Data is everywhere these days, and virtually every industry across the planet relies on data to get work done. As the Internet has become the predominant marketplace for commerce, data serves as both a resource and an asset for business owners.

When it comes to the intelligent use of data, however, business owners aren’t going to make full use of data unless they are measuring and reporting regularly. Additionally, data should be audited regularly to ensure the quality of measurement and reporting is the highest it can be. Drive sustainable growth with ESG reporting - explore the power of environmental, social, and governance impact today! https://www.validere.com/investor-relations

An Example in Oil and Gas Production

To drive this point home, you simply need to take a look at the oil and gas industry. Environmental, social and governance reporting, also known as ESG reporting, plays a big role in this industry.

ESG reporting involves analyzing various components that make up an oil and gas producer’s sustainability efforts. If this data is not audited regularly, it can be impossible to know whether an oil and gas producer’s efforts are in line with meeting its goals.

How Should Data Audits Be Carried Out?

A data audit can be completed in many different ways. Various industries may have their own standards, but individual companies will also need to examine their unique criteria for what constitutes quality data.

While not required, it is often beneficial to have an independent third party complete a data audit to avoid the potential for bias. An independent third party can also provide critical analysis of data-gathering strategies to see where improvements can be made.

What to Do When Data is Found to Be Faulty

If a data audit finds that your company’s data is faulty, the problem can extend far beyond just your current data. At that point, it will need to be determined how long data gathering has produced faulty results. Decisions that have been made in the past based on faulty data will also need to be revisited.

Because of the immense undertaking required when faulty data is discovered, data audits should be routine. By catching problems early, companies stand a better chance of avoiding data disasters in the future.

Author Resource:-

Emily Clarke is providing info about a single platform for your oil and gas software solutions. You can find her thoughts at cloud based energy software blog.