Digital transformation initiatives rely on extensive and accurate data. Master Data is a foundational element in these initiatives and has a huge impact on day-to-day business operations. In this quick 2:40 YouTube video, Master Data Management and the Importance of Healthy Data, Emerson’s Curtis Thompson explains why having healthy data matters, and how to know if you have healthy data.
Curtis opens noting that there are three qualities to consider in establishing healthy data. The first is the master equipment list. He recommends populating at least 80% of the equipment records with basic, essential information such as manufacturer and model. He asks if 60% of your assets have an engineered bill of materials.
The second quality is materials. Does your enterprise asset management hierarchy comply with standards such as ISO 14224—Petroleum, petrochemical and natural gas industries – Collection and exchange of reliability and maintenance data for equipment? Have you cleansed and removed duplicate material data records across sites?
The third and final quality for establishing healthy data is in your reliability strategy. Do your maintenance task lists contain step-by-step, detailed instructions and are all of your critical assets clearly identified?
Once you assess and address the current state of your data and establish a path to healthy data, you have the foundation on which to drive forward your digital transformation initiatives. Without quality data, it is nearly impossible to gain meaningful insights and take effective action. The transformational analytics can never be fully realized.
Poor data quality also affects asset performance management (APM). It’s difficult to quantify the integrity of your assets which can lead to reduced availability, quality and throughput. Incomplete or inaccurate data affects maintenance repair & operations and leads to more costly and ineffective maintenance plans, a decrease in wrench time, and poor production quality, profit, and safety performance.
Curtis shares some resources including a flyer of indicators of healthy foundational master data and a digital maturity model quick index to help advance your digital transformation journey. Visit the Data Integrity Practice page on Emerson.com for more on how to build and enrich your master data.