“Data is the new oil" ("Neft Rossii" magazine, issue 11-12, November-December 2018)

“Data is the new oil" ("Neft Rossii" magazine)

Data Governance initiatives for the oil & gas companies.

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Anton Oussov

Partner, Global Oil and Gas Leader; Head of Audit

KPMG in the CIS

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In their everyday operations, oil & gas companies have to accumulate tremendous amounts of miscellaneous data, which later on becomes the foundation of further business management agenda. However, when implementing digital initiatives, companies are often faced with data-related issues: lack of data, its low quality, inconsistency, insufficiency, and unreliability, and data history gaps. To address these problems, companies are now looking at Data Governance initiatives, which include developing data stream standards, descriptions, a corresponding organisational structure and personnel chart, and procedures related to data assurance, quality control, and cross-unit approval. The most effective implementation pattern for data governance projects is to link them to specific digital initiatives and challenges, and to keep the focus on organisational changes and the involvement of business units; it is also important to bear in mind that data governance is a continuous process rather than a one-off project with a single result.

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