How utilities can better manage and maintain the quality of their data assets
Ajay Jawahar, Spencer Borison, and Siddhant Pasari, energy and utilities experts at PA Consulting, authored an article for POWER Magazine. In it, they write that utilities should have a proper set of procedures and processes in place to manage and maintain the quality of their data assets.
Utilities are becoming increasingly skilled at adapting to changes brought on by the digital age: pressure from automation, disruption from new technology, and challenges with how to ingest, manage, and utilize mountains of data. Viewing “data as an asset” is becoming the new industry norm and utilities are beginning to invest heavily in digital tools and technologies to help them leverage their data to generate valuable business insights. Unfortunately, the value generated from that data is often limited by poor data quality, thereby greatly reducing the return on investment to the business. With the growing need to integrate data across different systems—both internal and external—and the expanding enterprise value chain, the need for trusted high-quality data is greater than ever before.
How can utilities manage the data quality of key enterprise data assets, and put proper controls in place to monitor data quality and deliver meaningful value to the business? They must work to set up a rigorous, end-to-end data quality management solution that is business-driven, sustainable, and that maximizes value by focusing on insight-to-action. Business and IT stakeholders must collaborate in developing this solution, one that is quantitative, focuses on the business impacts of data quality issues, works to determine root causes behind these issues, and uses this insight to drive action through a well-defined remediation plan. Data quality efforts should prioritize high-value data assets, those where issue remediation will drive fundamental change to critical datasets and generate value to the business units that own them. An example would be datasets that feed into multiple downstream systems, and assets that have compliance and regulatory needs.
Learn how to navigate the uncertain future of the electricity sector