Modern business leaders have more access to the data they need to drive decision-making. For this data to be useful, it needs to be easily accessible, and everyone in the organization needs to access the same data. Fragmented and siloed data stands in the way of successful collaboration. It can also cause reporting discrepancies that disrupt your ability to make sound business decisions.
You’re likely developing SaaS platforms to improve data accessibility and foster collaboration. If you’re not using a single source of truth, your customers may end up dealing with similar issues that drove them to your platform in the first place.
What is a Single Source of Truth (SSOT)?
Single source of truth refers to a method of structuring your information models so you can only modify or edit data points in one place. A source of truth refers to a person, document, or database that has the most accurate data. However, this source might be different for each division within your company.
The single source of truth meaning refers to a centralized source of truth. For SaaS platforms, SSOT involves building a centralized repository where a company can store and access all of its essential data.
This includes information such as customer records, sales transactions, marketing campaign metrics, and invoices, among others. When you use a single source of truth, business leaders know they are always using the most up-to-date information to drive business strategy.
Why SaaS Companies Need a Single Source of Truth (SSOT)
Using a centralized repository to store and access essential data gives your leaders accurate insights for informed decision-making. Data is essential in SaaS, because you use it in so many ways. You need to know how customers are interacting with your platform and which features they value.
Each piece of information helps you tweak the platform to be more responsive to customer needs. In SaaS, your reputation is built on customer relationships. Using SSOT helps improve internal and external communication. Everyone on your team from developers to customer service representatives knows they are getting the most accurate data from a reliable source.
Key Benefits of SSOT for SaaS Success
Using an SSOT in your business will help you run like a well-oiled machine to better service your customers.
Enhanced Data Accuracy and Reliability
Centralizing data into a single repository gives everyone access to the same information. Your team members don’t need to spend time validating data accuracy or looking through multiple files to reconcile information.
For example, your customer relationship managers can see updated service interactions for each client. Instead of having to ask your clients to repeat their story multiple times, your representatives can access the notes and resolve the situation. They can also see if a customer has experienced the same problem repeatedly which drives better service.
Improved Cross-Departmental Collaboration
In SaaS, your teams need to work together to create an excellent user experience. Your developers need access to your customer service team to assess the platform’s functionality, potential bugs, and desired features, for example.
Without an SSOT, your developers may have to wait for the customer service team to forward notes, client interactions, technical reports, and feature requests. Source of truth data helps your project management team prioritize workflows to align with the most important client issues. For example, without customer service notes, your development team could spend time updating features your clients don’t use instead of working on critical bug fixes.
Better Customer Experience
SSOT gives everyone a cohesive, holistic customer understanding. With this data, you can personalize customer interactions and improve customer service. If a customer is being transferred to multiple departments, they get consistent information and likely get their issues resolved more quickly.
Your team can also perfect the customer onboarding process because they don’t have to get information from multiple systems. Since your team understands the customer, they can write clear onboarding manuals, FAQs, and other customer service content to easily walk customers through the most challenging parts of your platform.
Common Challenges in the Implementation of SSOT in an SaaS Environment
You need to properly implement your SSOT to make it effective in your company. Overcome these common challenges to launch your SSOT.
Data Consistency and Integration
When you’re consolidating data from multiple sources into a single repository, you need to make sure it’s all consistent. Otherwise, you risk duplicating data or storing bad data in your SSOT. First, make a list of all your data sources and note how it is organized and formatted in each area.
Choose a single format for all your data and standardize information from each source. Finally, clearly define your roles and responsibilities for accessing and managing data so you know it’s all accurate.
Compatibility Issues
When you’re merging data from multiple sources into a single source of truth database, you may encounter issues with compatibility. When you’re mapping out and standardizing your data, note how to transform all your data into a single format. Some platforms will automatically merge and format data so it’s clean and consistent.
Breaking Down Data Silos
Your organization may have multiple data silos that make it harder to collaborate. Some business units may feel ownership of their data and hesitate to share it with other departments. To break these silos, you need to create a collaborative culture.
Clearly communicate the benefits of using a single source of truth to encourage collaboration and transparency. Once everyone in your organization understands how shared data contributes to their team’s goals, they will be more willing to share data. Work with everyone on your team to create a shared vision so they understand why they are sharing data.
Achieving SaaS Success With a Single Source of Truth
Transform your operations with an SSOT solution made for you. Surgere’s industry-leading team can assess your existing supply chain data and work with you to create a single source of truth that enhances collaboration and eases workflows. Access your important data and metrics instantly from one location and find the valuable insights that inform your strategy.Learn more about how we can help you create your SSOT.
