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Here’s why data could be your secret weapon, no matter how big or small your businesses

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Here’s why data could be your secret weapon, no matter how big or small your businesses

Data has more power than a lot of us realise. By examining large amounts of data you can uncover patterns, trends and insights and can often predict things before they even happen.

A recent study by Aberdeen revealed that 58% of senior finance executives want to increase operational efficiency with the data. This means that that whilst the data is readily available to them, they want to be able to find new ways to interpret and act upon that data.

For construction companies, finding new ways to gather and interpret data is a key consideration in understanding how their business operates.

But why?

Data allows you to predict the future by looking at past occurrences

Humans are creatures of trend. Funnily enough, our behaviour regularly fits into patterns and we will often make the same mistakes, successes and decisions multiple times.

When we can analyse this behaviour we can then implement business decisions that help facilitate this into business growth.

Make better decisions

In some circumstances, going with your gut has a real place in decision making. However, big business decision-making requires a strategic approach and consideration of all key areas within the business.

Making data driven decisions, means you can first identify the questions you want answered and then dive into data to answer those questions in a predictive and accurate way.

Become more agile and responsive

Imagine you could increase the value of your advice within the business. This means that you can arm yourself with more than just observational suggestions, but you can create a holistic snapshot of areas of the business and deliver interpretations that are based on trends.

So how do you implement a big data into your business?

Firstly, you need to own the idea. This is someone who can bring along entire business units with them. Data is truely effective if you can incorporate the entirety of the organisation so you will need to empower others to be part of the process.

You need to be able to demonstrate to others that this will ultimately make your life easier and using systems that help facilitate data will ultimately make the business more profitable, efficient and scalable.

Identify what technology you need to investing

The right technology is crucial to be able to collate, handle and analyse data. This ultimately means investing in enterprise level tools that are capable of being tailored to your organisation.

Get in the right experts to help

You need experts who can help not only with your goals, but also in the implementation and management of the systems. It’s one thing to create a strategy but you ultimately need to work with this system to get it to its full potential.

The right consultants will fast track this process and have you on a path to success far quicker than doing it yourself.