Getting data right first time

“As auditing becomes more stringent, the pressure to make sure data and disclosures are right-first-time increases. In this climate, accuracy and transparency must be prioritised.”

Catherine Wheatley, Head of Data, Technology and Analytics, Mitie

The reporting landscape for decarbonisation is always changing, with new disclosures requiring greater transparency by the day. And transparency requires accuracy.

So how do you make sure your data is as accurate as possible?

The first step is to have a clear understanding of where all your data comes from. This might be a detailed list of all buildings and supply chain partners, with information about how data from each one is collected. And you also need a standardised and logical way of approaching estimations when data is missing.

Establishing these things will give you a full view of your data landscape and a clear hierarchy of sources. There'll be things like automated meter readings and invoices at the top and estimates per square metre as a last resort when data is lacking. With this information, you can see the areas where data practices need to be improved.

The other vital consideration is ensuring the data you collect remains accurate. Or at least knowing how to identify inaccuracies when they occur, and how to react to them.

For instance, how will you respond to unusual spikes or dips in your figures? What is the best way to resolve them? And how will you incorporate those anomalies into your reporting until they are resolved?

Having robust and repeatable processes in place for all of these things will help you to produce the most accurate results from your data – and keep pace with the uptick in auditing that we can all expect in the next few years.