Clean data will help boost your revenue and increase earnings, as well as efficiency.
“Bad” or “dirty” data can hurt your organization and will have consequences. Keeping your EAM and CMMS systems clean is important. If your data is dirty, inaccurate or incomplete, it could lower labor productivity by more than 50%!
Bad data can also drastically increase your maintenance costs, as well as cause unexpected downtime. It will also increase the risk for greater exposure to EH&S issues and can also lead to overspending on spare parts and will increase the time it takes to search for information.
Accurate data is a must. Mistakes in data can be costly in terms of time, revenue, and productivity. Errors and incomplete data entries are common, and they have a variety of causes. These can include human mistakes in data entry, a lack of uniform standards and rules for how data is entered in the first place, updates to database software that occasionally deletes parts of entries, and outdated information.
By cleansing your data, your company will be able to increase efficiency and productivity which can lead to an increase in revenue and a decrease in maintenance and operation costs.
Here’s a roadmap for fixing bad data:
- Prioritize Data – What should be fixed first? You can’t fix everything at once, so focus on problems that have the largest impact on revenue and expenses and Just Fix It!
- Measure Progress – Design 10-15 key KPIs around master data completeness, accuracy, and suitability, as well as using a staging solution, where you can visualize data completeness.
- Adopt and Set Standards – Standards should be properly documented and readily available.
- Oversee the Project – A staging area can allow you to easily find, search, filter, and visualize your data and allows you to oversee and provide feedback to external contractors.
- Leverage Existing Legacy Data – When replacing a legacy EAM system, use a solution that allows you to load legacy data and create new sites mapped to your new EAM.
NRX AssetHub is an EAM software solution that helps asset-intensive companies organize, cleanse and migrate their data. We work with leading EAM and CMMS solutions such as IBM Maximo and SAP PM and MM, and Oracle EAM to ensure that our clients can rest easy with high-quality asset data.
We help our customers save up to 50% of the time and cost typically incurred during a data build by making it easier and faster. We also help them increase wrench time by at least 25% by making it easier and faster for maintenance workers to find information. As well as help them realize a savings of up to 10% of the cost of ongoing maintenance and operations.
Book a demo today or contact us to see how NRX AssetHub can help increase your company’s revenue.
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