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How to Determine the Right Analytics Package for Your Engineering Business

  • Highlights

  • Data as a solution for futuristic problems

  • Analytics as an alternative to manual processing

  • Importance of correct data processing tool

  • Things to consider before employing data analysis for your business

Solutions to most futuristic problems in the field of engineering and construction, increasingly link back to data. But in molding the solution you require diverse thought processes, approaches, style and workforce. However manual processing of problems is time consuming, subjected to human errors and lacks efficiency. An alternative to manual processing can be implementing analytics in your engineering business. Data analysis is the study of raw data with the goal of discovering patterns and drawing conclusion, by engaging analytical tools. Data analysis helps you overcome common construction problems like -

Evaluating unorganised and unstructured data
• Repetitive reporting work
• Offline reporting
• Use of numerous information systems
The cost of implementing these analytical packages could be high. For example, the Oracle advanced analytics package can cost Rs.13 lakh and above. SAP business objects predictive analytics suite comes for a pocket pinch of Rs.1.5 lakh.To overcome such financial issues, you can opt for Engineer Loans that offers funds up to Rs.15 lakh, affordable interest rates and easy and quick approvals.

But just implementing data analysis is not enough. Identifying, choosing and implementing the correct tool is important for the success of your engineering firm. Selecting the right tool is no easy task as almost all tech giants like Oracle, IBM, Google, Microsoft, SAP as well as Deloitte is offering data analysis tools.
These three steps together will help you identify the correct analytics package for your firm.

1.Define your goals

Like any business strategy, begin with the end result in mind. Determine the goal you wish to achieve and then draw a road-map for reaching the same. Consider what your competitors are doing, sometimes small disruptive things can cause bigger changes, your strategy and goals would be defined basis their approach. Study the tools and processes used by other firms, then choose the tools and processes you wish to implement. The easiest way to choose apt tools and processes is by keeping in mind the goals they are meant to achieve.

2.Situation Analysis

Before considering what you need, first evaluate what you have. Take stock of the data and digital assets already available for use by your engineering business entity. These assets comprise both data and system. Companies often have an intelligence system or data warehouse system which can partially serve its needs. Collaborate with the development and data teams to identify tools that can be utilised for data analysis.

Engineer Loan | Features and Benefits

3.When, Where & What strong

After the data team shortlists the useful tools and processes, consider the best location for the systems. If you have chosen Spark or Hadoop tools, but do-not have Linux powered systems choosing cloud-based options can be both cost effective and risk free.

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The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.

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