The data revolution is the gold rush of our generation. In the 21st century, while we still mine coal, oil, and gold, data mining for business insights is becoming extremely valuable. It separates the high performers from the unsuccessful, and it affects absolutely all walks of life.
The knowledge you gain from high-quality and timely data is a competitive advantage and an economic asset in any industry. It holds a lengthy list of benefits for organisations, including; better operations, increased revenue, solidifying relationships with stakeholders, establish competitive differentiation, allow innovation, and reduce risks. However, very few companies know how to unlock their data’s full potential value to realise these benefits.
In the construction industry, decisions made from high-quality and timely data can aid performance, project management, project scheduling, and cost controls. However, we believe that construction data is wholly undervalued, and it is our mission to change that.
Many companies are currently facing how to effectively and efficiently collect and correlate data from different sources and implement its use on an enterprise-wide scale. Instead, many collect data specifically for a single purpose, which means that using this data in a new context would require further manipulation, neither effective nor efficient.
The New Oil
Another issue many companies face is how to turn data into valuable information that can inform decision making. Dr Adrian Smith (CTO for E7) likens data to oil because it is mostly useless in its crude format, but hugely powerful when refined and processed.
Pages and pages of data in spreadsheets cannot immediately give you actionable insights to make decisions without an integrated system that can query data from multiple sources and extract the precise information needed.
E7 provides the answer to this. Our system pulls together the data from multiple sources, collates previously single source/use data into usable information to provide project reporting and insights. The data is available real-time and presented in easy to interpret graphics and tables, which allows for detailed analysis and can inform good decision making.
Decisions based on high-quality data reduces the risk of bias or ‘gut feel’ to influence us, and instead, we make our decisions on facts. If you want to unlock your data’s value and reap the benefits, get in touch with our team of experts today.