How Data Analytics Are Revolutionizing the Construction Industry

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Data analytics have been the driver behind some of the biggest transformations in business – from cost reductions to faster, better decision making and the creation of new products and services. In the construction industry, the ability to effectively use data that’s been collected from disparate departments and sources has been revolutionary. It has introduced new efficiencies, reduced risk, and introduced the opportunity for increased profits.

Here are a few ways data analytics are revolutionizing the construction industry today.

Better Use of Existing Information

Your construction company has always relied on the information that you gather. It’s been projected that one third of the cost of every project is made up of wasted materials plus the time it takes to go back and fix mistakes or make changes. Data analytics provides you with the ability to link large quantities of unstructured data and make it immediately available to all of the different parties that need to access it, understand it, and act on it.

Using data analytics, your initial project decisions can involve your designers, engineers and the client. You can work together to share complex documents and financial data. External data such as schedule elements can also be accessed in real time. By combining data analytics with other innovations such as visualization technology and predictive modeling, your entire process is faster, leaner, and more nimble.

Immediate Access to Data

Your construction business relies on information that is gathered and created by many different hands. From the business department to architects, engineers, and project managers, each area has traditionally held its own information and planning in its own data silo. This lack of communication is a constant source of frustration. It has also been responsible for an enormous amount of waste.

All too often, seemingly insignificant changes to data send your project into a costly delay. This means more wasted time and materials. Data analytics and cloud-based storage solves this problem. It allows greater examination and sharing of data so performance can improve.

Project managers can quickly review design changes while accessing applicable information on workforce, equipment, and quality assurance strategies. They are also able to easily add and analyze external data such as weather forecasts and materials costs. This yields tremendous improvements in efficiency without concern for data storage costs.

Driving Company Success

In this digital age, the construction industry relies heavily on data. Failure to understand and share data has traditionally led to cost overruns and delays. Data analytics has changed all of that. It provides you with the tools you need to reduce project delivery times, mitigate risk, and ultimately achieve higher profit margins.

As new innovations for construction are created, the need to manage data will continue to grow. ShareArchiver is able to offer you cutting edge data analytics and storage strategies that help you embrace this shift so you can make the best use of these technologies. Contact us today to learn more.