Every business in every industry shares one thing in common: they’re trying to scale. In today’s fast-paced world of big data and technology, being able to scale effectively really comes down to having good analysis capabilities and strong insights.
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The Business Value of Data
Unstructured data is often referred to as human-readable data, which is all the information out there that a person can readily interpret. Examples include a block of written text of an image.
On the other hand, structured data (or “machine-readable”) data is information that a computer program is equipped to process. In order for the machine to process structured data, it requires a program and instruction.
Both types of data are important to companies across industries. However, while most businesses are very familiar with data, very few are yet to unlock its immense value.
When analysed, data can give a business a sharp competitive edge by producing actionable insights about everything from ideal target customers to the best ad copy to the things competitors are doing that’s working well.
Data for the Oil & Gas Industry
For the oil and gas industry, the collection and analysis of data play an integral part in business decisions. As one example, mining data from the production of hydrocarbon provides some incredible potential when it comes to answering the industry’s biggest questions.
Not only can data be used to help companies locate oil stores, but it can also help them figure out ways to extract more oil with higher levels of safety and less impact on the environment. Although the integration of data is still very much lacking in this industry, companies are on the cusp of unlocking the power of big data using modern systems.
Drillinginfo is one business helping to advance the industry with their data being used to consider multiple variables beyond geography. Using thousands of wells, they are building a statistically predictive model to help companies figure out a particular area’s producibility.
Companies in the industry will be able to employ the use of data science in order to learn more about various subsystems and enjoy higher confidence with every decision they make. In turn, this increased accuracy will lead to lower risk and, therefore, better profit margins and success rates. Analysing big data will be the key.
Data for the Construction Industry
Known for some of the world’s most expensive projects, the construction industry stands to benefit the most from the use of big data. So much work and a tremendous amount of resources go into construction projects, generating massive amounts of data that could be used to lower future costs and help leaders make smarter decisions.
While crunching the numbers has always been crucial to the industry, data can help companies go from knowing the numbers to actually being able to make a difference in their bottomline. When the cost of every nail can change a project from on-budget to over-budget, and even bankrupting an organisation who’s financing a build, construction companies have a lot to gain with the use of data.
Analytics can now be taken to the next level with the help of big data. One example is the use of cloud-backed, real-time analysis of unstructured databases. These techniques have huge potential with the ability to redefine relationships between engineers, architects, and project owners.
By bringing all the different types of data–financial data, corporate data, documents, schedule elements, weather–into one place, advanced analytics can help companies transform their bottom line. LENS is doing just that by creating systems that enable real-time predictive modeling driven by data, and it’s based specifically on the construction industry’s needs.
Finding a Business Intelligence Solution
For any business, the biggest struggle of using data in their operations is finding the business intelligence solution that works for them. Microsoft Power BI is an Enterprise-class option that has plans starting at affordable SMB prices.
For just £7.50 per user per month, you can begin rolling this powerful system out to your team. It’s cloud-based, which means it doesn’t require you to purchase anything else to get it set up, and the only thing you’ll need for implementation is a Microsoft Partner to work by your side.
Interested in learning more? Attend one of our upcoming workshops to learn how this BI solution can be used to give your company greater leverage over your competitors along with reduced risk and an improved bottom line.
Contact our Microsoft specialists
Phone or email us to find out more – or book a free, no-obligation call with our technical consultants using the contact form.
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