Data silos are slowing companies down. You may have a ton of information available, but are your decision makers using the right data? Can they even access it? Extracting insight from large data sets can be difficult – especially when that data is spread out across your entire organization.
Many times, huge data sets that could be really useful to another department are kept under lock and key by IT or the business unit. There is a general consensus that companies need to get more data driven, but the issue of data hoarding is still really common. Hoarding results from several practices, including organizational habits, culture and silo’d IT structures. The result: data silos that slow your business’ ability to make timely and well-informed decisions.
Now put yourself in an analyst’s shoes. When a Business Analyst is trying to run an analytics initiative, he or she often runs into organizational or technical barriers that create delays. This forces them to make short-cuts or even bypass data analysis entirely to come to a conclusion. If your company wants to increase the speed and accuracy of its decision making, data silos need to fall.
When true data scientists run into data restrictions, they know that their decision does not reflect the full scope of reality. Even the information they do have could be outdated or inaccurate. In fact, just 15% of users in companies with data silos are happy with their data access. And according to Aberdeen, “data silos damage users’ faith in their own analysis”. Now, that’s a scary thought.