Why Data Analytics is Changing Construction
Over the past year we have seen many articles, blog posts and webinars talking about the importance of Big Data and Data Analytics in construction. With the number of analytics platforms available on the rise in addition to the digitization of construction data there is no doubt construction is primed for a change in how it operates. Companies like Autodesk and Procore have been doubling down on their platforms to support common data environments and integrations allowing more data to be exchange and stored within their platforms. But how are companies actually taking advantage of all this data, are they really putting it to use or is this just Big Data buzz?
What Insights and Information does the Construction Industry want?
As more and more data becomes available from our technology partners we have to organize and filter it to be usable information. In a survey of construction companies by Sage found that:
- 57% want consistent, up-to-date financial and project information.
- 48% want to be warned when specific situations occur.
- 41% want forecasting, allowing them to better prepare for best and worst-case building events.
- 14% want online analytics to see for instance precisely which factors are affecting profitability and by how much.
The data we are collecting can be utilized to help in all of these areas. Analytics tools provide real time information that can be fed from multiple data sources such as your Project Management and Accounting tools. When you can combine information from multiple sources the insights that can be gained are much more powerful. This allows us to predict when projects are potentially heading off course and could be more at risk. Traditional reporting alone cannot provide this type of insight.
What tools are needed to take advantage of all this data?
The amount of data that can be made available can be staggering at first but fortunately there are tools that can help you organize and visualize it all. We have seen traditional analytics platforms such as Power BI, Domo and Tableau make a push into the construction industry by integrating with popular construction solutions such as Procore and BIM360. We have also seen industry specific analytics tools being built for construction, and these solutions developed by industry specific professionals provide a great starting point. With analytics tools surging into the construction industry there are plenty of tools to help us make sense of all this data.
How is this changing the way we do business?
With data more readily available in an organized fashion we are primed to take action based on what we know and what we can predict. Tapping into industry expertise we can build dashboards and reports that allow us to monitor, predict and act upon data collected in the field. This allows project managers, superintendents and executives to make decisions and take action to change the way we work. The end goal is to take action on information that leads us to reducing risk, improving efficiency and improving profit in our business.
As our industry pushes to digitize more and more information on our projects, Pype is here to support that effort. By automating the digitization process we can take advantage of dashboards and reports to identify critical information that requires action. For more information on how Pype provides actionable submittal data to help you start projects faster and closeout sooner, schedule a free demo below.