Ofwat Set Out Framework for Unlocking Value in Customer Data
Ofwat, the water regulator recently published a paper on “Unlocking the value in customer data: a report for water companies”.
Ofwat, the water regulator recently published a paper on “Unlocking the value in customer data: a report for water companies”. The report sets out a framework for how companies can better use of customer data and sets out the expectation that by the next price review in 2019 companies will set out future plans on how they will do so, as well as take immediate steps.
The report sets out three main benefits around data innovation, customer empowerment and collaborative working. The main building blocks to realise these benefits are what the report terms;
- Data knowledge; know what data you hold, how you hold it and where it comes from,
- Data quality; have a robust system of governance and minimum standards for data,
- Data security; keep your data secure. Work collaboratively and use best practice from outside the water sector, and
- Data strategy; have a strategy which sets out a vision and approach to data, then embed this.
Matt Evans, head of techUK’s Smart Infrastructure Programme said “The water market is undergoing a huge amount of change with the opening of the business market, and the potential introduction of competition into the residential market. Whilst the sector as a whole lags behind others in the use of data to tackle core challenges, there are digital leaders who are showing others the benefits. It’s really encouraging to see Ofwat place so much emphasis on the potential of data to drive better outcomes for businesses, and users and techUK stands ready to assist the sector as it progresses.”
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