In the age of information and technology, data silos are stopping organisations from making informed, data driven decisions. 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, we work with CFOs and finance professionals across various size organisations who are struggling with siloed data. Rapidly growing volumes of data combined with disparate data is stopping them from 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 ability to provide valuable 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 don’t cater to unstructured data, including valuable information from your social marketing platforms, website traffic, and google analytics. 

Similarly, the volume of data collected, compounded with the compute power of legacy storage solutions will cause visibility issues. This will negatively impact reporting, due to 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. Cloud-based solutions offer an alternatives they are scalable and powerful enough to process large volumes of data with speed. 

One of the biggest benefits our clients’ experience from an enterprise-wide data warehouse, is the ability to tie data together in a uniformed way, removing data silos. The modern data warehouse gives you the capability to store integrated and centralised data, ready for mobilisation. Unifying data gives you a broader, strategic view of what you can achieve enterprise wide. By having multiple business units working from one centralised solution, you give people the ability to manage and analyse information. In conclusion, you empower your people to garner new insights from enterprise level data.

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. This allows datasets to be processed and analysed. Many cloud data warehouse solutions simplify the process of data collection and transformation 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. Unauthorised copies of data can also implicate the quality. Having a single source of truth improves risk management, 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 an insightful way. 

Access to ‘real-time’ data is critical, as it gives viewers context to the data. This allows them to make informed decisions based on up-to-date, accurate results. Fast analytics and reporting 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. It allows you to have many workloads, including Data Warehouse, Data Lake, Data Engineering, Data Science, Data Sharing and Data applications.

Taking a look at your current data storage solution is one of the first steps to creating greater data visibility. 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 start, or are concerned about data migration, contact us at Minerva Partners.

Minerva is a Management Consultancy laser focussed on business transformation. We assist CFOs and business transformation specialists every day to improve their data management, budgeting, forecasting, and planning. Our goal is to give you back time to focus on business growth and strategy.  

Recent Posts

enterprise performance management system

What do you require from an enterprise performance management system?

So, your organisation has finally decided to invest in an enterprise performance...
Read More
Framework for digital transformation

A Framework for Digital Transformation

If you want to increase the pace of innovation and drive business...
Read More
Why digital transformation is important

Why digital transformation is important for business

By now you would have heard a lot about digital transformation and...
Read More
digital transformation team

Digital transformation team – who to involve?

If you are considering a digital transformation, one of the first questions...
Read More
data migration

Managing a data warehouse migration

Managing a data warehouse migration can seem like a daunting and overwhelming...
Read More
Cloud costs

Optimising cloud costs – alternate payment models in the SaaS industry

Optimising cloud costs and alternate payment models are top of mind for...
Read More
data cubes

Most data warehouse projects fail – avoid these mistakes

Data warehouse projects can accelerate revenue, reduce cost, increase operational efficiency, improve customer experience - plus more. However, improved efficiency is not a guarantee.
Read More
FP&A Model

How to develop FP&A models that adapt to your business

FP&A models need to adapt and change as your business grows. In...
Read More
Predictions for FP&A

5 Predictions for the FP&A Professional in 2022

For many, the first quarter of 2022 has not been the energised...
Read More
acceleration of digitisation

What the acceleration of digitisation means for FP&A professionals

The acceleration of digitisation is here and the office of finance can...
Read More
digital ecosystem

Reassess your digital ecosystem and drive business performance

Now is a critical time for finance professionals to reassess their digital...
Read More
Cloud data warehouse project - part 1

A successful cloud data warehouse project – part 1

If you want to implement a cloud data warehouse or have made...
Read More
Cloud Data warehouse - part 2

A Successful Cloud Data Warehouse Project – Part 2

A Successful Cloud Data Warehouse Project - Part 2 In part 1...
Read More
Finance of the future

Finance of the future relies on digital transformation

If you have read the recent research on finance of the future,...
Read More
data strategy

5 Questions to complete your data strategy

Your data strategy and action plan are critical in helping you maximise...
Read More
Data silos

Are data silos compounding your data visibility challenges?

In the age of information and technology, data silos are stopping organisations...
Read More
future of excel

Will Excel still be used by the FP&A team of the future?

FP&A teams strongly rely on Excel and are comfortable operating in this...
Read More
elevate the value of finance

How to ditch manual tasks and elevate the value of finance

Unfortunately, low-value, manual tasks dominate the day-to-day lives of many FP&A professionals....
Read More
budgeting cycle

4 Tips to improve your Annual Budgeting Cycle

It is June and you are probably in the throes of the...
Read More
improve forecasts

3 changes to help you improve forecasts and drive profitability

The last few years in business have changed much of the way...
Read More
strategic alignment

How CFOs can provide greater strategic alignment

The role of the CFO has changed and there is a greater...
Read More

Leave a Reply

Search here...

Leaders in Management Consultancy. Minerva Partners makes digital transformation simple, more effective, less time consuming and seamlessly integrated.

Contact Us