Home Business Defeat Pesky Data Silos with a Three-Pronged Approach

Defeat Pesky Data Silos with a Three-Pronged Approach

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Data silos can put your investor relations strategy in a stranglehold, limiting your impact and success. Before the squeeze on information gets too tight, you’ll want to tear down silos and make way for a more collaborative approach. 

Prong #1: Consolidate Information Under One IR Tool

The first step to eradicating data silos is updating your software. You need new investor relations CRM tools that consolidate all your information in one easy-to-use program. 

Otherwise, you’ll be stuck using legacy systems that don’t communicate with each other, requiring manual updates and cross-referencing any time you want to review analytics or produce reports. 

A consolidated IR CRM tool simplifies workflow by integrating critical IR intelligence in one place. With just a few clicks of your mouse, you can tap into analytics, monitoring tools, and relationship management functionality. This tech also updates automatically across channels, eliminating human errors from inputting data manually. 

The top IR firms custom build their tools to reflect the unique workflow of the average investor relations team, making it easier for you to measure your success and demonstrate your impact to C-level execs. 

Prong #2: Ensure IR Tools Are Connected by the Cloud

What’s the use of consolidating information if it’s tethered to a physical location? Few people are working strictly in-office nowadays, as the pandemic has shown most departments can work remotely and still be productive. 

Having your IR CRM tools connected to the cloud means anyone can access this data, provided they have the appropriate login credentials and a secured connection to the Internet

Besides ease of access, a cloud-based IR CRM tool means everyone on the team will receive information in real-time from all engagements, including stock performance, communications, publications, and capital markets virtual event registrations and attendance. 

Prong #3: Invest in Team Training

While outdated IR tech is usually the culprit of silos, don’t overlook team dynamics. Tech-based information silos can nurture a silo mentality within the office. 

A silo mentality can stand in the way of synergy, even after updating your IR tools to a consolidated program. That’s because it’s a belief system that encourages employees to hoard information.

Now, it’s not always intentional. Your team might be unaware that another team may find their data useful, especially if they’ve been stuck within a tech silo for an extended period. 

However, corporate culture could be at fault. Some team members may be unwilling to share data out of a misplaced sense of ownership or because they want to sabotage a competing team. These toxic beliefs can lead to power struggles and unhealthy competition, so you need to address them immediately. 

Training can help break down these possible barriers and encourage a sense of collaboration and camaraderie across all departments. Educate teams about the consequences of silo mentality and how it hurts everyone in the office. 

Let Information Flow Freely

Your job analysing IR intelligence is hard enough during these volatile times. Don’t make it any harder for your teams by encouraging data silos. From team training to cloud-based IR tools, this three-pronged approach can help you break these silos down permanently. 

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