There is no shortage of data on construction sites these days. Construction data may come from design and BIM data from the planning stages, data collected on the Job site, mobile devices and sensors on equipment and materials, accounting and job progress data from the office, and much more.
As a result, many contractors are drowning in a sea of data. They are unable to make sense of it all because they lack the necessary software and expertise.
All of that seems to be changing. Construction businesses are taking notice of the advantages other sectors are reaping from data analytics and business intelligence.
We often get requests to analyze data in the construction field. We see that this industry is trying to find methods to assist contractors in becoming more knowledgeable about data.
For contractors, what are the current trends, and how can they become more involved without becoming overwhelmed? This article will discuss the role of big data analytics in the construction field and how you can benefit from it.
The Benefits of Construction Analytics
Increasing efficiency and profitability on existing projects and planning for future ones can be easier with a deeper grasp of your project data. The following are only a handful of the main advantages:
Making Operations More Efficient
Traditional job expenses and cash flow aren't enough for genuine data analytics. Improved data gathering from project sites may help contractors do many things like automate processes and discover new ways to save money.
Using data from wearable tech or cellphones, for example, you can monitor how much more movement occurs for a day. When a contractor utilized this information to plan the best placements for supplies and equipment, they saved time and money.
Increasing safety and decreasing risk.
There should be a record of all incidents involving safety for all contractors. Records of workplace injuries, safety inspections, and other relevant data must be kept and reported to the Occupational Safety and Health Administration.
However, examining data that may help you identify high-risk jobs and unsafe settings can assist avoid such events and minimizing risk for your construction firm.
Increasing Your Chances of Getting the Job Done
Analyzing project costs, change orders, material and equipment utilization, and labor efficiency may help you anticipate future work and lead to more informed bids. More detailed and relevant data may offer a broader view of how jobs are fair and where changes can be made, even if many organizations already do this in some form.
The enhanced efficiency and on-time, on-budget execution of projects will lead to a good reputation for your organization, which will help you acquire even more work from analyzing data.
Predictive Results
These trends are all about using data to make better decisions, which brings us to another hot topic: predictive analytics.
It's ideal if you don't only review what transpired after the fact on a project. You are looking for data that will help you make better choices based on forecasts of the future.
Predictive models in construction may be fueled by the rise of machine learning and artificial intelligence in our business. These models may be improved with the help of your data.
Get A Supported Software to Analyze the Data
It would help if you had the correct tools at your disposal to make use of the potential of data analytics and business intelligence. It's necessary to have a platform for integrated construction management or ERP. Transparency throughout the company is essential for data analysis, including accounting, project management, document sharing, and operational procedures.
Data may be collected, stored, and analyzed more effectively with the aid of an integrated construction ERP system. Using Viewpoint's cloud-based ERP solutions, businesses may access business insight and plan for future projects more effectively. The ability to make real-time data available to all company members is another benefit of using these systems.
Leading construction ERP systems are also including new data analytics and business intelligence capabilities into their software, adding additional levels of capability for segmenting data, creating customized comparisons, mapping data, and creating predictive models, among other things.
Wearables, GPS tracking, and apps for documenting worksite inspections may benefit from these instruments' ability to speed data collecting.
Data analytics and business intelligence are becoming more popular among contractors because of the difficulties encountered when working with large amounts of data.
They are at the forefront of an industry transition spearheaded by these new construction industry leaders using new solid construction technology.
Unfortunately, having supported software only won't help you much. There is a learning curve along the way you should deal with.
Why Do You Need Our Data Analytics Contract Services
Use Technology Available More Efficiently
It's easier for organizations with digital contracts to get the information they need quickly and minimize the effect of the interruption on their company.
As a result of the Covid-19 incident, businesses that rely on paper contracts will seek to digitize their contracts and put them in a digital repository with search capabilities. For this reason, they may speed up the process of searching through contracts for relevant sections before making a choice.
Integration of the Sell-side with the Buy-side Contract
For the time being, many firms maintain separate repositories for selling and buying contracts. Companies' bottom lines take a hit due to revenue leaks and inefficiency in the contract process.
Contract performance and profitability will become more transparent with the merging of buy-side and sell-side contracts. Executives will make better decisions in a shorter period if they have more information about the contracts.
A single contract repository for buy and sell contracts reduces the overhead of administering two separate systems. Contract Analytics solutions may be integrated with ERP and CRM systems to improve vendor management and customer satisfaction by providing more insight into the contract status and deviations.
Post-award contract management
Managing operational and strategic duties such as contract compliance, payment obligations, contract expiry and renewal, vendor performance and risk evaluations, stakeholder engagement, and contract closeout are crucial in post-award contract administration.
Post-award review is given extremely little weight in the contracting process compared to earlier phases. As a result of Covid-19, companies now focus on contract terms like indemnification, uncapped liability, and managing risks more effectively. The use of advanced contract analytics tools and our expertise may guarantee that obligations and compliance are properly handled.