Is inconsistent data holding you back? As a business, data is one of the most important assets you hold. Data is key to decision making and should be used to create more value where possible. Data can either empower your business to reach new goals, or it can slow you down and create more problems than you initially started with.
For many asset-intensive organizations, their asset and maintenance data is often organized differently at different locations and in different business units. Sometimes it is governed by different rules and standards in different parts of the business. This makes it very difficult for businesses to report consistently, allocate financial resources efficiently, train employees effectively and expand the business according to a well understood process. As a result, standardization of asset and maintenance data across the enterprise is an important objective for large asset intensive businesses.
What is Data Standardization and What Can It Do For You
Data standardization is a process where data is transformed into a consistent format and organized consistently. As previously mentioned, it is often common that data is stored separate distinct systems with different formats and standards. These seemingly small differences in how the data is stored can result in misinterpretations and inconsistencies in your analytics and your organization’s data. Inconsistency can make it impossible to deliver reliable information to management for good decision making. It can also make it difficult for maintenance and reliability professionals to work effectively. It is no doubt that your resources can be better put to use, by proactively ensuring that your data is complete, accurate and consistently organized rather than constantly checking for inconsistencies afterwards. Data standardization gives data greater meaning and ensures data quality.
The first step to getting started with data standardization is understanding and cleaning your data. Is your data actionable? It is crucial that your data is clean, complete, accurate and formatted before it is put to use. This will ensure its accuracy and integrity of your information, while preventing bad data from entering in your system.
How Can You Standardize Your Data?
NRX AssetHub helps to identify quality data issues using strong reporting capabilities to highlight gaps and measure the completeness of the asset and maintenance data. It can also be used to efficiently improve and fix your asset and maintenance data. With NRX AssetHub, organizations can reduce maintenance costs tied to poor data, control exposure to operational risks, and build repeatable processes, and reference points that can be leveraged across the enterprise. We also offer personalized demos, reach out today!
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