we can take a lesson from that time—the key is baby steps. And that first step is finding an SSoT that works for your business. There are different platforms for different types of companies. But if your company is bogged down in sales, finance, RFI, or RFP documents and drowning in format shifts between Word, PPT, and PDF, then a business, such as Proposal Software, can act as your SSoT.

You found your SSoT, now what?

Once you’ve chosen a platform to be your SSoT, you’ve entered a world of increased data/content integrity. Congratulations! However, just because you have something doesn’t mean you use it (e.g. my garlic press at home). Once you have your SSoT, it’s important to correctly implement it. Sounds ridiculously simple, but I’m sure you know that most individuals only use a fraction of their software’s capabilities. So, for your employees to use the SSoT platform’s maximum potential, all of them should have:

  • Basic training
  • Access to relevant content
  • Know the content’s expiry and owner
  • And, with the correct permissions, be able to easily edit and review content

With a SSoT in place your business should experience a decrease in confusion, an increase in productivity, and, because of that, an increase in your revenue. Your SSoT is more than a platform, it’s an investment!

Businesses have invested in changes like this before—the internet, different versions of Office, or even mobile devices—because it’s necessary to adapt to a changing and competitive global market. Now, it’s time to adapt to a SSoT, because like in nature, those who cannot adapt to their environment, fail to thrive.

References

  1. Blackburn, Chris. 30 June 2014. Why a Single Source of Truth Matters. https://www.madetech.com/blog/why-a-single-source-of-truth-matters
  2. Orr, Diane. 11 October 2017. Jumping the Hurdles: Finance’s Race to a Single Source of Truth. https://blog.adaptiveinsights.com/company/jumping-the-hurdles-finances-race-to-a-single-source-of-truth/
  3. Heller, Neil. 21 June 2016. Getting a Single Source of Truth for Your Data. https://blogs.cisco.com/manufacturing/getting-a-single-source-of-truth-for-your-data
  4. Larsson, Steffan. 10 June 2015. Understanding the importance of a single source of truth. http://bimobject.com/en-us/blog/post/understanding-the-importance-of-single-source-of-truth
  5. Kosur, James. 21 October 2015. CFOs need to define a ‘single source of truth’ for all of their business needs. http://www.businessinsider.com/cfos-need-to-define-the-single-source-of-truth-2015-10

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