Category: Energy & Utilities
4 Key Reasons to Leverage Data Management Maturity in Your Energy & Utility Business
Did you know? Digital technologies are being used by 69 percent of higher maturity organizations to reduce carbon emissions, while 58 percent of lower maturity organizations are employing them to reduce natural resource usage.
Whereas, following the advent of the pandemic, the technological world began to move at a rapid rate. Thus, postponing the adoption of technology solutions that are redefining "Competitive Advantage" for your energy & utility firm might spell disaster for a company's future prospects.
According to the research, only 15% of energy and utilities industries have been able to deploy multiple use cases at scale. Hence, rather than merely working and supplying energies to consumers, businesses should be aware of the technological marketplace's opportunities to expand their business value.
Data has proved to be a differentiator in the marketplace. The leading energy and utility companies are concerned about the state of their data, which must be clean, performant, and secure. Furthermore, in order to successfully use that data, they have expanded their data science program.
The maturity of data correlatively defines the success of an energy and utility company. According to the metrics, data maturity and financial performance have a positive correlation. Therefore, data management maturity turns into a critical factor in determining the organization's actual situation.
Let’s know in depth why the energy and utility industry should leverage data management maturity.
Key Reasons to Leverage the Data Management Maturity
Energy and utilities are one of the fastest-growing industries, with new technologies being implemented on a regular basis. Companies are utilizing varying sources to gather the data such as smart meters, weather data, measurement data from power plants, GIS data, and many more.
But they hardly know how to carry out these data as an asset. Many E&U companies are unable to maintain control over the data they collect and retain in order to maximize their value.
To become a future-oriented, energy & utility business must select emerging data management functions such as Data Management Maturity Assessment or Data Governance Maturity Assessment. This cloud data management allows your business to know the maturity level of assembled data and establish a strategy for increasing data quality.
Also, Data management maturity helps your E&U business to establish, build, sustain, and enhance effective data management across the data life cycle.
Here are the four key reasons why energy & utility businesses should adopt the data management maturity model.
1) Improve the risk and analytics decision
Data management maturity determines the maturity or capability of business data processes and assembled data. Whereas, by performing data management maturity assessments and forming a maturity model the E&U business is able to convert the data into meaningful and accurate information.
Through a comprehensive and measured strategy ensures that all the business decisions are based on accurate data such as power planning and generation, energy load, and performance estimation.
According to cross-industry research, less than half of a company's structured data is actively employed in decision-making, and less than 1% of its unstructured data is evaluated or used at all.
2) Operational cost reduction
With the help of adequate data management maturity assessment or data governance maturity assessment, the energy & utility sector can more accurately identify the weaknesses and flaws in the fundamental of data processing. Hence, businesses can obtain a solution for the defect before it happens. Being a reason, the business’s needless expenses will be reduced.
According to the survey, 52 percent of the organization believes in maintain high-quality data in order to improve cost saving.
3) Increase the operational efficiency
The data management maturity identifies the current state of the data and targets to eliminate redundant data and streamline the whole process. Moreover, by Leveraging data governance maturity assessment companies are able to get accurate data on the rate of activity, state of operations, time, supply & demand analysis, and also allow companies to optimize energy efficiency as well as asset performance.
The data management maturity model empowers them to enhance the authenticity, capacity, and availability of their network assets by constant monitoring of cost and performance.
4) Improve the business performance
Data management maturity defines the specific level of the business process so that businesses can be benchmarked against established best practices in order to improve data resource management across functional, business unit, and regional boundaries.
Through a data management maturity assessment, the energy and utility sector improves their essential data management skills and establishes a standard and uniform standard for regulatory bodies to use in assessing operational risk.
Conclusion: Leveraging Data Management Maturity is about Enhancing the Functionality of your E&U Business
Every energy and utility company engages in data management activities, and every E&U Company strives to increase the efficiency of their data management process.
Using data management maturity, the energy and utility industry can know at what stage they are by confronting the weaknesses and strengths of the data management process.
So, as an E&U company, if you also want to know about your business’s data management maturity level then connect with us, i.e., KCS.
At, KCS, we not only inform the client about their business’s maturity level by conducting maturity assessments but also help them to fix the gaps by supplying the needed services. Firstly, our highly experienced experts analyze the situation of a current system and then accordingly let the clients know about the best practices.
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