Making Data Work for You ... Not Against You
Every industry stands to benefit from data analytics — and construction is no exception. Every piece of data collected during the lifecycle of each project, from design, to financials, to safety and more, can help you make smarter decisions that will fuel future success.
But without the right tools in place to manage such substantial amounts of data, companies can easily become overwhelmed and lose out on valuable insights. Additionally, “bad” data — defined as inaccurate, incomplete, inaccessible, inconsistent or untimely — can also put companies at a disadvantage.
That disadvantage, according to an Autodesk/FMI Corp. study, plays to a tune of $1.8 trillion in global losses throughout the construction industry. It’s also estimated that bad data is responsible for 14% of all construction rework. Additionally, a whopping 95.5% of all data captured goes unused in the engineering and construction industries!
The concept of “garbage in/garbage out” is very real. If you don’t have reliable, real-time data from the start, you’ll never be able to streamline your processes or reach improved outcomes.
Leveraging data through strategy
Companies that utilized big data analytics reported an 8% increase in revenue. Here’s how today’s technology can help you manage data better in your own firm:
1. Go digital.
Every project entails literally thousands of data points, from cost information, planning changes, photos and more. Without digital technology, it’s almost impossible to keep track of key data and make informed decisions on issues that may arise. Plus, incorporating digital tools allows automation for real-time processes.
2. Increase training and accessibility.
Increase training and accessibility. Your ideal software should be easy to use, centrally organized with a high-level dashboard and employees should be properly trained on how to use it. Software that’s mobile optimized makes business even easier. A study from Dodge Data & analytics, in partnership with B2W Software, found that 74% of survey respondents said mobile technology increases access to data for those who need it. Plus, mobile-based applications improve the ability for teams to communicate and share information.
3. Benefit from better budgeting.
Benefit from better budgeting. Innovative technology can collect and store financial information, receipts and other important documentation all in one place. Analytics can help teams map out project timelines and incorporate changes. Data is also a useful tool to predict more accurate cost estimates, labor, equipment and more.
4. Identify safety risks.
Wearable technology is gaining traction with contractors and can do things like share photos and videos of sites, alert workers to potential dangers, streamline data collection and more. Analyzing big data can help identify on-the-job safety risks, improving workplace conditions for a more productive and safer workforce.
5. Utilize advanced reporting.
Gain meaningful insights from integrated management software. By tracking real-time financials and automatically generating reports, project managers will be able to better identify areas where they can save money and improve profitability on future jobs. You can also track compliance and subcontractor performance, check in on equipment location and deliveries and more with advanced reporting capabilities.
Now that you know the impact data analytics can have on your company, look into the options available to make sure you’re using the best strategies to continue driving your business forward.