Data and Reporting Standardization
Even with a sound business model and governance framework in place, the organization will be disadvantaged without the appropriate level of data standardization to make informed decisions. The nuances and level of data standardization required for an organization’s optimal future state varies. Data and reporting standardization requirements are partly dependent upon the organization’s operating environment. Common metrics require common data definitions. Chemical companies, for example, drive a high level of standardization in reporting because they leverage common materials, processes, and customers globally. To help determine the optimal future target for data and reporting transformation, consider the following readiness checklist:
- Do common data and metric definitions already exist?
- Do you already have global data governance processes?
- How far do you want to drive global data standardization?
- Does your enterprise consider data a core strategic asset?
- What data domain is the most valuable asset?
For a company that produces the same products using the same processes globally, standardized global reporting makes sense. However, don’t drive data standards that won’t make any business sense.The value of data assets varies from enterprise to enterprise. For example, a medical device manufacturer may consider its research data to be most valuable to the organization.
