Roughly 70% of CFOs recently surveyed said that keeping information siloed is the single biggest data-related mistake that companies can make. This issue, in turn, has a ripple effect, leading to problems with data forecasting and planning, lower operating margins, and communication issues between vendors and clients, and even between different departments within the same company.
Despite the insights that data provides, too many companies struggle with data transmission and sharing. They are simply not able to leverage the data they have – or that others have – to their benefit. Either they have to deal with too many sources of data, they face a lack of collaboration between teams and data accuracy, or they cannot rely on the timeliness with which data is available to those in their teams who need it.