An information silo could be standing in the way of your Investor Relations (IR) strategy, and your IR software could be the biggest culprit.
Not only does your choice of investor software have considerable sway over your IR program writ large, but it also has a prominent impact on the way you handle data. And tech silos are all about sequestering data in ways that limit teamwork.
Want to know more? Keep scrolling to find out the common signs of an information silo and how to prevent these barriers from harming your IR strategy.
What is an Information Silo?
An information silo is a business model that suppresses an easy, smooth communication of data between teams and departments. These teams may have overlapping goals, and they may even report to the same manager, but they aren’t aware of the other teams’ initiatives or objectives.
This insular management style earned its name from the grain silos that you can spot on the average cattle or agricultural farm. Just like the grain stored in one silo can’t mix with the grain stored in another silo, the data collected and used by one team can’t be accessed by another team.
Outdated tech is at the crux of this organizational method. Isolated software and apps have no means of connecting with other apps or systems. Each system operates on a separate database, making it hard for your employees to share information across departments.
The Signs You Have Information Silos
It’s unlikely you’ll exhibit just one of these symptoms below. Tech silos present in many different ways.
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Here are some of the warning signs you’re operating under an information silo:
- It’s a struggle to find the right data
- Overlapping data may conflict across IR tools, casting doubt on the accuracy of all your data
- Teams operating on different data leads to painful mistakes — e.g., your marketing team may contact an existing client as a potential customer
- Team leads are unaware of the goals and initiatives of other teams
- Lack of transparency between teams lead to redundant data and projects — e.g., two teams working on the same task
- Teams may have conflicting processes or targets that don’t align with the greater goal
- Employees don’t know anyone outside of their immediate team
- Employees don’t want to share information with others
How to Tear Down Tech Silos
Information silos boil down to an ineffective file sharing system, so you’ll need to re-evaluate the IR software you use. You need to find a full-suite desktop program that collapses tech silos to streamline workflow across all teams.
The best IR software provides an end-to-end process that integrates analytics, monitoring tools, and relationship management in one simple platform.
In many cases, these systems are accessible by the cloud. This way, anyone — regardless of their position in the company — can gain access to any data as long as they have the correct login credentials.
By aggregating all your data generated by your IR strategy, you can eliminate barriers that get in the way of your workflow. Instead, you can focus on the insights that help you target new investors, monitor shareholder composition, and measure your overall impact.
Tech silos have the power to interfere with your ability to target and retain investors. If you think you might be operating in a silo, take the time to compare IR companies that can help you tear them down.