The Power of Analytics is a three-part series that explores how engineering and construction executives can effectively leverage data and analytics to improve strategic decision making and gain a competitive advantage in their industry. Major project owners in the oil & gas and the power & utilities sectors can also benefit from the insights afforded by data analytics.
The series focused on identifying key sources of data, leveraging existing data and focusing on future data collection and analysis so that executives are equipped to make meaningful decisions that will significantly impact their company’s financial performance and their brands.
Data and analytics is increasingly used to identify trends and increase project performance. Drawing on a variety of sources enhances the ability to unlock data’s potential. A common challenge is assessing numerous disparate systems with a large amount of data. An initial assessment of your current state and resources is the first step to developing a plan. Understanding your data outlines key considerations as well as the challenges and risks to take into account when assessing your data and analytics capabilities and goals.
How should engineering and construction companies use existing data to drive business decisions? Basic analytics can generate quick wins by equipping executives with information to evaluate which markets or clients are most profitable. This paper will identify ways to leverage existing information to make better decisions on planned or ongoing projects. Using examples and case studies, we demonstrate the benefits, challenges, and share a dashboard reporting key performance indicators.
Article 3 has not yet published.