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Product Abstract

Data: The Most Valuable Asset That an Electric Service Provider Owns

Product ID:3002002820
Date Published:17-Mar-2014
Pages:12
Sector Name:Power Delivery & Utilization - Distribution & Utilization
Document Type:Technical Results

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Abstract

Today, data is potentially the single most important and valuable asset that an electric service provider owns. The exponential growth in data volumes, rising customer expectations, the proliferation of distributed generation, and the need for improved automation and distributed intelligence combine to make it paramount for electric service providers to manage data as an asset. Data—the integration, management, and use of that data—sets the bar that either creates or limits opportunities. It impacts everything from operational efficiency to customer engagement and even how well each employee and every physical asset perform.

This paper examines data’s value, why it should be treated as an asset, and to what degree the electric power industry has adopted that approach. A review of what managing data as an asset requires and how the value of data can be quantified is included. One important discussion topic within this paper considers whether a wholesale mindset change is needed, followed by a look at how to go about managing data as an asset with an eye toward the technology, data management, organizational, and workforce implications. The perspectives of two industry leaders in data management who clearly understand the unique opportunities that result from better data management are injected throughout the document. The paper concludes with some key takeaways for electric service providers that are beginning the “managing data as an asset” journey. Some of the most important takeaways articulated include the concept that other than its people, data is an electric service provider’s most valuable asset and should be managed as such. Managing data as an asset is an evolutionary process, and executive leadership along with sustained organizational commitment are crucial. Finally, to succeed, it is imperative to develop and implement a strategic data-management plan that considers substantial data governance and a roadmap of best practices that enable every data set and corresponding analytics activity to have a clearly defined and articulated value.

Program
2014 Program  
Keywords
  • Data Governance
  • Information Management
  • Data Maturity Model
  • Data Value
Report
000000003002002820
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