Breaking down data silos with SAP® Analytics Cloud: Why a connected view of data is key to success
13 February, 2023
Managing Principal SAP Analytics Consultant,
Decision Inc. UK
The right data tools will enhance data integration and ultimately unlock better planning and effective decision making.
Today’s businesses need to be informed by comparable data, from budget forecasts to financial planning and beyond. To make accurate decisions, it is essential to understand the insights derived from a variety of data sources and build meaningful connections that provide a holistic view of our operations. However, this can be difficult if valuable information is siloed in disparate units or systems not designed for analytics. As a financial professional, it’s easy to fall into the trap of looking at data in silos; considering only one angle or limited factors that make up the greater story. However, this piecemeal approach can be severely detrimental to the decision-making process and efficiency.
1. The problem with data silos and how they can hurt businesses
Data and analytics are essential components of any successful business, yet organisations often struggle to gain insights due to data silos. Data silos occur when different systems maintain a range of very diverse data sets, often separated by departments, systems or business processes.
Both analysing and updating data across systems and teams is difficult with visibility of originating detailed data-sets often only available to the teams and users creating those planning data-sets. With original plans fed and mapped through various system and layers, it can be difficult to interpret business drivers and also make timely and corrective updates.
This often leads to an unconnected view of how the business is driven and an inability to make changes in real-time.
Accurate insights across the organisation are critical for effective financial planning, budget forecasts, and other areas that require transparency to ensure effective decision making. Data silos also increase the risk of erroneous decisions due to a lack of understanding of the bigger picture.
Investments in data analytics and tools that provide insight into all business area and can help break down these data silos, improving collaboration and ultimately providing deeper visibility into business operations.
2. The business value of breaking down data silos
Breaking down data silos ultimately benefits the whole business. It directly impacts a company’s by helping them gain insight into their operations, customer behaviour, and spending trends; leading to greater cost savings, increased efficiency, and improved customer service.
A connected analytics and planning platform is also an enabler for finance teams and allows them to quickly respond to requests for information, make quick updates to plans at the relevant level and run scenarios.
All these considerations show that breaking down data silos is central to a forward-thinking Data Management Strategy in order to maximise business value from data. The right tools not only break down data silos but create integrated insights for an overarching view of performance – ultimately leading companies toward success. An effective tool for breaking down silos is SAP Analytics Cloud.
3. How SAP Analytics Cloud (SAC) can help you break down data silos
Achieving a holistic view of the business requires breaking down data silos and merging disparate datasets into a single source that can be used more effectively. For financial leaders, the need for change is urgent – something that SAP Analytics Cloud makes possible due to its ability to integrate with other solutions on-premise or in the cloud, allowing users across all departments access to the same real time insights for better business decisions. It helps simplify analytics processes and provides users with an easy way to access collective insights from multiple sources within one single platform.
This competitive platform reduces human errors by streamlining complex workflows and freeing up time for more strategic initiatives. It has advanced features like Artificial Intelligence, Natural Language Processing, and Machine Learning capabilities to uncover hidden patterns and trends in your data.
It also offers instant collaboration and dashboards for cross-team insights and faster decision-making. It enables financial analysts, FP&A managers, finance managers, and chief data officers to access a single connected data platform for their data analysis and planning needs, resulting in a single version of the truth across departments and stakeholders for better informed business decisions. This allows for seamless collaboration, making cross-team insights and fast decision-making a breeze.
Closing thoughts on breaking down data silos for better decision-making
Breaking down data silos is essential for any business that wants to stay competitive in today’s market. The benefits of connecting your data are clear: from gaining insights into operations, customer behaviour, and spending trends, to improved efficiency and increased cost savings. The right tool, like SAP Analytics Cloud will make breaking down data silos easy and effectively unlock the potential of your data. With all these benefits, it’s worth considering SAP Analytics Cloud as a valuable tool for your organisation’s data analysis and decision-making process.
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About Decision Inc.
Decision Inc. is a global digital partner that assists businesses in reinventing themselves to realise their full potential.
We deliver agility, resilience, and intelligence to any enterprise. Our teams have engaged with more than 400 clients globally over the past 15 years, providing them with the expertise to build, operate, and optimise their digital businesses.
Our success is driven by our entrepreneurial culture, industry exposure, and the passion of our people. Spread across three cross-functional teams – Functional and Specialist Consulting, Development, and Engineering – in four global offices, our exceptional employees focus on delivering value to you seeing you realise your journey to success.