As almost every industry continues to leverage big data, the construction sector has been left behind in using numbers to drive success. Manufacturers, bankers, and retailers are using data to provide insights and make better decisions. By collecting and analysing data in real-time, such businesses are able to cut costs, handle emerging customer concerns, and provide higher quality services. Leveraging data within the construction sector is beneficial for companies looking to generate growth.
It can be challenging to conceptualise data within the construction industry. How can builders, engineers, estimators, and contractors use big data to drive success? The use cases for data in construction are widespread. Data is valuable when enhancing workplace safety, creating more accurate budgets, tackling more projects, and having greater insight into your work.
By leveraging software and data analysis tools, you can benefit from predictive and prescriptive analytics to make better decisions for your company.
Construction companies collect lots of data without even realising it. Every time you compare quotes, design a blueprint or negotiate with clients, you’re collecting data that can be used to make better business decisions. This means that there are multiple use cases for data in construction. More specifically, data can be used in the following ways:
Preparing accurate budgets can be the difference between a successful project and a significant financial loss. Budgeting requires in-depth information regarding material costs, suppliers, customer preferences, and project timelines. Using data analysis can help you compare multiple variables and determine the best course of action based on the previous information you’ve collected.
Data also provides insights to management on how they can streamline the budgeting process to save costs and maximise their margins.
The most important use of data is to improve workplace safety. Data analysis techniques can be used to interpret previous information and predict the likelihood of future outcomes. You can now predict the potential occurrence of a specific risk before a project even begins. Workers can also be alerted on the best safety techniques to implement as they avert potential threats to their safety. Using data to predict risk can also reduce the likelihood of subcontractors affecting the safety levels of your project.
Safety is not the only type of risk that your construction business faces. You will also come across project risks such as inclement weather, investment risk, and market changes.
By interpreting data from previous outcomes, you can predict future events and prepare for them accordingly. For example, data analysis may reveal that demand tends to slump during winter. You can adjust your operations by taking up more summer projects so as to offset any winter losses.
Using data can directly result in a higher ROI for your construction business. You will make better data-driven decisions using advanced insights from data analysis processes.
Whether you’re using estimating software to prepare accurate budgets or statistical models to study the market, all stakeholders will be in a better position to implement data-driven insights for the benefit of the business.
For your construction business to truly become successful, you’ll need to take advantage of data analysis. Technology has led to the ease of data collection, meaning that you can use smartphones, wearable technologies, sensors, and GPS tools to obtain the raw data necessary for success. However, this data isn’t very useful in its native format. It needs to be analysed, interpreted, and implemented for better decision-making.
Automation, machine learning, and Artificial Intelligence are used to turn data into actionable insights that builders and estimators can use to improve their margins. For example, machine learning enables your equipment to use previous data as a reference point for predicting future outcomes. With estimating software you can generate budgets, and evaluate new subcontractors quickly- by using a set of predetermined standards.
Due to the numerous applications of data in construction, it can drive business success by allowing you to handle more projects in a shorter period, reduce operational costs and enjoy higher margins, and keep up with emergent trends that may influence customer preferences.
Construction software like Cubit and Bartender can help you analyse and work with your data to make smart decisions and achieve your business goals. In Cubit, you can use data from previous jobs to create a template and quickly start new templates. In Bartender, you’ll be able to analyse and compare data to choose the right suppliers and subcontractors for your build, and use those insights to maximise the opportunities for increased profitability.
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