Using Big Data for Big Business
Bidding for and planning out construction projects requires gathering a lot of information. There is the budgeting, figuring out which permits need clearing before construction can proceed, the number of workers needed to complete a project by a given deadline … it can be endless.
Most construction companies limit themselves to what they can capture in spreadsheets for manual manipulation. Many of these businesses have yet to effectively utilize the repository of valuable information being collected to their company’s full benefit. That is where data analytics comes into play.
What Is Data Analytics?
You may be hearing the term “big data” popping up more in relation to AI and other automation-related processes. The reality of big data is much bigger in scope. It is the accumulation of information collected about people, the computers being used, equipment, or any resource capable of providing readable and storable output.
Think of data analytics as the umbrella encompassing the processes and technology used in gaining insight from your pool of “big data.” It can inform the moves your company makes as you establish yourself as a leader in the construction industry.
1. Eliminate Waste and Improve Cost Management
Construction analytics allows you to perform real-time tracking on the money being spent on materials and orders, the productivity of your workers, and if you are in danger of going over budget. The information gleaned from past construction projects helps you put together smarter, more informed bids when it comes to future work. You can improve the odds of your business staying on-budget and provide more accurate target dates for project delivery.
2. Find Problems Before They Become Problems
Making data analytics part of your business processes can help you make more accurate predictions when it comes to mapping out projects. You can target potential roadblocks that could end up holding up a construction project.
Using predictive analytics helps you do better forecasting when it comes to safety. That includes making sure you have enough workers to safely handle a project pinpoint issues that could arise by choosing one type of building material over another.
3. Help Improve Safety and Eliminate Risk on the Job Site
Your construction business can use data analytics to identify tasks that may be high-risk or lead to dangerous conditions for your workers. Having that information allows you to be proactive when it comes to putting in safety measures that keep everyone safe on the job site.
What Holds Many Construction Professionals Back?
The concept of big data can seem overwhelming on its face. What should you focus on, and how can you quantify the worth of the information as it relates to your bottom line? Many executives hesitate to make an investment in analysis and reporting tools that may not bring value back to the business. So they hesitate on taking the leap into data analytics.
Here is what you could be losing out on the longer you put off building out an analytic strategy.
1. You limit your potential technology expansion — The better you are at managing and analyzing your data, the more room you give yourself when it comes to building for the future. It is nearly impossible to integrate technology powered by AI and machine learning if you do not have a robust data collection and analysis platform established.
2. You risk being left behind — More and more construction companies are adopting the use of data analytics. You do not want your company to still be stuck collecting and studying information from spreadsheets while your competitors use real-time data and visual dashboards to gain an edge.
3. You limit your growth potential — The insights gleaned from data analytics can help you find opportunities in your current business model. Lacking crucial data could cause you to miss out on new prospects that could give you the chance to grow your company.
Why Briq is the Ultimate Construction Industry Data Solution
Many data analytics platforms can have a steep learning curve and may not be as malleable as needed when it comes to the needs of the construction industry. Briq is built specifically to service the specific challenges that come with that line of business. Our platform gives you the results you are looking for when it comes to understanding your people and the projects you manage.
Briq understands the importance of finding areas where inefficiency can be eliminated and making sure your investments result in you finding the most profitable clients. Do not waste time struggling with other data analysis tools when Briq gives you everything a construction firm could need to make informed decisions
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