Significance of Data Governance in the Energy Industry

Implementing cultivated data governance procedures can give the energy industry major operational and financial advantages.

FREMONT, CA: The energy industry is undergoing a crucial transformation driven by new methods of energy generation, customer demands for faster and more affordable services, security, and data. Collecting data to garner insights provides energy companies with a significant potential ahead of the competition.

However, extracting real value from all these data needs the development of data-driven operations and a data ecosystem that can underpin processes, systems, and people. In Agile Thought’s opinion, the capability to fully maximize data value is major for energy firms, while poor data management can critically affect business success.

The solution for energy companies is to generate a single version of the truth—one view of all the data— for all operational aspects of the business. The right data governance platform ensures that all relevant data is available to the right actors and teams when and where they need it. It requires an enterprise-wide approach to data governance, ensuring that the right information is captured, tools and technologies are deployed, and consistent data across the systems.

The energy industry encounters the need for updated data management and governance architecture. Energy companies must gauge platforms and technologies that suit specific data attributes and business requirements. The platform must efficiently govern data deluge, adopt low latency features, and support advanced use cases.

Harmonizing data and processes reduces problems associated with a lack of data governance. Today’s mandate for energy companies is to implement a governance model that ensures process, system, and data alignment to meet modern demands. Therefore, adopting a robust data governance model will improve the energy firms’ approach to the data life cycle.