Power Up
ExxonMobil’s Tom Annestrand explains how the foundation of data integrity is essential for achieving digital transformation, and why a ‘relentless’ pursuit of this is vital.
As somebody who has spent more than three decades in industry, it is interesting that Tom Annestrand, Commercial Innovation Executive at energy supermajor ExxonMobil Chemical, chooses to compare data to a different element – water. Nonetheless, it’s a very effective analogy. Not only is data a vital resource in the world of business and beyond, but it can be harnessed to create enormous power. However, if data is not managed properly, just as with water, it can lose its value and present significant challenges.
Annestrand draws a comparison between water and data management, “Clean, on demand, with enough volume and where you want it.” Given the vast reservoir of information the company manages, ensuring data integrity is essential. “With multiple and disparate systems, data platforms and sources to contend with, we are integrating more of these systems, so that data can flow where it needs to in support of new value creation. We want to continue to enrich our datasets and leverage them to better serve our markets and improve our business performance.”
Energy efficient
To take the analogy one step further, left to its own devices and without purification, water can become stagnant. This is also the case with data and Annestrand points out, to be able to use it to its full potential, data must be managed carefully. This means achieving data integrity - data that is accurate, consistent and contextualised. Once this base has been built, it can help identify trends that influence company strategy, protect against turbulence and create a competitive edge.
Annestrand closely follows three main trends which have significant roles to play in the future strategy of any big business. The first relates to digital transformation and growth of new data sources, which, he points out, can be used to create a better service for the end user. “It is really important to have a mindset and culture to leverage these new data sources as they evolve. If it is done well it helps us better understand interactions with our customers (both external and internal), further personalize these interactions in the future, and ultimately improve business performance.”
The second tenet relates to technology, and the importance of being able to react quickly and build what Annestrand calls a “foundation of innovation” that leverages new capabilities such as artificial intelligence and cloud technologies. The rapidly changing digital landscape has presented some significant challenges – and opportunities. “We really need to integrate that understanding of the pace of change into our data strategy, so that we can stay competitive and future-proof our business,” he explains.
Third, risk management has become more important than ever before, and data integrity is inextricably tied into this. Privacy and security have emerged as paramount for global businesses, particularly as the digital journey continues apace. “It's important for us to manage personal data, to ensure compliance and trust. So we really have to be able to monitor the regulatory environment across the globe, which is constantly evolving.” This is where Annestrand says data is a valuable asset. “It allows us to properly manage and protect against the backdrop of cyber risks. You need to take a holistic approach to it.”
Achieving the promise of transformation
Digital transformation is increasingly critical for businesses worldwide, but it has become clear that it cannot be achieved without a bedrock of data integrity. For global market leaders such as ExxonMobil, the scale of information being managed is vast, ranging from master data, all the way through transactional, external, social media and third-party data. Achieving data integrity across these multiple sources requires “a mindset of relentless pursuit,” according to Annestrand, but it is essential to implement it across the entire life cycle of a product or service. “We all know that data can atrophy over time, it starts to get stale.”
ExxonMobil is able to trust its data and have solid confidence when making strategic decisions at scale and pace. “You have to have that foundation of data integrity in order to achieve the promise of transformation,” said Annestrand. At a time when technology is developing rapidly and companies prize stability, adaptability and value more than ever, getting the best out of the data sources available is vital. “As advanced analytics become more and more integrated over time, the premium on data quality becomes even higher.”
