By Eugene Hamrick, Director of Enterprise Analytics and Innovation
In the dynamic environment of electric cooperatives, the role of data analytics goes far beyond competitive advantage; it emerges as a cornerstone for enhancing operational efficiency, shaping strategic initiatives, and fortifying the resilience of the electric grid. From line workers in the field to strategic leaders at the top, data and analytics are imperative to informed decision-making. Central to unlocking their transformative power is Data Governance – a framework designed to oversee data quality and accessibility while mitigating inherent risks. There are eight guiding principles of data governance that should be top of mind when managing cooperative data.
Data Governance Guiding Principles
1. Data is a corporate asset
Data is an invaluable asset to co-ops. When leveraged effectively, it has the potential to provide transformative improvements for utility operations.
2. Data-driven decision making is a cultural norm
An electric cooperative should promote a culture of continuous improvement and data-driven decision making across the utility. Data should be utilized to support business experts, empowering them to make more informed decisions, leading to better outcomes.
3. Data is accessible and accurate
For data to be useful, it must be both readily accessible and accurate. There’s a tendency to silo information, but cross-departmental data sharing strengthens cooperative capabilities. The importance of data accuracy cannot be emphasized enough – without correct information, analytics will inevitably fall victim to the ‘garbage in, garbage out’ principle.
4. Data governance is transparent
Cooperatives should strive to offer data transparency to employees through responsible democratization. While still maintaining privacy safeguards for PII (Personally Identifiable Information), sharing data among employees can enhance its effectiveness in the workplace.
5. Data governance encourages accountability
Everyone has a role in data, whether they know it or not. Data Governance embraces a culture of accountability, ensuring individuals understand their part in maintaining data integrity. A clear understanding of roles and responsibilities supports the detection of issues in data collection and ensures proper handling of data, further mitigating risks of misuse.
6. Promotes data safety
Upholding data safety entails the promotion of proper collection, classification, and storage of data to become more operationally efficient. Safeguarding these informational assets supports the resilience of the utility, fosters trust among members and employees, and ensures compliance with regulatory requirements.
7. Evolves and optimizes
The IT space is rapidly evolving, and data governance methods must adapt accordingly. Electric cooperatives should regularly evaluate and employ the best practices for the utility industry and beyond.
8. Enables a single source of truth
Data governance practices should involve streamlining data and insights, so consumers have one source of truth. This further protects the accuracy of information and facilitates data interpretation.
Data Governance empowers electric cooperatives by ensuring data and analytics are accurate and accessible. It provides a centralized and governed manner for ethically managing data that effectively generates value. By treating data as a corporate asset and implementing these governance practices, cooperatives can improve strategic decision-making, enhance operational efficiency, and create a more resilient electric grid.
BrilliT is a wholly-owned subsidiary of Rappahannock Electric Cooperative and was created to help co-ops tackle the cybersecurity and IT challenges of today's constantly evolving digital world.
About the Author
With over 10 years in the cooperative industry, Eugene Hamrick brings years of data science, business intelligence, and member insights experience to BrilliT. His knowledge and expertise help promote data enhanced decision-making and analytic solutions, ensuring cooperatives receive maximum benefits from the use of data.
