Category: Asset Management

Date: 01/11/2023

Subject: If your Asset Data Foundation is on ’Shaky Ground’, you need these 5 key elements of good consistent asset data to avoid a Crumbling Business at any or all levels of sourcing and use.

Audience: LinkedIn

Topic: A robust combination and holistic view of these 5 elements forms the groundwork for a reliable asset data foundation, providing the basis for effective decision-making, analysis, and operational efficiency.

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➡️ Data Quality: High-quality data is fundamental. It's essential to ensure that the asset data is free from errors, duplications, and inconsistencies. Regular data cleaning and validation processes are necessary to maintain and improve data quality.

➡️ Data Governance: Includes defining ownership, access controls, data security measures, compliance requirements, and policies for data maintenance and updates.

➡️ Standardisation: Using standardised naming conventions, classifications, and categorisations facilitates seamless data integration and enhances its usability.

➡️ Data Lifecycle Management: Involves capturing, storing, organising, using, and disposing of data in alignment with the Asset’s Lifecycle. Understanding when and how data is created, modified, accessed, and retired helps in maintaining its relevance and accuracy. 

➡️ Data Integration and Interoperability: Establishing interoperability standards and robust integration frameworks allows for the consolidation of data from different systems or sources, enabling a comprehensive view and insights regarding assets across the organisation.

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