In very short terms Factom is about recording hashes of data in time. A hash is like a unique fingerprint of a file. That doesn't seem big on first sight, but in fact it is. It's about:

1. Proof of Existence: a document existed in this form at a certain time.
2. Proof of Process: a document existed and is linked to this new updated document.
3. Proof of Audit: an updated document can be verified to have changed according to a set of rules.

...and a lot more. It's about organizing data and it's about big data, also providing data to smart contract-platforms for example. It needs some research to understand what they provide, which is also the reason why Factom is still underestimated in my opinion. A good place start to find out more are their videos on youtube:
https://www.youtube.com/channel/UCZlpFmzDKrSmTObhSPuhdSw/videos

But also on BCT are a lot of good informations and in the Ann you should find all to dig deeper: https://bitcointalk.org/index.php?topic=850070.0

Edit:
The best place to get an overview about the business-side (partnerships and more) is their blog: https://www.factom.com/blog/

How-to-guides for their software, which is all not too userfriendly yet: https://www.factom.com/howto/