Drones, AI and the Future of Asset Data, from Zero(s) to Hero

Abstract

Data - we use this term every day, but the big question is, are organisations leveraging data effectively to make informed decisions about their assets? Collaboration between those organisations collecting data and those reviewing and analysing the data is key. This presentation will discuss making data collection more accurate, cost effective and accessing upto-date asset data faster through advances in technology and innovation. So, back to data, the Merriam-Webster dictionary provides us with a simple, yet insightful definition of data, that being, “Data is factual information (such as measurements or statistics) used as a basis for reasoning, discussion or calculation”. Data is collected constantly, according to Forbes, there are about 2.5 quintillion bytes of data (quintillion has 18 zeros folks) created each day at our current pace, with 90% of that being created over the past two years alone. As Carla Fiorina (former executive, president, and chair of Hewlett-Packard Co) said, “The goal is to turn data into information, and information into insight”. Now we are not all “data experts”, but to effectively utilise all this data we have collected, we need to analyse and understand it; essentially turning it from raw data to information. Lucky technology can help us all out there. Technology is rapidly advancing, is increasingly affordable and is readily available (most things can be bought at a click of the mouse button and delivered to your door these days). Over the past thirty years, leaps and bounds in technology have included: the internet, portable GPS, cloning, email and text messaging, hybrid cars, self-driving cars and drones – it boggles my mind to think what the next thirty years will bring. Let us start exploring this together!