5 New Year’s Resolutions You Should Have for Improving your Data Quality in 2017
Where are you now? Where do you want to be? Many companies at this time of year are asking themselves these game-changing questions. It is important to strategize and figure out how your business could perform better to reach your maintenance and reliability goals. Keeping organized data is an important part of managing and maintaining assets and production facilities. When data quality is improved, companies see immense savings in time and cost of running the business. Here are 5 goals that you should be setting this year that will help you improve your data efficiency.
1. Know the quality of your data
How efficiently is your data organized? Can you indicate why it is causing issues with company maintenance, operations, engineering, and planning? Often our clients are overwhelmed with the problems that their data is causing but struggle to pinpoint exact issues and create improvement plans. The first step to fixing a data quality issue is to pinpoint exactly what is causing the problems. Commonly master data will have missing information or duplicated assets. Analyze your data to see if it is organized in a logical way, and if equipment can be easily searched for. The NRX Data Quality Report can identify these issues and will allow you to communicate and illustrate your data quality issues to consultants and contractors.
2. Prioritize the data that needs to be fixed first
Asset intensive industries are fast paced with busy professionals and cleansing data is no small task. After identifying what the issues are with your data make sure to prioritize the problems that have the largest impact on revenue and expense. Make a data improvement plan with specific monthly goals that apply to your company.
3. Design KPIs to measure the accuracy and completeness of your data
Tracking the progress of your data improvement goals is important to making sure you reach them. Some of the most popular metrics to track are accuracy, completeness, timeliness, integrity, consistency, and appropriateness. NRX AssetHub will allow you to visualize data improvements over time through personalized reports.
4. Fill in missing data and delete the duplicates
Incomplete data or duplicated data is an issue for plant maintenance and parts inventory management. Cleansing your data of duplicates and increasing completeness and accuracy of the data is crucial for your data management. Missing data will hinder the creation of comprehensive maintenance plans and lead to an increase in safety risks. NRX AssetHub will optimize inventory by highlighting gaps in data as well as eliminating duplicates through SKU matching.
5. Make sure your assets are in the right functional location
If you have issues finding assets buried in your data, then this is a key area that needs improvement. Try to organize your assets in a hierarchy that relates to their functional location. NRX is one of the only platforms that will allow you to drag and drop assets into their right place. This ensures that your asset data will accurately reflect their physical environment. Unplanned shutdowns due to unstocked spares, lost wrench time to parts and equipment searches and overstocked spare parts inventory can all be avoided from improving data organization.
Choose the goals that relate best to your business needs and monitor their progress monthly. As experts in the data build and repair process, NRX provides software that can help your company to save up to 50% on the time and costs typically incurred in a data quality improvement project. Contact us if you need help achieving your 2017 data improvement resolutions.
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