Our world is becoming more data-driven every day. So it’s no surprise that the increasingly crucial role of data in business was a theme the thought leaders at the P3 Momentum conference kept returning to.
As technologies like AI and machine learning continue to advance, the efficient gathering and use of data will enable more accurate real-time decisions, will simplify employee collaboration and will eliminate information silos. Choosing and integrating the right technology will be a key differentiator, and staying ahead of the curve means investing into innovation now.
The largest, most complex organisations are most in need of efficient ways to gather, store and use data. International companies like General Electric make precise digital measurements to monitor, maintain, repair and improve equipment around the world. JPMorgan uses powerful data-driven technology to work faster and more efficiently than ever before. Even coffee giant Starbucks plans future outlets with the help of powerful analytical software that forecasts revenues based on existing data.
We’re just at the beginning of a revolutionary trend in data-driven software helping businesses by doing what humans can’t, or doing what they can much faster.
"We are committed to delivering places that are smart-ready and allow our customers to optimise emergent technologies and run their properties efficiently and comfortably,” - Steffen Walvius, Group Sustainability Manager for P3
General Electric: Smarter, Faster Analytics
At General Electric, business depends on the performance and upkeep of machinery located around the world. Collecting and analysing data from sensors on everything from jet engines to power plants is a crucial way to improve the reliability of these machines and make them work more efficiently.
GE has set up a network of sensors to gather data and share it with the company’s analytics team, who can then develop new tools and improve existing ones. For example, the company has partnered with Schindler Group, the international elevator operator, to develop sensors that use vibration to detect dust and grime buildup in the elevator’s door mechanism due to up-and-down movement. As a result of this and other projects, GE is poised to boost productivity by as much as 1.5% in the US alone, and the resulting cost savings will grow exponentially over the next decades.
JPMorgan: Faster Calculations Mean More Business
Employees at investment banking and financial services firm JPMorgan spend a lot of time calculating figures. Reviewing credit contracts is a labor-intensive job they face on a daily basis. Seeking a solution, JPMorgan developed a special software called COIN to process contract data more quickly.
COIN is short for “contract intelligence,” and uses truly impressive computing power to sort through huge numbers of contracts and figures almost instantly. COIN can do in seconds what would take a human 360,000 hours. According to Jason Mills, JPMorgan’s Executive Director of Machine Learning & Advanced Analytics, “this technology can process thousands of contracts per second. The result is less errors, greater efficiency, and greater agility.”
Starbucks: Using Data to Predict Success
You’ve probably had the experience of stepping out of a Starbucks with a steaming cup of coffee and seeing another Starbucks right across the street. The company is known for saturating cities with new outlets, so you might wonder how they remain profitable. Once again, data is the answer.
Using business data and complex algorithms, Starbucks determines the likely profit and probability of success for every new outlet, building on previous experience and taking a whole range of factors into account, including demographics, customer behavior, location and traffic.
Another big trend in Industry 4.0 introduced by Momentum conference was customisation in manufacturing. Read more about it on P3 Live.
How P3 is Leading the Data Trend
At P3 we make it our business to stay ahead of trends. That’s why we’re already planning for data-based, automated production, increased digital collaboration, and centralised data gathering and storage, which will mean that computers assist with many of the tasks that are currently assigned to humans. That will necessitate changes in business from the C-Suite to the production warehouse.
“P3 understands that smart technologies can enable our customers to monitor and improve the general quality and performance of the workplace,” says Steffen Walvius, Group Sustainability Manager for P3. “We are committed to delivering places that are smart-ready and allow our customers to optimise emergent technologies and run their properties efficiently and comfortably.”