The role of Data Exchange Standards
Data transfer and exchange standards are a critical component of a operator's digital transformation project, as well as a driver of increased efficiencies and better collaboration both within the company and working with partners, services companies, vendors and government agencies.
What does the adoption of data exchange standards entail?
Similar to other business transformation initiatives, adopting data exchange standards within an operator company involves an initial investment in time and resources to replace bespoke or vendor-specific solutions with standards-based systems. This initial efforts pays off very quickly as the simplified maintenance and evolution of standards-based data exchanges delivers lower operational costs, less resources wasted on trouble-shooting data quality issues, and an easy on-boarding of new technologies. Standards adoption also involves demanding that data be delivered by service companies in standard data exchange formats, as well as notifying partners and vendors that data will be made available to them using the same formats. Once established, this greatly simplifies the reception and distribution of data, saving the considerable costs and inefficiencies tied to dealing with diverse non-standard data formats.