Build for Your Future: Advancing Construction Data Analytics
People have been relying on data for a long time. The oldest proof we can get is Mesopotamian accounting, used to track the growth of crops and animal count. A couple of thousands of years later, we invented data science in construction.
Data analytics transform everything from healthcare to construction and agriculture. Businesses all around the world have accumulated a huge amount of user data. But only leaders can work with data analytics in the construction industry. However, the basic level of analytics dominates most companies. This is how it works: managers process reports manually. The result is a subjective approach, fragmented analysis, and errors in decisions.
Automation will bring business to a new level. The main thing is to catch this trend, adopt predictive analytics in construction, and start changing now. Are you doubting why your business needs it, and at the same time, you are overwhelmed with complex data and documentation and struggling to measure project impact? Learn how a custom solution can help manage data, and how not to be the junior in the room, but use technology to beat your competitors.
What is Big Data Analytics in the Construction Industry
Advancing construction data analytics involves using software and data to systematically evaluate patterns and generate meaningful insights. Construction companies employ data analysis to improve their operations, save them a lot of money, headaches, and time in the future, and, finally, achieve better results.
What else? Collecting data is what it takes to truly understand customers’ behavior. And taking your customers’ behavior into account—results in outperforming peers by 85% in sales growth, according to Gallup.
There are two essential requirements for effective big data analytics in the construction industry:
- Quality, accessible data.
- The ability to draw meaningful insights from your data.
Nowadays, a basic understanding of data and data science in construction is almost a prerequisite in the business world. It’s taken as a matter of fact that business decisions should be driven by data, but there’s not a straight line between increased reporting and increased profit. In fact, 8 out of 10 companies say they have no idea how to turn their data into valuable insights.
Big Data Analytics in the Construction Industry: Challenges and Problematics
The construction industry is relying on old methods to invoice, keep track of their workforce, and schedule. The result—they are often late, over budget, and poorly executed. Aside from high failure rates, the construction industry suffers from the following common challenges:
- Repetitive reporting.
- Multiple data systems.
- Unprioritized and unorganized data.
- Largely paper-based reporting.
- Lack of system connectivity.
All of the above problems can be solved with the help of advancing construction analytics.
Diving Deeper into Advancing Construction Analytics: Why Use It in Your Business
There is a strong argument for embracing data and the insights you can gain from it. Here are just a few benefits of leveraging data science in the construction industry:
Speed Up Operations
Proper reporting surfaces areas of inefficiencies, such as subcontractors that are repeatedly behind schedule, or truck idle time, and can help you identify the areas where taking action can make the largest impact on your operational efficiency.
Find Out Where You are Losing Money
With advancing construction analytics, you can break down the costs for each job and determine the profitability. You can drill into which of your subcontractors provide the most accurate bids and which make you the most money. Finally, you can also pinpoint where and why jobs ran into issues. This information will help you understand where to implement chargebacks and more importantly, how to minimize costs and improve profitability on future jobs.
Advancing construction analytics software helps to remove human error in data collection. When a process is run by people, it is only a matter of time before an error happens. Sometimes the slip-up is little and forgettable, but other times your company can be on the hook for a lot of money and wasted time. However, with automating data collection, you can generate more actionable insights and avoid inefficient decisions based on intuition and “what if…” scenarios.
Advance Safety Measures
Real-time advancing construction analytics enables you to identify safety issues and high-risk patterns of behavior before accidents happen.
Finally, with data science in the construction industry as well as with more accurate, and available data, you are set to beat your competitors.
Interesting-to-know: Deloitte research identified four types of leaders who can quickly monetize innovations and current trends. These managers use a different approach to management, but invariably provide the company with high income. One of those types is Data-Driven Decisives.
Such executives base their business strategy on data science in construction, use data to increase sales, improve service or create new sources of income. Unlike managers who stick to traditional methods, Data-Driven Decisives provide their companies with higher profits.
A great example of such a leader is Justin de Graaff. In 2016, he led the promotion of Gold Peak iced tea (a sub-brand of Coca-Cola). Using special algorithms, Graaf and his team analyzed hundreds of photos of drinks on social networks. This made it possible to identify potential tea drinkers, who were then targeted by Gold Peak ads. The number of clicks on links increased, 3–4 times higher than the average for a tea brand at that time.
Ready to become a Data-Driven Decisions Leader, and skyrocket the processes in your business with data science in construction? Bring Intelvision on board for mission success, implement advancing construction analytics, and reach your software development goals!
How Custom Software Solutions May Change the Game
To take advantage of the power that advancing construction analytics and business intelligence can provide, you need the right software system at hand. Intelvision specializes in custom construction software development with great project management features and an ERP & CRM solution.
It will streamline construction operations and workflows, take care of your accounting process and document tracking needs, and help you make good construction decisions while strengthening control over your company’s projects. It’ll also help you to sort, analyze, interpret data and provide meaningful insights on the project. The company’s developers are professionals in advancing construction analytics that assist you in unlocking the true potential of data to make meaningful decisions.
1. Stay Up-To-Date with the Project Progress & Ensure a Smooth Project Delivery
Access from a desktop or mobile application to see live office and field information, documentation control, etc.
2. Manage Projects
Improve operational efficiencies, streamline processes, and eliminate duplications.
3. Realize Success
Realize cost savings and increased profit margins.
4. Unparalleled Visibility of Your Field & Subcontractors
Track work progress as well as improve collaboration and reporting across entire project teams.
Do you have any questions? We’d be glad to talk about how Intelvision solutions may fit your operation’s needs and help you to get quality data by going paperless!
Key Questions to Answer When Deciding on the Data Analysis Tools
Answering these questions will help you to understand what you need and can maintain:
- Where does my data come from (3rd-party apps, devices, server logs, transactions, social networks)?
- How does my data arrive (batches, flows)?
- How much data can I afford to process and store?
- Who should have access to the analytics platform, and what skills do they need for managing data?
The future belongs to those who can tap data science in construction and implement them efficiently in their businesses. To get the most out of data analytics, construction companies need to choose the right solution for their organization. This will help you to leverage data to take concrete actions that can make your business more profitable.
It will decrease project risks, ensure that your bid estimates are more accurate, and make many of your operations more transparent and efficient. Intelvision can help you chart the unknown waters of data analytics.