10 August 2016
MEDIA RELEASE

Data Quality – The Key Foundation for Analytics

Data quality is the key foundation for evidence based decision making.

Dr Lisa Chen, Chief Analytics Officer of Harmonic Analytics recently presented on the topic of data quality at the GE Asia Pacific Software Summit. “Poor quality data is a serious risk facing the energy sector. We find asset intensive organisations face similar challenges across industries. Measuring, improving and tracking data quality is critical to help organisations make optimal decisions”, says Dr Chen.

GE invited Dr Chen to present at the prestigious event in Melbourne. The Summit was dominated by the combined themes of advanced asset performance analytics and Predix – the innovative GE platform for the Industrial Internet of Things (IIOT).

The good news is, achieving a data driven approach to support asset management is now more feasible than ever. Analytics can provide valuable insights to solve business challenges, such as how to extend the life of critical assets (be it fixed or mobile phone networks, transformers, air traffic control systems, houses, roads or storm water pipes). “But good quality data is essential to ensure confidence in analytical results”, says Dr Chen.

In response to demand, Harmonic Analytics has developed a data quality assessment tool, the ‘Harmonic Scale’, with support from Callaghan Innovation. Data science methods are applied to track and improve data then rapidly, yet safely, move from the ‘low’ end of the Harmonic Scale to an ‘ideal’, high quality status. “We want to help organisations to make the most of their data, before ultimately establishing improvement programmes that reduce risk, build confidence and deliver tangible business benefits”, says Chief Executive Officer, Phil Shepherd.

Increasingly, business leaders and operational staff are depending upon insights from concise and reliable information. With improved data, a range of advanced analytical techniques can be applied to achieve organisational goals, such as reducing unnecessary asset expenditure while improving resiliency. This leads to consensus and more proactive decisions as to what, when and where to invest over the short, medium and long term.

-ENDS-

© Scoop Media