<\/span><\/h2>\n\n\n\nCreating a single source of truth is so much more than setting up a database or a portfolio management platform–the “where” is far easier to determine than the “how.” Maintaining a quality single source of truth requires thinking not just about the platform’s design but also how to go about maintaining it. You\u2019ll need to think about processes for keeping it up to date and full of the high-quality information executives and project managers need to make high-quality decisions.<\/p>\n\n\n\n
Keep it up to date.\u00a0<\/em>Is your initiative review an annual affair or a weekly one? There is no one-size-fits-all answer; the right interval depends on the timeframe for progress across your R&D portfolio and the velocity of change across your competitive landscape. Whatever the interval, project teams will need clear guidance on how often to update information, and an assigned team will need to follow up regularly to ensure adherence. Start humble, with infrequent updates but clear expectations about deadlines, and get more ambitious as data collection and refinement become more routine.<\/p>\n\n\n\nKeep it full of high-quality information.\u00a0<\/em>If you\u2019re here simply to check the \u201csingle source of truth\u201d box, abandon all hope for quality information. Project teams won\u2019t spend their precious time sharing project details unless they see that information distributed in reports and used for critical funding decisions. If executives won\u2019t use the information at hand, why waste time compiling it? Executives must walk the talk\u2014the data must be part of a transparent decision-making process that puts project team generated information front and center.<\/p>\n\n\n\n