Blending Data and Visualization for Better Revenue
The need for data is not new for businesses.
They have been attempting to accumulate data for many years to help them know how to increase revenue, improve profits or better appeal to customers. New technologies have made it easier to collect that data and now to use it different ways.
Blending data and using visualization is providing more information for businesses to be more competitive.
Data Blending is the Key to Analysis
Data blending and visualization work together to give companies a better look at their options and opportunities. It can be used in many different ways to determine how best to proceed.
For example, an organization can determine how the results will differ with a completed project if it were to be attempted with new data.
Instead of just plugging in projected numbers and guessing what difference they would make, data blending allows companies to see the differences in the processes and get the details for why the results are different.
Answering "What If"
As the article “How Data Blending & Visualization Can Unlock Business Results,” discusses, this process allows businesses to ask all sorts of "what if" questions.
They can re-enact processes with various scenarios to see the different results. This gives them more information to help them reach their business goals.
Instead of asking the IT department to run numbers or make alterations, data blending happens automatically and allows the managers or CEOs to review the information themselves and see the results.
Determine the Right Direction
Data blending and visualization allows you to take information from multiple locations and blend it seamlessly into one worksheet.
Create charts, graphs and other visual images from that data that can be used in board meetings, planning sessions and other situations where you need to make decisions or determine the next step.
For example, this process can be used when deciding which products will be profitable going forward and which ones need to be altered or dropped from the company.
The data sets can come from operations, development, marketing and other departments and meld together to create a complete picture to show the decision makers.
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Utilize Different Types of Data
Another benefit of data blending is that it can combine different types of data into one place.
For instance, operations may use a daily table for certain types of data while the finance department may focus on monthly or quarterly data.
Since data blending automatically converts it to the desired tracking level, you can use both kinds of data to determine an annual increase in a product's profit or loss, for instance.
With the creation and storage of more data come more opportunities to use it in innovative ways to help increase a business' bottom line.
Data blending and visualization through charts and spreadsheets are one practical way of benefiting from all of that data collection.
It allows companies to plan for success by predicting the future in various scenarios in an easy-to-understand format.
About the Author: Joyce Morse is an author who writes on a variety of topics, including business and technology.
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Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.