Is Data Standardization the Holy Grail You’re Looking For?
Picture this, you have several facilities across the country and possibly even across the globe. Each facility has its own unique data reporting standards and asset hierarchy structures. None of these facilities report data correctly, and the data is riddled with errors. Sound familiar? That’s because almost every asset-intensive organization struggles to manage data accuracy and data standardization across the organization.
Fixing the issues that prevent standardization would be a very tedious process. This starts with the daunting task of designing standards that make sense for the entire company and all its different facilities. Then you must gain complete employee buy-in to the new way of doing things, as well as completing the frustrating process of fixing and reworking the old or existing data.
All this work, for what? Well, data standardization promises improvements across your entire organization. Once your data is standardized you can analyze your data, compare performance across several facilities, and benchmark against the industry. Standardization will also help you to easily indicate any errors in the data, as well as strengthen your decisions. But, you’re likely already well-aware of these value propositions. Your thoughts may be focused on,
How likely is it that all this investment in data standardization will truly pay off the way everyone says it will?
With your data the way it is, there is a good chance that your current data analytics are incorrect. Analytics interpreted wrong or not interpreted at all could be incredibly detrimental to your business. One of the biggest pushes towards data standardization internally is the benefits of IIOT, machine learning, and advanced analytics platforms. Without standardization, it would be hard to use the data for decision making. Thus, the question now becomes,
How powerful are data analytic tools, and how will they impact your business?
With strong data standardization in place, analytics platforms can provide you with insights that can improve uptime, asset longevity, cost of maintenance, safety and so much more.
Find out more about how to prepare and implement IIOT in your business or download our tip sheet on complying with performance standards.
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