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Tue 26 Sep 2017 01:21 PM

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How big data can lead to big profits

Sponsored Content: Thomson Reuters gives companies in the region the Insights & Intuitive Technology they need to get the edge on competition

How big data can lead to big profits
Thomson Reuters gives companies in the region the Insights & Intuitive Technology they need to get the edge on competition.

A popular story Thomson Reuters CEOs love to tell in internal meetings is how the world’s biggest news organisation broke the scoop of the assassination of US president Abraham Lincoln in 1865. 

It is said that news was being transported by mail boats across the Atlantic when an enterprising Baron Reuters organised for fishermen to row off the coast of Ireland to greet the boats, and have the mail canisters thrown overboard. Back ashore, he then wired the news to London and the EU markets were in turmoil before the boats even reached British shores.

Fast forward to the 21st century and while Thomson Reuters no longer relies on rowing boats and telegraph wires to get vital information into the hands of those who need to make split-second decisions, the truth still remains the same: "knowledge is power".

Thomson Reuters has now applied its expertise to the high-profile and competitive real estate and construction sectors. The economic squeeze resulting from the fall in oil prices has made this sector increasingly more challenging and the margin for error even less.

Around $45 billion' worth of contracts is expected to be awarded in the Gulf by the end of 2017. While this may sound like a lot it is only marginally higher than 2016, regarded as the worst year for the market since 2012.

So how do companies in the region get the edge in an increasingly competitive market? Thomson Reuters has spent the last few years investing millions of dollars developing a new product and the MENA was the chosen market to launch - Thomson Reuters Projects.

Available on Thomson Reuters' Eikon business terminal, as well as via web portal and a dedicated mobile device application, Thomson Reuters Projects is a game-changing online platform that will give professionals in-depth data, insights, research and analysis of the construction industry.Thomson Reuters Projects empowers professionals with the resources and intelligence they require to gain full visibility of the project pipeline, achieve transparency in the supply chain, prepare for tenders and bids, mitigate risks, control costs, find opportunities and make better decisions to stay ahead of the competition.

While knowledge may be power, Benjamin Franklin, another inspirational American, advocated that "an investment in knowledge pays the best interest".

Real estate executives across the Middle East may no longer need to invest in rowing boats or telegraph wires to get the information they need, but can they afford not to invest in getting access to the knowledge they need to make the right decisions?

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