Long Read  

How to avoid data silos in your firm

This is where integration tools come into play.

Industry tools or IPAAS (integration platform as a service) are solutions that empower companies to connect and integrate their business applications, enabling automatic synchronisation across the entire tech stack.

Tools like Zapier or Power Automate bridge the gap between business applications, keeping data updated in real-time across multiple areas, thereby combating the creation of data silos.

Company culture

This may seem like a surprising ally in the war against data silos but a collaborative company culture can also help to clear the roadblocks preventing an organisation from becoming a data-driven business.  

Setting up a data governance team, sorting through existing outdated data or organising workshops to understand system capabilities all go a long way in establishing a proactive data-sharing environment.

By signalling the importance of a longer-term and broader perspective to their teams, financial planning firms can empower people to break down existing data silos and prevent future silos from forming, unlocking the full capability of their data.

The introduction of new digital solutions into their businesses enables wealth firms to generate more comprehensive client data, streamline the major financial advice processes and deliver exceptional client outcomes.

But it is vital to remember that data is the foundation on which these achievements are built, so managing data in an efficient way and keeping those technical priorities aligned must always take precedence. 

David Gorgan is a business innovation analyst at Progeny