Mistakes Executives Make with Data Analytics

This document is a guide that outlines five critical mistakes executives make with data analytics, which can adversely affect asset health. It begins by addressing the misconception that error-free data equates to correctness, emphasizing the importance of preventive maintenance to extend asset life. The document highlights that deferred maintenance backlogs have cost colleges and universities $112 billion in 2021. It also discusses the issue of paralysis by analysis, noting that unstructured data does not contribute positively to asset health. Furthermore, it presents the benefits of a robust enterprise asset management (EAM) system, which can optimize maintenance processes and improve equipment uptime by 20%. The guide concludes by stressing the significance of data quality and reporting in managing maintenance and operations, revealing that 75% of executives experience asset ignorance due to insufficient reporting, leading to significant production losses.