At a time when data is the lifeblood of decision-making, organizations are grappling with the challenge of data silos. These isolated clusters of information, scattered across various systems, make data-driven decisions a herculean task. To overcome this, businesses are transitioning towards a single source of truth (SSOT) model, where data from multiple systems is aggregated at one reference point. But what exactly is an SSOT, and how can platforms like StrataFlows help businesses achieve this?
Understanding the Single Source of Truth (SSOT)
A single source of truth (SSOT) is a state of data unity where all the company’s information can be found via one reference point. It isn’t a system or tool, but a state of being for a company’s data. This approach ensures that businesses operate based on standardized, relevant data across the organization. By eliminating data silos, business leaders can make decisions based on holistic insights, keeping them competitive in today’s data-driven market.
An effective example of SSOT is Google, acting as a single source for a searcher’s query about their favorite restaurant. Google aggregates data from various sources like Google Maps, Yelp, and the restaurant’s website to provide comprehensive information, thereby becoming the searcher’s SSOT.
The Need for a Single Source of Truth
Disconnected and disparate data silos can lead to disconnected processes, thereby increasing the risk of errors. This is where the SSOT model can prove crucial. A single, common database storing all business objects ensures accuracy and eliminates the need for data re-entry, conversion, or translation between multiple disparate sources, minimizing the potential for human error.
For instance, Hatch Stamping, a metal stamping manufacturer, relies on accurate and timely data for performance management. The company integrated information from disparate databases using a cloud ERP system, making the data simplified, accessible, and error-free.
StrataFlows: Driving SSOT in Supply Chain Management
StrataFlows is a low code platform that assists organizations in developing an SSOT for their supply chain. As supply chains become larger and more complex, end-to-end supply chain visibility becomes a pressing issue. Existing technology foundations, such as ERP, MRP, WMS, and TMS, optimize their respective areas but offer limited holistic visibility.
StrataFlows acts as a supply chain control tower, providing a unified view of the entire supply chain. It orchestrates across existing systems, offering a single source of truth that ensures customer orders flow correctly and on time. It fills the visibility gaps, enabling real-time responses and rectifications to exceptions, thereby enhancing efficiency and reducing waste.
The Road to a Single Source of Truth with StrataFlows
To obtain a single source of truth, businesses need an integration strategy, an interface to host and surface the organization’s data, and access to the systems and data used by all departments. Two popular methods include using an enterprise service bus (ESB) or a master data management (MDM) system.
StrataFlows leverages both these methodologies, providing a hybrid approach to data management. Its advanced tools can collect, analyze, and unify data from various systems, enabling businesses to implement a SSOT effectively. StrataFlows not only integrates data but also ensures data quality, providing accurate, reliable information for decision-making. This ensures that businesses like ASICS, Splunk, and Wells Fargo, which are already on a digital transformation journey, can build robust customer relationships, streamline processes, and deliver a unified experience to their customers.
In today’s data-driven world, achieving a single source of truth is vital for business success. It reduces the risk of errors, enhances efficiency, and empowers businesses to make informed decisions. Platforms like StrataFlows provide the much-needed bridge between disparate data silos and unified, reliable data. As businesses continue to evolve and grow, it’s imperative to adopt such solutions to stay competitive, agile, and responsive to ever-changing market dynamics.
If you would like to learn more, Visit StrataFlows website or Schedule a Brief Web Call with one of our product specialists.