Data governance in engineering, procurement, and construction (EPC) is the process of managing and controlling the flow of information within an organisation. This includes establishing policies and procedures for data collection, storage, use, and dissemination, as well as ensuring that data is accurate, complete, and accessible to those who need it. Check out this blog on the 8 data quality criteria.
What challenges do we face in data governance with EPC?
One of the key challenges in EPC data governance is the wide variety of data types that must be managed. This includes project plans, design documents, procurement records, construction schedules, and financial information. Each of these types of data has its unique characteristics and requirements and managing them effectively requires a comprehensive and flexible data governance framework.
Another key challenge in EPC data governance is sharing data among multiple stakeholders, including project owners, designers, contractors, and suppliers. This requires robust security and access controls and clear communication and collaboration protocols. Data must be shared in a way that is both efficient and secure while maintaining the integrity and accuracy of the information.
Managing master data is the key.
One key aspect of data governance in EPC is the management of master data. Master data is the core data that is shared across multiple systems and is used to support business processes. In EPC, this includes data such as equipment lists, material lists, and suppliers. Managing master data effectively requires robust data quality processes and the ability to easily update and distribute changes across the organisation. Check out this blog on 5 Myths Around Master Data Management Debunked!
Data Governance – it needs to come from the top
Effective EPC data governance also requires strong leadership and oversight. This includes a designated data governance team responsible for establishing and maintaining the data governance framework, as well as training and support for those responsible for managing data within the organisation. Check out this video interview talking to a leader from data governance industry.
In summary, data governance in engineering, procurement, and construction is a complex and challenging process that requires a comprehensive and flexible framework. It must be able to manage a wide variety of data types and support the needs of multiple stakeholders.
Effective data governance includes robust data quality processes, master data management, project data management, and strong leadership and oversight. By implementing best practices of data governance organisations can improve the quality, speed, and accuracy of data-driven decisions, reduce operational costs and increase overall project performance.
Now that we’ve covered how companies from EPC sector can benefit from creating a powerful data governance framework, you need to find the right technology platform to support and execute your master data management and governance initiatives.
Master Data Online (MDO) is your ideal data management and governance platform. MDO doesn’t just automate and simplify your master data processes—it helps you standardise and govern your data, harnessing it to achieve your strategic goals. It supports industry solutions and seamlessly integrates with various systems, whether they’re on-premise or in the cloud.
Also read, 5 reasons why Data Governance initiatives fail that will give you insights into major data governance pitfalls.