Making use of effective database management means companies have more time to spend on core business practices rather than waste time handling information.
Energy company Nexen told the Master Data Management summit in Toronto on Friday (June 26th) that having increased access to information means the firm is able to think in terms of concrete data and not barrels of gas, IT World Canada reports.
However he added: "We found that most of the engineers were spending 50 to 80 per cent of their time sourcing, cleaning, confirming data, basically taking away from doing valuable engineering work."
He went on to say that the company is now in the early stages of a master data management and data analytics strategy, which is enabling the firm's engineers to analyze as many as 2,500 oil wells in minutes, rather than weeks, massively improving productivity.
Last week, technology provider D&H Distributing stated that improving data quality solutions can enable companies to market themselves more effectively in the economic downturn.