By Construction Tech Review | Friday, June 14, 2019
The construction sector is becoming data oriented. Data has become integral, and most of the decisions are taken based on data analysis. Technological advancements have enabled this data boom, and construction companies now have access to vast amounts of data. It is essential for the construction firms to invest not just in data but also the right tools to be able to use the data effectively.
• Improving Processes and Workflows
Data empowers companies to gain an understanding of the projects and workflow. With better understanding, companies improve workflow efficiency, reduce costs, and streamline every aspect of construction. Valuable insights through data analytics assist companies in replacing traditional methods with innovative processes.
• Better Business Decisions
Profitability is an integral aspect of the construction business. Data analytics enable construction companies to maintain the desired profit margins through smart bidding and better resource management. Data helps in tracking rates and trends in the market and forecasts the future making accurate bids possible. Creating and sticking to a budget also becomes convenient with data analytics.
• Predictive Analytics and Preconstruction
Predictive analytics is a part of data analytics, which has the potential to impact on preplanning and preconstruction of projects. The design teams equipped with predictive analytics are creating realistic budgets which incorporate labor rates and material costs as applicable to current and future stages of a project.
• Risk Management and Safety
Safety is a significant concern at construction sites. Even small negligence can lead to a big mishap. Hence, safety is a priority for contractors. Safety-related data plays a role in making worksites safer and mitigating risks. Injuries and safety inspections data should be diligently collected and analyzed to figure out high-risk areas. Accordingly, safety plans are incorporated.
Data analytics and business intelligence tools are provided by construction management and enterprise resource management firms through well-designed platforms. With a comprehensive data collection and analysis system, qualified personnel, and useful tools, the construction industry can leverage data-driven processes and increase efficiency and profitability.