Are silos compounding your data visibility challenges and restricting you from providing valuable insights to your organisation?

In the age of information and technology, organisations are collecting more data than ever before. If a data plan has not been established, the collection of vast amounts of data can become a burden as visibility of meaningful insights becomes clouded.

Every day at Minerva, we work with CFOs and finance professionals across various size organisations who are struggling with rapidly growing volumes of data. One hurdle they face is aggregating disparate data and deriving valuable insights.  Anyone harbouring this responsibility knows that the variances caused by siloed data environments can make accurate reporting near impossible.

When it comes to improving our customer’s data visibility and their ability to provide the enterprise with insights, one component we examine closely is their data storage.

Traditional Data Warehouse Solutions

The problem with traditional data warehouses is that their purpose was to serve only as a central repository. Legacy systems often require intervention from data teams, including, manual tuning, manual upgrades, high levels of maintenance, as well as intensive ongoing management. 

Traditional warehouses also don’t cater for unstructured data, this includes valuable information from things like your social marketing platforms, website traffic, and google analytics. 

Similarly, given the volume of data organisations are now collecting, the compute power of legacy storage solutions means that you will often be faced with visibility issues, particularly when it comes to lags in reporting, and problems with slow and delayed access to data. 

Enterprise-Wide Data Warehouse

Most medium to large size organisations require a modern data warehouse. These solutions can automate time-intensive manual tasks and remove the need for an intermediary data team to provide specific views and skews (which compounds time-delays and bottlenecks!). Cloud-based solutions can offer a good alternative in that they are scalable and powerful enough to process large volumes of data with speed. 
But one of the biggest benefits our clients experience from an enterprise-wide data warehouse, is its ability to tie data together in a uniformed way. The modern data warehouse gives you the capability to store integrated and centralised data, ready for mobilisation. This unification gives you a broader, strategic view of what can be achieved enterprise wide. By having multiple teams and business units working from one centralised solution, you give people the ability to track, manage and analyse information, as well as garner new insights.  

Data Quality

No topic on visibility can be covered properly without a discussion around data quality. The problem with siloed data, is that it does not make for ‘on-demand’ planning and decision making. When it comes to data, consistency, accuracy, and formatting need to be the priority as they allow for datasets to be processed and analysed. Many cloud data warehouse solutions simplify the process of data engineering, collecting, and transforming data so that it is ready to be analysed. 

Siloed data also poses several risks to your business in that it inhibits the use of that data. Often businesses complain that unauthorised copies of data are made, implicating the quality of the data. Having a single source of truth improves risk management and compliance, along with data security – enhancing the overall quality of your data.  

Accessibility & Usability 

If you want to provide your business with value, it comes down to giving people the ability to monitor and visualise data in a way that provides insight. 

Access to ‘real-time’ data is critical, as it gives viewers context to the data – allowing them to make informed decisions based on up-to-date, accurate results. Fast analytics and reporting, along with the ability to run multiple workloads concurrently means that you will elevate the value of data across the whole organisation.  

Solutions such as Snowflake’s Data Cloud can provide your enterprise with a single solution for all your structured and semi-structured data. Under its platform, you can have many workloads, including Data Warehouse, Data Lake, Data Engineering, Data Science, Data Sharing and Data applications.

Taking a close look at your current data storage solution is one of the first steps on creating more visibility into your data. It might seem daunting to migrate from your existing data warehouse, however, long term you benefit from refocusing data analysts’ energy towards value-adding activities and away from manual maintenance. 

If you are finding it difficult to get started, or are concerned about a data migration project, why not contact us at Minerva Partners?

We are a Management Consultancy that is laser focussed on business transformation, and we assist CFOs and business transformation specialists every day to improve their data management, budgeting, forecasting, and planning, allowing them more time to focus on business growth and strategy.  

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