Have One Version of the Truth
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Have One Version of the Truth
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In this episode of Be a Best Run Business, Nicolena, Joe, and Jared tackle their fourth principle: having one version of the truth. Joe paints a vivid picture by following a single piece of rental equipment through different departments - accounting tracks depreciation, service knows maintenance history, rental systems show income, but nobody has the complete picture. This leads to costly mistakes, like accidentally selling equipment you don't actually own because it's still financed. Jared shares the daily frustration of not being able to answer customer questions because the person with that specific information is at lunch or on vacation. They discuss how unified data prevents embarrassing situations and enables better decision-making across all levels. The conversation touches on data security concerns and the balance between transparency and protecting sensitive information. A standout story involves a company almost selling a profitable location for a million-dollar annual loss because their spreadsheets were incorrectly allocating expenses. The key takeaway: when everyone operates from the same accurate, accessible information, it empowers employees to make better decisions, which ultimately empowers customers too.