Many businesses ready to invest in big data
September 24, 2013
Reporting tools are becoming more powerful for construction companies and other firms because big data use is growing. In fact, a recent study conducted by Gartner revealed 64 percent of the organizations in the 720 members Gartner Research Circle have already made an investment, or are planning to implement big data strategies. Thirty percent currently are taking advantage of data mining tools, while 19 percent are moving forward with their plan this year and 15 percent will do so over the next two years.
Big data strategies are very useful
Construction companies can use data mining in a number of ways. Not only do executives have access to large sets of information, but they also can access the data to improve the decision making process. Forty-two percent of respondents said they are harnessing the knowledge from big data streams to create better business models, while 23 percent are monetizing information directly. By using the information mined from large data sets, construction executives can add real value to their company.
"The hype around big data continues to drive increased investment and attention, but there is real substance behind the hype," said Lisa Kart, research director at Gartner. "Our survey underlines the fact that organizations across industries and geographies see 'opportunity' and real business value rather than the 'smoke and mirrors' with which hypes usually come."
Big data deployments can be a struggle
While the interest in big data remains high, only 8 percent of companies have actually deployed their big data strategies. This is because it takes more than an investment in information mining tools to get such initiatives off the ground. Construction companies must ensure that they have skilled IT professionals on their staff to properly manage these new deployments.
Companies that want to be able to ease themselves into big data strategies should not try to implement their deployments all at once. Making an easy transition could be a better plan if construction executives want to be able to begin taking advantage of the data mining tools all at once. Trying to move too quickly could lead to unstructured and structured data that can make life difficult for IT teams and a group of analysts that must still search for the insights that they need.