FREMONT, CA: Construction projects have immense resources and money at stake. A slight error results in huge losses. As a result, the companies are minimizing the risk factor by switching to solutions that enhance the trust factor, which is crucial to their business. Data warehousing is one such solution as well as another step toward a known and structured setup.
Data warehousing is a mechanism to store, analyze, gain productivity insights, budget forecasting, and other deductions from the relevant data. With technology and enormous data at their disposal, innovative construction companies are using them for resource management and growth.
The main applications of data warehousing can be classified under four categories:-
1. Budget and Time Estimation
Precise estimation of budget and time required for a project increases the credibility of an enterprise and helps to attract probable clients. Moreover, it enables a company with the ability for spot-on forecasting, thereby streamlining the overall processes.
Unlike the standard setup, which requires manual tracking of productivity and schedules, today, simple mobile apps achieve the same with better accuracy and transparency. Further, the focus may be shifted towards more complex things such as analyzing the data anomalies and the probable methods to counter it before they become a challenge.
Data Warehousing also helps to ensure safety. With the help of the apps and camera, a great deal of data is generated during safety audits. These data are stored in the data warehouse and aids to analyze the trends that help to understand and minimize the safety risks.
4. Resource Allocation
With the introduction of data warehousing, an enterprise saves its resources from repetitive tasks and can be employed in more productive aspects like for business growth or developmental issues of the company.
With the help of data warehousing, there’s a huge scope of cost-cutting in the construction business. Due to the clarity that comes along with the proper data analysis, data warehousing also promotes agile decision making. With data warehousing, there is an underlying business potential that can be unleashed.