Wait a minute - Why is Intov8 talking about Single Version of the Truth? Isn't everyone talking about Single Source of the Truth?
What's the difference? Does the difference matter?
The short answer is, yes.
While the phrases “Single Version of the Truth” and “Single Source of the Truth” are related to each other, they do mean different things. According to Lionel Grealou of Tata Technologies, the difference between the two terms can be defined as:
Single Source of the Truth (SSoT): A data storage principle to always source a particular piece of information from one place.
Single Version of the Truth (SVoT): One view of data that everyone in a company agrees is the real, trusted number for some operating data.
While achieving these two outcomes may converge, they can also be separate and distinct from one another. By this we mean, creating a SVoT doesn’t necessarily require a SSoT to be in place. Implementing a single source can be a significant uplift for your technical team, however agreeing on a single version has a more focused scope.
Single Source of the Truth is the practice of structuring information models so that every data element is stored once, meaning that data is only created at source following a specific process or set of processes. It enables greater data transparency, relevant storage system and traceability. SSoT is sometimes mistaken for a repository for all data when it is actually an enterprise data model constructed for data integration and control across multiple sources, to avoid duplication and redundancy. Efficient business decision-making processes are reliant upon reporting and analytics tools collecting data from multiple sources and transforming it into the relevant format.
Single Version of the Truth describes the data warehousing principal of having a single, centralised database which stores all an organisation’s data in a consistent form. It is the operating data that an entire company agrees is the real and trusted information.
Single Version of the Truth is the practice of delivering clear and accurate data to decision-makers in the form of answers to strategic questions. It enables greater data accuracy, uniqueness, timeliness and alignment.
Single Source of the Truth is about managing disparate data across various systems, while Single Version of the Truth is about delivering the right data to decision makers so they can clearly understand business performance. In other words, if single source focusses on integrating and synchronising data, single version is about consolidating and aligning the reporting and analytics.
If all you have a single sources of the truth, you will not get the actionable insights that are required to make timely decisions in the fast-paced world of short interval control. This means dollars could be slipping through your fingers.
Intov8’s POLR xConnect and POLR Sale2Sail applications work together by providing the Single Source of the Truth in the management of disparate data across various systems (POLR xConnect) and a Single Version of the Truth by providing the centralised database that stores all of the organisation’s data (POLR Sale2Sail.)
Contact the team to find out how we can implement a Single Version of the Truth for your business.