Why a single source of truth matters in fast-growing companies

You're on a customer call and you can't find the SOP for a particular issue that your customer is facing. You search through cobwebs of information only to come up empty-handed. Add new hires, more information, and an increasing customer base into this mix and you're sure to feel overwhelmed. If this situation sounds all too familiar, then this blog post is for you.

When knowledge is fragmented, employees are confused and errors keep piling up, a single knowledge repository is the perfect relief for your wounds. Check out this post to learn more about a single source of truth and see how it'll fit in the fabric of your business.

What is a single source of truth?

A single source of truth (SSoT) is an approach where all of the relevant and necessary information, processes, and procedures are stored in a centralized location. This gives your team 24/7 access to important organizational information.

A single source of truth isn’t just a theoretical concept, but a necessity for organizations to thrive. Building your SSoT in a knowledge management system ensures that the knowledge is current and up to date, helping your team make informed decisions.

What are the benefits of a single source of truth? 

Saves time for everyone

The biggest benefit of having a single source of truth is the time that it saves for everyone in your team.

When information is scattered and chaotic, your team spends hours searching for the right information to move further in their projects or roles. This hinders productivity and slows down your processes. Having a SSoT in place improves efficiency and saves considerable time and resources for your organization.

Improves collaboration within the team 

If you're hearing questions like "Why is my data different from yours?" and "Are you sure you have the right information?", a single source of truth may be your best bet.

A single source of truth ensures that all important information is consolidated in one place. With the help of a SSOT, your employees are more aligned and aware than ever before. When every department has access to the same data, a culture of collaboration and teamwork emerges automatically. This is especially important in fast-growing companies where collaboration is key to success.

Leads to data-driven decision making

One of the main reasons for having a single source of truth is its role in the decision-making process.

When crucial information is scattered and disorganized, it puts your team in a position where they have to make urgent decisions and immediate judgements with insufficient information. Having a single source of truth completely removes this issue because your employees can now make faster, more informed decisions. This helps them thrive in fast-moving industries.

Reduces costs significantly

If you can save a considerable amount of money by having a fully functioning SSOT, wouldn't you want to do it?

When your team cannot find the right information at the right time, they tend to make decisions that aren't backed by the correct data. This leads to inaccurate results and costly errors. A single source of truth reduces the financial implications and helps you achieve data consistency and integrity with little or no effort.

Signs that your business needs a single source of truth

If you're still questioning the idea of a single source of truth, then this section is for you. Here are the top five signs that your business needs a SSoT.

Data exists in silos

If your organizational knowledge is spread across different tools or locations, it's an obvious reason for you to use a knowledge base software like Zoho Learn. When your knowledge is fragmented, data sharing and data access become a struggle for your teams. It's time for you to consider a single source of truth if data silos are a reality for your business.

Decision making is slow

If your employees are on a constant search for the right information, then it's time to assess your current knowledge management system. When your employees don't have access to the full picture, decision making tends to be slow and leads to unnecessary delays. When the decision-making process is compromised, it's a clear sign to build a single source of truth that can store and share all kinds of information.  

Data accuracy is questionable

When you maintain your organizational information in spreadsheets and documents, you're bound to have many versions of the same information. It's hard to find the most updated version, which leads to costly errors. When you have a knowledge base software, you not only store the data in an organized fashion but can also ensure that your information is accurate and updated.

Scalability is a concern

When your business grows, your data grows with it. If your information is scattered and hard to find now, imagine how it will be when your business is 10 times bigger. When scalability is a concern, it's necessary to have a SSOT. With a single source of truth, there is no room for inefficiencies or inadequacies in fast-growing businesses.

Conclusion

A single source of truth checks all of the boxes: It consolidates data, leads to quick decision making, scales easily, and reduces errors. It's the perfect knowledge setup for businesses of all sizes.

If you're worried about the time it takes to set up a SSOT, choose a knowledge base software like Zoho Learn that is easy to use and adapt to. It can be up and running with all of your information within seconds.