No Time Like the Present: Finally Ready for a Single Source of Truth?
Almost daily, we hear from companies that they want to create “a single source of truth” for R&D portfolio management at their company. Software providers list “single source of truth” as a key feature of their products. And, in the midst of our months-long shelter-in-place, leveraging the collective wisdom of the company to make critical R&D decisions is harder than ever, adding urgency to the need for a single-source of truth.
Like many buzzwords though, “single source of truth” is in need of some clarity: What is it, how do I get one, and is it enough?
If you’re still downloading data to Excel each week so you can update your PowerPoint deck, you’re not reaping the benefits of a single source of truth
What Is a Single Source of Truth?
A “single source of truth” is that one place everyone can turn for decision-relevant information on internal initiatives. It is a compelling alternative to spreadsheets, slide decks, and the other assorted, incomplete, and out-of-date documents scattered hither and yon throughout a company. A single source of truth is different from those other records in several ways: (more…)