The implementation of sophisticated data governance procedures can yield significant operational and financial benefits for the energy industry.
FREMONT, CA: The energy industry is undergoing a significant transformation driven by new ways of energy generation, customer demands for faster and more affordable services, security, and data. Gathering data to garner insights provides energy companies with a significant potential to say ahead in the world of competition. Extracting real value out of all these data requires the development of data-driven operations and a data ecosystem that can underpin processes, systems, and people. In Agile Thought’s opinion, the ability to fully maximize the value of data is vital for energy firms, while poor data management can severely affect business success.
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The solution for energy companies is to create a single version of the truth—one view of all the data— for all operational aspects of the business. A right data governance platform ensures that all relevant data is available to the right actors and teams when and where they need it. This requires an enterprise-wide approach to data governance, ensuring that the right information is captured, the right set of tools and technologies are deployed, and data is consistent across the systems.
The energy industry is faced with the need for updated data management and governance architecture. Creating a culture where data is treated as an asset is critical here. Energy companies must evaluate platforms and technologies that fit specific data attributes and business requirements. The platform must be capable of governing data deluge, adopting low latency features, and supporting advanced use cases. In addition to this, data quality and information gaps must be identified.
Harmonizing data and processes reduces problems associated with a lack of data governance. Today’s mandate for energy companies is to implement a governance model that ensures process, system, and data alignment to meet modern demands. Therefore, adopting a robust data governance model will improve the energy firms’ approach to the data life cycle.
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