Stop Siloing! JDIO Software Helps Put Quality Data at Your Fingertips
Easy and equal access to reliable data is possible with collaborative JDIO software for fund control.
In the past, it was extremely common for each department or arm of a business to have its own software and/or records. This separation of information was a necessary evil in the days before the internet, but today there is really no excuse for this kind of “data siloing.”
Keeping data in silos slows operations down as stakeholders are forced to manually check multiple systems to find the information they need. It also creates the opportunities for data entry errors, as workers may have to manually enter the same data into multiple systems.
Keeping workers trapped in “operational silos” where they have little or no contact with other team members can also be bad for business. Workers may unknowingly duplicate one another’s efforts or endure unnecessary delays since they can’t easily tell where a project stands and who is responsible for the next steps.
Fortunately, introducing a collaborative, online work portal that can be accessed by any authorized team member at any time can fix these problems. Our JDIO software is a perfect example of a solution for siloing—it provides a secure, online environment where vital data can easily be collected and shared between users.
Escaping from data silos and operational silos is an excellent first step towards improving collaboration and data-driven decision making at your business.
But there is one further trap you need to avoid…
…siloing your analytics.
Different teams and departments are going to want to dip into your communal data lake to answer various questions. This has the potential to create a whole new set of silos as different business groups begin to squirrel away their own collections of reports. It can then be difficult for reports to be shared between departments. If and when reports are shared, it can be hard to compare conclusions properly because different groups may have used different metrics to approach the problem and/or run their reports on different dates, resulting in incompatible data.
One way to thwart this kind of secondary siloing is to build certain analytic tools right into your collaborative software, rather than letting each department choose their own tools.
Our JDIO software for fund control already incorporates some analytic functions, and we can easily customize the software to include additional pre-formatted reports and/or the tools employees will need to produce their own reports. This makes it easy for anyone to pull an up-to-date report right when they need it, rather than going back to their own separate files of past reports to draw conclusions.
If you would like to learn more about our software solutions for construction lenders, please contact us today. We will be happy to answer questions and arrange a free personalized online demo.