It can be necessary to have data covering several years of operation before sufficient data have been accumulated to give confident analysis results and relevant decision support. It is necessary, therefore, to view data collection as a long-term activity, planned and executed with appropriate goals in mind. At the same time, clarity as to the causes of failures is key to prioritizing and implementing corrective actions that result in sustainable improvements in availability, leading to improved profitability and safety. Data collection is an investment. Data standardization, when combined with enhanced datamanagement systems that allow electronic collection and transfer of data, can result in improved quality of data for reliability and maintenance. A cost-effective way of optimizing data requirements is through industry co-operation. To make it possible to collect, exchange and analyse data based on common viewpoints, a standard is required. Standardization of data collection practices facilitates the exchange of information between relevant parties e.g. plants, owners, manufacturers and contractors throughout the world.