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Big Data = Big Questions for the Engineering and Construction Industry

Economic

by Jay Snyder, Alyssa Menard and Natalie Spare, FMI

We’re producing more data than ever—roughly 2.5 quintillion bytes of data every day, or just enough to ll 10 million blue ray discs (you remember those, right?).1 With so much data being created and the use of data analytics starting to gain traction in engineering and construction (E&C), understanding what big data is and how your organization can leverage it to improve business processes is becoming an increasingly critical aspect of doing business.

Despite challenges associated with managing and implementing big data processes, companies that don’t embrace the new norm of data-driven operations could lose traction in the market and become obsolete in the near future.

In this white paper, we break down some of the most challenging aspects of big data usage, explain the opportunities that present themselves when big data and analytics are properly implemented, and show the long-term power of utilizing big data as a business tool.

What Is Big Data?

The process of collecting large amounts of information and extracting useful insights through detailed analysis, big data in the E&C industry can be any information collected from sources such as:

ƒ Sensors
ƒ Drones
ƒ Wearables
ƒ Global positioning systemsƒ Email

ƒ Transactions
ƒ Financials
ƒ Design plans
ƒ Weather data
ƒ The list goes on…

Consider this: Some of the largest infrastructure projects require an average of 130 million emails, 55 million documents and 12 million work ows. With such vast amounts of data being captured from a multitude of sources, many rms can’t manage and process this much information, which is why right now 95.5% of all data captured goes unused in the E&C industry.

For the rest of the FMI report, click here.

 

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