Importance of a Single Source of Truth: Documentation, Regulations and Standards

Duration: Approx. 30 mins
Presenter: Jonathan Silver – Senior Product Manager @ IHS Markit

Single Source of Truth

Data-driven decision making is the practice of using data, metrics and facts to guide strategic business decisions that align with your goals, objectives and initiatives; removing the ‘intuition’ and ‘gut-feel’ from your day-to-day, but rather implementing systems and processes that enable you to harvest and analyse data to verify, understand and quantify. Although intuition can be a helpful tool, basing critical business direction on a hunch, adds business risk. However, basing strategic business decisions using inaccurate, unverified data is potentially just as, or even more so, harmful than gut-feel.

Questions should always be raised around how accurate your data set is?
How do you know that the version you have is the most recent one?
Do you have a single source of truth that is based on structuring information models and data schemes so that everything is in one singular, integrated place?

The answer to these and other questions like this determines the legitimacy of the information you are using to make critical business decisions, decisions that if made from inaccurate or out-of-date sources, can have dire consequences. But there are ways, tools and systems we can use to negate these situations and make sure the information we base our business future on are sound and legitimate.

What you’ll discover in this session;

– HIS Markit intro
– Construction Information Service (CIS) intro
– Supporting construction lifecycle from start to completion
– Maintaining a single source of truth
– Collaboration and Partnerships – Working together
– Q&A – Your own all-important Q&A’s

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