• Tracecost Editorial Team

Construction business intelligence driven by big data

The construction industry collects mounds of data. As business technologies grow across all industries and younger, more data-informed professionals enter the construction workspace, contractors are diving deeper into their data by deploying business intelligence solutions in construction that fuel real-time analytics.

Business intelligence in its simplest terms is the gathering of data largely produced through construction management and project management software and sorting and analyzing it to make intelligent business decisions. In order to remain effective in the modern environment, construction companies have a great reliance upon real time integrated business intelligence (BI).

Construction business software and intelligence can benefit the industry in making various decisions. Business Intelligence helps in business speed. Modern construction software and intelligence allows all data held to be integrated and analysed together giving true and accurate insights into the bigger picture facilitating better decision making and evaluation. Similar to the speed that integrated data provides, modern business intelligence also provides the scope of information required to make the most informed decisions rather than going mostly on gut instinct, it has been largely superseded by fact-based decision making centred on up to the minute, bespoke data that all but removes the element of guesswork. This effectively removes risk, in the majority, of the business decisions being made across the entire process and project Real time business intelligence gives an intricate breakdown of all aspects of a project from completed portions through progress along the track. This allows a business to assess performance and delivery, in all areas, and the most effective software provides early warning for cost over runs plus the ability to reforecast, to get back on track.

The most construction software and intelligence have the facility to add on bespoke reporting modules to easily communicate and display this data to maximum effect and in the most effective manner to be disseminated to the correct decision makers. Not only is this extremely efficient, it has the knock-on effect of allowing those decision makers to accurately respond to the data provided.

The trade in time and efficiency coupled with a natural reluctance to avoid tedious or repetitive tasks often leads to the level of data employed in manual reporting to be. Specialist software collates all data from all areas in exacting and accurate detail ensuring that the information being displayed and considered is not only accurate and complete, but fully up to date.

All in all, businesses that have embedded modern technology are able to thrive on opportunities and adapt to challenges that occur at any stage of a project from tender right through to delivery. The old adage of ‘opportunities not problems’ can be amplified by having immediate and early notice allowing your business to take the right actions in good time. Having the ability to be agile can be the difference between finishing a project with your margin in tact or operating at a loss.

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