What is SVOT?
SVOT means Single Version of the Truth.
SVOT is a single, real-time, authoritative representation of data (master data, business data, and transactional data) across business partners, that can be accessed by all relevant parties through a multi-party permissions framework. Traditionally, it has been very difficult for all trading partners to see the same information at the same time. This is because most businesses rely on enterprise-centric legacy systems that do not reflect real-time information, even within their own enterprise.
In addition, multiple systems within an enterprise mean duplicated and often contradictory data, that increases the complexity and uncertainty in decision-making. Couple that with the fact that business involves multiple parties, and the challenges are multiplied by the sheer number of upstream and downstream partners that need to collaborate. To enable a SVOT, companies need to be on the same platform and have a technology that enables real time data to be shared across the entire network of business partners and within the enterprise.
One Network’s Perspective on Single Version of the Truth
One Network’s multi-party NEO Platform provides a single version of truth (SVOT) to all the members of the network, with access strictly controlled by a patented permissions framework. Having an SVOT enables companies to share vital information rapidly, optimize performance, and plan and work together to resolve supply chain issues. It also allows businesses to identify and respond to risks early, and exploit business opportunities in a rapidly changing environment.
Single Version of the Truth Resources
ChainLink Research’s new report, Supply Chain Networks Revealed, examines the breakthrough business strategy employed by leading companies, and that is winning in today’s fast moving and hyper-competitive global landscape.