Working with data is a must. In our technical world, we can’t avoid data.
Within asset management, data can help businesses build value. This can be achieved via data mining, which is the extraction of patterns within large data sets, and as there is almost always valuable information contained in every large data set, discovering these patterns will help to inform decisions at all levels of a business. The trick lies in avoiding the pitfalls to find and use that valuable information.
Many readers will already be aware that a major pitfall in data mining is the likelihood of false correlations, missing or unreliable data, which subsequently sends a business down expensive and fruitless pathways. Another pitfall can be found in the current hype of storytelling: that if you can attach a story to the sourced data then it’s bound to useful at some stage. But both these pitfalls can cause your business to leak value like a dripping tap.
Most businesses will be cognisant of the benefits and drawbacks to data mining. Some will have already outsourced to data experts, or employed useful software programs. Other organisations will have data as an integral part of the business’ overall asset management strategy. An organisation must understand data mining as a whole-of-business approach, not just left to the IT department.
It’s not too late to gain insights from our recent Virtual Data Forum! You’ll hear from many experts in the field and learn how to raise the bar in asset data management. Click here to be taken to the registration page and access the curated content.