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FMI Quarterly/March 2020/March 3, 2020

How to Turn Big Data Into A Strategic Business Advantage

Memorable Quotes from the Video:


We’re now generating 2.5 quintillion bytes of new data every day, which means organizations around the world and across all industries are literally drowning in data. With 90% of the world’s data created over the last two years—and with each “connected” person interacting with data every 18 seconds—IDC predicts that the global datasphere is on track to grow from 33 zettabytes in 2018 to 175 zettabytes by 2025. (Hint: One single zettabyte equals one trillion gigabytes.)

With individuals, companies and organizations worldwide generating a staggering volume of data right now—and with 30% of that data requiring real-time processing to be useful and actionable—the opportunity to turn data into a strategic business advantage remains largely untapped.

Consider this: Some of the largest infrastructure projects require 130 million emails, 55 million documents and 12 million workflows, on average. With such vast amounts of data being captured from so many sources, many firms don’t know how to use or process this much information, which is why right now 95.5% of all data captured goes unused in the E&C industry.

All this to say that the article you’re about to read may have been scribed several years ago, but it’s still relevant in today’s E&C environment, where companies continue to overlook the power of the big data that they’re generating every day. Read on to learn how E&C firms can take their huge data sets and transform them into useable, actionable intelligence that improves competitive advantage, creates efficiencies and increases overall productivity.

This article was originally published December, 2018.

 

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