In today’s data-driven world, siloed market data has become a significant challenge for many businesses. Siloed data refers to the practice of storing data in isolated systems or departments, where access to information is restricted or fragmented. This can lead to inefficiencies, poor decision-making, and missed opportunities, ultimately costing companies more in terms of both time and resources.
Data Silos and Their Costs
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Information Hoarding
Teams within an organization may hoard information, hindering collaboration and the sharing of insights across the business. -
Wasted Time
Teams may spend excessive time searching for the right information due to data silos. Data professionals waste 20% of their time recreating knowledge assets that already exist within the organization. -
Inconsistencies
Working with outdated or incomplete data across departments can lead to inconsistencies. -
Missed Opportunities
Critical insights are often overlooked due to data fragmentation, making it difficult to make informed decisions.
As companies grow and operate across multiple markets, data silos expand exponentially. This leads to inefficiencies, and significantly higher operational costs.
But there’s a solution to this problem: Synapse, a market research platform by Mordor Intelligence, designed to break down these silos and centralize valuable data for easy access and collaboration. Let’s explore how Synapse can help mitigate the hidden costs of siloed market data.
How Synapse Fixes the Issue of Siloed Market Data
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Access Industry Insights in Seconds
Synapse offers a vast library of over 20,000 industry reports, updated quarterly. This central repository allows users to access reports from various sectors and geographies all in one place, eliminating the need to track down disparate sources of information. This centralized access significantly reduces the time spent searching for data and ensures that all team members are working with the most up-to-date insights.
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AI-Powered Assistance
The hidden costs of siloed data are often seen in delayed decision-making and inefficiency, particularly when analysts are bogged down with manually searching through vast amounts of data. In contrast, AI-powered assistance like Synapse's myRA AI™ drastically reduces this burden. Instead of spending valuable time sifting through reports, users can ask myRA AI™ specific questions and receive detailed, actionable insights instantly. This AI-driven capability enhances decision-making, accelerates analysis, and removes the need for extra analyst hours, eliminating additional costs while improving the quality and speed of data interpretation.
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Regularly Updated Content
The world of market research is constantly evolving, and keeping track of the latest trends and shifts can be daunting. Synapse addresses this by continuously adding 300-500 reports per quarter, ensuring users always have access to the latest industry data. This helps businesses stay ahead of the curve, adapting quickly to changes and making informed decisions based on the most current insights.
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On-Demand Reports for Niche Insights
For industries or topics that needs customisation, Synapse offers on-demand reports. These reports can be requested and delivered within 24 to 72 hours, giving businesses access to niche market intelligence quickly. This flexibility ensures that users can access insights on emerging markets or specific areas of interest without waiting for the next library update.
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Comprehensive Market Hubs and Data Visualization
Synapse centralizes market data into comprehensive hubs, offering businesses easy access to industry reports, market share analysis, and customizable visual tools. With interactive dashboards, users can visualize data through charts and graphs, simplifying complex insights for quicker, actionable decisions. This eliminates the time-consuming process of manual analysis and report generation, saving businesses valuable resources and reducing costs. By empowering teams to create their own custom reports, Synapse removes the hassle of extensive data analysis, enabling faster, more informed strategies that drive growth and efficiency.
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Custom Research and Analyst Support
Synapse doesn’t just provide off-the-shelf reports; it also offers custom research tailored to your specific needs. With access to analyst hours, users can work directly with industry experts to create in-depth reports that address niche market concerns or answer specific questions not covered in the general library. This feature is invaluable for businesses looking for unique, high-level insights that are not readily available from standard reports.
What Advantages Does Synapse Provide
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Tailored Subscriptions, No Wasted Spend
With Synapse, you don’t need to pay for access to irrelevant data. Its flexible subscription model allows users to subscribe to specific industries, markets, or regions that are most relevant to their business. Whether you need to access just a few reports or the entire library, Synapse adapts to your business needs. This means no wasted investment in unnecessary data, saving both time and money.
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Seamless Collaboration with Enterprise Flexibility
Synapse offers enterprise flexibility, meaning multiple team members from different departments or regions can access the platform under a single subscription without additional costs. This fosters a more collaborative environment, where teams can share insights and work together to make informed decisions. By eliminating data silos across teams, Synapse ensures that every stakeholder has access to the same data, reducing inconsistencies and improving the quality of decisions.
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Cost-Effective
While siloed data can lead to costly inefficiencies, Synapse is designed to be both cost-effective and scalable. The platform’s flexible pricing structure ensures that businesses of all sizes can access the information they need without paying for unnecessary data. Whether you are a startup needing targeted insights or a large corporation seeking comprehensive reports, Synapse provides significant value for money.
Unlocking the Future of Market Intelligence with Synapse
The future of market data looks promising with platforms like Synapse, which break down information silos and provide a unified hub for seamless collaboration. Powered by AI, Synapse enables quicker, more insightful decision-making, driving efficiency and revealing untapped growth opportunities. By centralizing market intelligence and fostering cross-functional teamwork, Synapse equips businesses to stay ahead of the curve, enhance competitiveness, and leverage data for strategic advantage. This is how the future of business intelligence is evolving—smarter, faster, and more connected.
Don't let fragmented data hold your business back. Schedule a demo of Synapse today and experience the power of Synapse's unified market intelligence.