According to SmartDataCollective.Com, come 2020, every person in the world will be creating 7 MBs of data every second. That is a lot of information. And according to InfoWorks, Big Data is now worth $189 Billion, an increase of $20 Billion over 2018, and will continue its rapid growth to reach $247 Billion by 2022.
But how do you make the most use of the data you capture?
First, you have to collect all transaction data among suppliers, customers, transport providers, contractors, etc. Basically, every touchpoint from emails, to sensor data, to social posts, to orders, to shipping notices and more, generates data that can be collected across a project, and then manipulated and analyzed to bring competitive advantage. Using a digital network, like Command Alkon’s CONNEX, facilitates the task of gathering messages regardless of format and disseminating the communications to the appropriate trading partner.
It is important to have a data-driven approach to supply chain operations. The data is the foundation for a digital transformation, helping to change the way companies do business by creating greater efficiencies through automated processes. By having access to all the information within the supply chain, businesses can make more informed decisions. For example, if a weather feed is incorporated into the digital network, partners on the network can learn how an impending storm will threaten the delivery of materials and an alternate source of materials can be substituted so that the project remains on time.
Big Data and Today
Today Big Data is used in the construction industry in a variety of ways, including determining where to build.
Historical data can be used to predict risks in construction projects. Analysis of the data from a particular project can analyze historical patterns and determine why cost overruns occurred. Other uses of Big Data include:
- Analyzing weather patterns to determine optimal construction activities over a period of time
- Determining preventive maintenance schedules based on data generated by sensors on machines onsite
- Analyzing fuel usage while optimizing routes to lower fuel costs
- Using Big Data to create automated workflows between stakeholders on a project
- Monitoring load properties to reduce time spent in the yard
- Improving safety at the yard by reducing the amount of wasted movement by tracking assets
- Tracking project revisions; comparing projects; uncovering KPIs of project management
- Determining the most profitable projects to pursue
- And much more.
Big Data and the Future
Machine Learning and Artificial Intelligence will play a bigger role in Big Data activities in the coming years. As stated on Technopedia, “Artificial intelligence (AI) is defined as the area of computer science that emphasizes the creation of intelligent machines that work and react like humans.” Per Wikipedia, “Machine learning (ML) is the scientific study of algorithms and statistical models that computer systems use to perform a specific task without using explicit instructions, relying on patterns and inference instead.” The more data that is collected, the better Machine Learning and AI will work.
These algorithms will be available for purchase in the future, according to various sources, and used with the data that is being collected across the enterprise. Instead of selling Machine Learning and AI software solutions, vendors will be selling algorithms and services to help the business use the algorithm to best meet their business needs. Or, Machine Learning and AI will be embedded in other software to extend its functionality.
The growth of job openings for developers with Machine Learning and AI experience will be astronomic as needs will grow with more and more companies using these technologies alongside their Big Data initiatives. According to Evans Data, there are 6M developers working with Big Data, but the need will be for many more.
Command Alkon’s COMMANDassurance solution helps ready mix producers and other members of the construction ecosystem gain visibility in real-time into the fresh concrete while in transit. Command Alkon will help you capture the data, analyze, and utilize it so that your business not only survives, but thrives.