Big data can be useful, but firms will have to work at it
March 28, 2013
Construction reporting will become a bigger part of how firms carry out their projects in the upcoming years as many companies learn what data streams will be most beneficial for them to closely monitor. But overall many companies are hopeful big data can have a positive impact on their efficiency and productivity.
The recent Cisco Connected World Technology Report showed three out of five IT and business professionals believe big data can help improve decision making, while more than two-thirds expect harnessing information from massive data streams will be a priority for businesses in the upcoming years. The construction industry is becoming as competitive as ever, and firms that are able to glean insights from big data sources will be able to improve their decision making and performance.
Big data creates several challenges
Construction companies cannot simply start their big data strategy and begin realizing several benefits right away. There are going to be growing pains with big data deployments. According to the research, 36 percent of U.S. companies have concerns that stem from data security and risk management, while 23 percent believe the lack of staff members to carry out big data initiatives could bring down the deployment altogether.
Another issue that can occur with big data is moving from the pilot stage to the where it can make a big difference for the firm. A recent blog post for Information Management says this happens to many companies and the way to avoid that problem is to build a data technology roadmap that can be followed by the company, while also turning information streams into a resource the firm can turn to at any time.
Decide on the type of data to collect
One of the hardest aspects of data mining is figuring out what information streams are right for the firm to collect. For instance, the survey demonstrated businesses that took part in the survey are taking data from a number of different sources. Seventy-four of respondents said they are collecting current data, 55 percent are gathering past information relevant to their industry and four out of 10 use information that is captured in real-time and then discarded. Construction companies that want to truly benefit from big data need to decipher the right streams that will lead to the most efficient construction reporting.