When was the last time you updated your IR software? If it’s been a while, you might be working within tech silos that encourage divisions between your team.
A tech silo happens any time apps or software don’t communicate with other systems used by your team. Without an easy flow of info between systems, you can run into barriers that bring your corporation to a screeching halt.
When it comes to your IR software, you need something that breaks down these barriers. Otherwise, you could be fighting against inefficiencies, toxic company culture, and lost opportunities. Keep scrolling to understand why silos are so harmful to your investor relations strategy.
IR tech silos are breeding grounds for inefficiencies. They put up walls around individual files and entire programs, and only those with routine access to these apps can access the information they hold.
This complicates cross-departmental collaboration, as your employees can’t take advantage of information stored in the software outside their usual department.
When your team can’t share data effectively, no one’s on the same page. Some employees might have no idea what kind of data another department stores, which can lead to people creating duplicate, incomplete, or incorrect files as each department collects information without outside input. This duplicate work increases your costs and steals time away from your teams.
Isolation between teams can breed a silo mentality all too easily. The silo mentality is a hostile belief system that encourages employees to stockpile information, reaffirming the need to keep tech siloed.
There are a few reasons why silo mentality takes hold in a corporation:
- It can be unintentional — without inter-departmental communication, it may be impossible to know when information is useful to others.
- Some managers and employees refuse to share data out of a misplaced sense of stewardship over their work.
- Competing departments might hoard information to sabotage the other team when their duties overlap.
Regardless of the cause, a silo mentality can harm your corporation. Not only can it impact your investor relations program, but it can also sour your reputation by breeding an office culture of suspicion, resentment, and antagonism that pushes away the best talent.
Risk of Irrelevancy
Data silos speak to antiquated computer systems that predate modern digital software connected by the cloud, so there’s a good chance your outdated programs aren’t keeping up with today’s demands.
Digitization can help you sharpen your competitive edge so that you can stay ahead of the curve.
The latest IR software consolidates CRM, communication tools, surveillance, and analytics into one platform so that you can react quickly to volatile markets without delay.
Since an integrated IR system gives you the ability to monitor short-term trends in your shareholder base, you’ll be able to leverage data as you collect it. Fresh, relevant information gives you what you need to make real-time decisions regarding investment activity.
But a siloed system puts a pause on your reaction time. You’ll be operating on stale data, which puts you at a disadvantage for issues that require immediate attention, like short selling, activism, or both phenomena at once.
Consolidate Your IR Infrastructure to Remove Barriers
Break down barriers to adopt a fully integrated approach to your IR strategy. It can help your organization thrive as you leave communication breakdowns and inefficiencies in your past. In the future, you can look forward to greater relevancy and performance.