Who would have thought big data and construction would be a mutually beneficial marriage? Well, it depends on who you talk to. For IT professionals at construction firms, they would have certainly answered 'yes'. New research released by Gartner showed 42 percent of respondents have either invested in big data technology or were planning to start their deployments in the upcoming year..
"Organizations have increased their understanding of what big data is and how it could transform the business in novel ways," said Doug Laney, research vice president at Gartner. "The new key questions have shifted to 'What are the strategies and skills required?' and 'How can we measure and ensure our return on investment?'"
Big data creating big opportunities
For years, the term big data has been a buzzword that many executives at construction firms have heard but weren't quite sure how it could impact their business. Now companies are beginning to realize how harnessing information from massive data streams can aid in decision making and give executives the insights to help make the right choices for the firm. The research outlined how big data is opening businesses up to potential opportunities that they never had access to in the past, giving construction companies the ability to pursue projects and new customers.
"Most organizations are still in the early stages, and few have thought through an enterprise approach or realized the profound impact that big data will have on their infrastructure, organizations and industries," said Laney.
Better decisions leads to more promising results
Before the advent of big data and business intelligence, companies didn't really have access to the information that decision makers have at their fingertips now. However, it's important the data lands in the right hands to ensure that it is properly utilized . By analyzing information streams, construction companies can use big data for their asset management so all members of their staff can maximize on the potential of the data points..
"The application of formal information valuation models will allow IT, information management and business leaders to make better-informed decisions on information management, enrichment, security, risks, purchasing, collection, usage, bartering, productization and disposal," said Laney