What does your average day look like? Do you bounce around between multiple IR tools, each one siloed from the next?
If you answer “yes,” you wouldn’t be the only company to work within tech siloes.
Far from it. Many companies that are older and larger unintentionally siloed themselves in a bid to keep up with advancing technology. Over the years, they adopted new software at different stages of their digital acceleration, and now, they work within a patchwork of disconnected apps as a result.
Adopting a new app here and another service there — it’s one way to avoid being left behind in the digital revolution. But you can’t keep pace with companies that rely on innovative Q4 IR tech. The latest investor behavioural analytics from Q4 aggregates data from across all the typical IR tools, delivering insights in one app.
If IR teams relying on cutting-edge engagement analytics run, your siloed company toddles behind them at a snail’s pace. That’s because working in a tech silo promises inefficiencies that actively hurt your IR strategy.
What is a Tech Silo?
A tech silo refers to software that doesn’t interact with other apps used by your team. In other words, each program is its own island, inaccessible to other apps in your IR tool suite.
The data each siloed program contains won’t auto-populate in another. It must be accessed manually and cannot be shared easily.
What’s the problem with that? There are several, in fact:
1. Inefficiencies
When you have to juggle so many different tools at once, it’s hard to focus on what matters. Instead, you can wind up wasting time navigating between each data system.
There’s a good chance you can’t spot overarching patterns in your data, so your team might overlook key insights in fragmented IR intelligence. You can also make accounting and administrative errors when you manually collate and analyze data from different systems.
2. Digital Stagnation
Tech silos also highlight another issue of relevancy — or a lack thereof — within your IR strategy.
Your IR strategy has likely changed dramatically since the pandemic, yet you might still be working with software that predates it by several years.
The latest IR tech releases are holistic software that aggregate information across your entire digital footprint. Entirely siloed programs are a relic of the past, which calls into question their ability to support the modern IRO.
3. Poor Work Culture
Tech siloes can nurture a silo mentality, an attitude and belief system that encourages employees to conceal information from other teams or departments.
It can be an unintentional consequence of working with siloed tech, as you might not be aware you have information that would be useful to others. But sometimes, employees, managers, and even entire departments might refuse to share information in the belief they shouldn’t.
Update Your IR Software in 2023
In 2023, consider reaching out to an investor relations firm for guidance on how to streamline your IR tools with engagement analytics.
Holistic engagement analytics software consolidates all your IR intelligence in one place. But more importantly, this new tech synthesizes and analyzes this data before delivering it in an intuitive dashboard. All in, it tears down stifling siloes to encourage collaboration, eliminate inefficiencies, and reinvigorate your IR strategy.
