With the vast majority of records now stored electronically, e-analytics has become essential because there are no longer ‘paper trails’ in the traditional sense. This combined with the dramatic increases in volume of data and information mean that it is vital that tools with the capability to carry out targeted analysis are deployed. Single e-mails can contain pivotal information but with over 100 billion business e-mails being sent every day in 2013 alone it is clear to see why finding these nuggets require more than the human senses. This challenge will only continue to grow.
The key benefits of e-analytics are therefore:
- Quick, accurate and thorough information mining
- Rapid detection of anomalies, patterns, trends and key pieces of information
- The ability to easily show data in aesthetically pleasing and visually useful ways
- Reduced cost of review and investigation activity
- Reduced timescales associated with review and investigation activity
- Increased quality of work through defensible and reliable data collection, retrievable records, increased sample sizes, and greater certainty
- Ultimately an improved return on investment.
E-analytics hones a core of information that can be utilised for drawing insight and intelligence. In the infrastructure and construction sector there are many applications for using e-analytics as a lever for assurance and greater certainty and the benefits of doing so are significant including reductions in cost and time taken to undertake such activities, increased quality of outputs and ultimately an increased return on investment. The amount of information and its complexity will only continue to grow in this ‘big data’ age.