How to Begin Tapping Into the Value of Your Data
When it comes to data management, I don’t think there’s any debate on where industrial businesses collectively sit right now. The landscape of our world is changing rapidly, especially with the emergence of the Internet of Things, or as GE calls it, the Industrial Internet.
There are a lot of different forcing functions that play into the Industrial Internet, from the Cloud to big data to security to sensor enablement. And we like to think about these in three foundational pillars:
- The first pillar is around brilliant machines and the idea of “getting connected”—getting the data out of the assets or out of the processes that you have today.
- The second pillar is around the concept of analytics and driving intelligent insights from there.
- The third pillar is about enabling your people and making sure that they have the information they need to truly optimize the outcomes that the business is looking for.
So really, the Industrial Internet journey starts with your industrial data. Are you collecting islands of data and deriving no value from it? Are you ready to maximize your asset availability and optimize processes? Do your top priorities include greater productivity and higher operating margins?
If these questions resonate with you, you’re not alone. I recently had the opportunity to sit down with Mario Coll, CIO of Anadarko—a leading oil and gas company that is leveraging the Industrial Internet to turn its data into valuable, actionable information. Anadarko has 70,000 wells (that translates into a lot of data!), and clearly it has been collecting data for some time, through a lot of legacy systems. A data management solution that’s holistic and that can add context to the data and organize it in the proper fashion is really foundational and key.
Mr. Coll shared his valuable insights on data management, including a key point about prioritization and simplification—a perspective that can help us all learn how we can begin untapping the maximum potential of our data.
Understand the foundational data elements for your business
Businesses need to think about their data management strategy from the simple standpoint of what key data elements and key entities their organization is seeking to define and manage. Think about what makes up your foundational data elements; for Anadarko, it spans the basic entities of its business—its people, its wells, its equipment, and its oil and gas leases.
As Mr. Coll stated, “Those are the things that really drive us in terms of how we prioritize our value opportunities as well as our maturity for where we are in these areas and the efficiencies and opportunities presented just by the ongoing productivity gaze of technology and science and evolution and integration.”
Simplify and prioritize your foundational entities
Businesses may be collecting islands of data but deriving no value from it. Oftentimes, people will say they have every data point imaginable or 10,000, 20,000 points of data but none that really drive the necessary insight that they’re looking. So simplifying and prioritizing your data into key KPIs and making sure they reach the right people at the right time and in the right context, is critical to helping you make better, faster and smarter decisions.
Data when prioritized can help you take advantage of higher-level analytics to not only fix problems when they occur but to prevent them before they happen. It opens up the additional opportunities for accelerating and starting to tap into additional capability. And from there, the opportunities for improved productivity, efficiency and optimized business performance are really unlimited—driving your competitive edge.
Have you started making the most of your industrial data?