When asset-intensive companies recognize that their data quality is not quite up to standards, their next step is to find a solution that will help them fix it. While this is a good way forward, sometimes the sheer cost will cause them to rethink their decision. This hesitation can make way for further deterioration of data integrity and incursion.
Fortunately, there is no need to panic. In fact, there are several actions that companies can take to reduce the cost of data improvements in their EAM data. Here are the top 5 ways to make data solutions cheaper, through individual action.
1. Prioritize Your Data
Upon realization of data quality issues, the first step is to decide what information needs to be addressed immediately. Pinpointing critical data helps the solution team focus on priorities and paints an accurate picture for projected costs. Additionally, by cutting out unnecessary work, expenses can be reduced or adjusted to fit a practical budget. In terms of direct action to reduce costs, prioritization of data is the most effective response.
2. Prevention Before Reaction
On our last post we discussed the idea of preventive maintenance; the same concept can also be applied to data solutions as well. When taking positive action in cleaning data, focus on taking a preventive approach, rather than going back and repairing the data that is already in disarray. Putting energy towards incoming data ensures that new data will be organized and won’t become a liability.
3. Less is More
While the do-it-yourself approach may encourage heavy involvement in file structures and data hierarchies, it is important to realize that any action taken should be cautious. Though dependent on the status of a company’s data quality, action taken by a company in lieu of a professional service could lead to more harm than good. Focus on being complementary to the solution, rather than a replacement.
4. Understand Your Data
Getting to know your data is just as important as looking for an ideal solution. Understanding what needs to be solved promotes efficiency and improves communication. It helps data solution firms get a clearer idea of what services they can offer. In terms of pricing, it helps asset-intensive companies develop a detailed pricing plan so that there are no surprises down the line.
5. Agility and Flexibility
Aside from direct action, a critical attitude to have when looking for a data solution is to be flexible with your needs. Even further, data flexibility is also something to take into consideration. Being open to additional solutions or new software saves time and money which can be put towards initiatives that help your data. Rigidity costs money, but agility just might save it.
How Can NRX Help?
NRX AssetHub helps asset-intensive companies deal with their data quality issues for EAM and CMMS across the board. We work with our clients to ensure that our solutions are cost-effective, preventive and efficient. We help to increase wrench time by 25% and save up to 50% of the cost incurred by poor data. Our services set our customers up for success. If you want to know more about how we can help improve your data, book a demo or contact us at 1-877-603-4679.
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