Achieving uniformity of vision in an organization’s upstream, downstream, and competitive landscape has been the holy grail of any enterprise-wide system. This visibility promises smoother business operations, improved communication, reduced chances of conflict, and an end-to-end supply chain integration.
With the rapid advent of new technologies, the promise of achieving this single version of truth (SVOT) across the enterprise seems closer than ever. And yet, this goal remains underachieved, often because the end users do not have an appreciation of the value of SVOT or of their role in the organization’s pursuit of it.
SVOT programs in companies often involve various elements of master data and master data management, systems of records, the golden record, data repositories, and data warehouses. SVOT programs focus on linking systems of records with master data to allow both intra- and intercompany collaboration while effectively managing the associated risks and challenges. There are two contrasting approaches of master data management (MDM) by which companies try to make this happen. The traditional approach focuses on centralization while the modern approach focuses on decentralization. Each approach has its own benefits and drawbacks, but the decentralized approach offers more data security. In addition, users need to agree on the end goals along with consistency in data quality, integrity, and access and sharing rules for a successful sharing of knowledge.
Are you fascinated by the new technological developments in the SVOT space and wondering how you fit into your organization’s SVOT objectives? The Accenture Academy courses Overview of Single Version of Truth (SVOT) and Related Components, Risks and Challenges with Achieving Single Version of Truth (SVOT), Centralized and Decentralized Approaches for Creating Single Version of Truth (SVOT), and Governance and Key Performance Indicators (KPIs) for Single Version of Truth (SVOT) provide a strong appreciation of the challenges involved with SVOT and its various implementation components, centralized and decentralized approaches for creating SVOT, and the various governance standards and key performance indicators that need to be monitored in the pursuit of SVOT.