Construction firms have been slow to adopt the use of business intelligence (BI) to access and analyze the mountains of data their projects create. According to the JB Knowledge 2016 Construction Technology Report, “Builders are completely missing the daily analytics that could reduce job site error, waste, and inefficiencies.”
Leveraging this information to improve and optimize decisions and performance could save builders billions of dollars in revenue lost to cost management, scheduling and unnecessary rework, which currently accounts for 20% of a project’s contract amount, according to the Construction Industry Institute.
BI gives contractors the ability to glean meaningful and actionable insights from their data and paints a clearer better picture of the entire business.
3 key areas where insights can help you gain a measurable competitive edge:
Control Costs: With construction firms margins averaging 2.1%, it doesn’t take much to wipe out the entire profit of a project. Cost and performance analysis leads to better financial health and allows companies to set goals and track them effectively.
Scheduling, Planning, and Collaboration Optimization: BI enables operational teams to track complex projects with huge amounts of data easily and ensure that schedules are achieved, resources are appropriately allocated, and teams are coordinated.
Risk Management: Construction is a high-risk business, from cost overruns and schedule delays to safety issues and legal matters. BI can help pinpoint risks at an early stage so you can mitigate them as best as possible in the most cost-effective ways.
Learn more about how BI can help with these three areas by downloading a free whitepaper.
About the Author
Kiran Penaka is the Business Intelligence Product Manager at Viewpoint, a provider of cloud-based software solutions to the global construction and capital project industries. Viewpoint’s integrated suite of solutions for Office, Team, and Field address the full construction life-cycle from planning/bidding to construction and facilities maintenance.