Many companies struggle to fully use their vast amounts of data. They often launch large-scale projects aimed at satisfying every potential data user. Or allow separate dev teams to create custom data pipelines that are difficult to adapt for other business needs. The challenge lies in developing data strategies that provide immediate benefits while also laying the groundwork for future use cases.
Successful companies tackle this by treating data like a product they sell. Just as a product is designed to meet the needs of various customers, a good data strategy delivers a reliable, user-friendly set of data that can be used across the organization to tackle different business challenges. This approach is key in Single Entity View (SEV), which provides complete, 360-degree views of key data areas – such as customers, products or processes. This unified approach to data not only makes it easier to access and use but also turns it into a powerful tool for addressing a wide range of business needs. OK, but what are the challenges ahead?
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Multiple Systems and Databases
One of the main challenges in managing data is the sheer volume of systems, databases and formats used across the organization. According to Forrester study, an average big company uses 259 different systems and apps. This fragmentation creates silos, making it difficult to access and integrate data from various sources (customer information, sales data, marketing results etc. each with its own format and structure). This complexity leads to dangerous inconsistencies and inefficiencies.
Source: Forrester, https://assets.ctfassets.net/wl95ljfippl8/1Jar0jBTIw36VcfwlJlMft/b95f3b6b4f301070c1b4501a3aa5c176/The_Crisis_Of_Fractured_Organizations.pdf
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The Growing Volume of Data
As data volume continues to double in size every two years, managing and processing it becomes increasingly difficult. Moreover, the growing volume of data requires more powerful hardware, software and infrastructure to process and store it efficiently.
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The Difficulty in Making Systems Compatible
This is often referred to as « integration » or « interoperability. » When systems are not designed to communicate with each other, it leads to data inconsistencies, errors, and inefficiencies.
A Unified Approach to Data
So, what can companies do to overcome these challenges? According to Harvard Business Review, the most effective data strategies treat information as a dynamic asset rather than static inventory. Single Entity View (SEV) serves as a backbone for such strategies by consolidating data streams into a single, dynamic view.
Imagine an international retailer grappling with customer data spread across online platforms, brick-and-mortar stores, and mobile applications. Through the implementation of SEV, the retailer crafts a comprehensive view of customer behaviors, enabling omnichannel marketing strategies and enhancing customer engagement (and sales!).
Leveraging technology
In each and every industry, businesses struggle with the challenge of matching various types of data systems, from relational to graph and document databases. As data volumes skyrocket, there is a growing market pressure not only to store this information, but to access and analyze it in real-time (fueling the ‘need for speed’ in data operations). These demands are compounded by the complexity of existing IT systems. Where various software and technologies were not designed to work together, causing thousands of manual workarounds. And making SEV a real Mission Impossible.
But these Data Walls can be broken! Thanks to comprehensive technology. One that connects data from all sources and formats. Such technology allows businesses to handle multiple use cases simultaneously, transforming their data ecosystems into dynamic, accessible and actionable resources.
Conclusion: Seize your opportunity
The move from a fragmented data environment to a unified, streamlined ecosystem is far more than just a technical upgrade. It’s a revolution in how data empowers your business. Companies embracing this shift transform into market leaders in an increasing speed. Join them!
