Data has changed the world. How we live our lives, and certainly how we work. In asset management, there is no doubt that data can transform maintenance practices, extend the life of an asset, and through these features alone can bring in greater value for the enterprise. A quick internet search will show many articles and webpages devoted to highlighting the amount of data businesses have at their fingertips. The prevalence of big data has helped us all understand the three Vs: velocity, volume, and variety. What it hasn’t done is help us to understand the importance f quality data, nor how to ensure the data our business is leveraging is in fact to be trusted.
At the Asset Management Council’s recent Virtual Data Forum, delegates were delighted to hear from Bonnie Ryan, Director, Freight Logistics and Industrial Sectors, GS1 Australia. Bonnie spoke about ways to ensure data and analytics are of good quality and worthy of the trust being placed in them. Without quality data, businesses are forced to set up additional means to control data resulting in a lengthier process for information to be usable at a greater cost.
By implementing a Quality Data Framework, businesses can be assured of a method to maintain key information about the business’s assets, materials, customers, stakeholders, partners, agencies, and employees for operational and collaborative purposes.
Of course, no framework can ever be arrived at without challenges. Often such challenges come in the form of people, systems, and processes, and also data itself. To make a Quality Data Framework that is reliable, Bonnie Ryan advised businesses ought to follow these steps:
- Build awareness of the data issues
- Develop an enterprise strategy and a roadmap to it
- Design a business-driven data governance program
- Apply a collaborative culture within the organisation
- Initiate change management
- Communicate and educate
Once the Quality Data Framework is in place, the data quality management system sits like a protective roof over the structural pillars of documentation, implementation, and preventative action1.
If you’re working in the asset management sector with a specific interest in data, make sure you’re connected to the Data in Asset Management Special Interest Group. You’ll be able to build on your network and learn from others about the journey to data success. Find out more by contacting firstname.lastname@example.org.
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1 All information in this post sourced from Bonnie Ryan’s presentation: Highlighting the Importance of Quality Data in Optimising Asset and Operations Digitalisation Efforts