Data collection has the power to uncover critical trends for a business and help leaders lay the groundwork for their company’s future. For the construction industry, new technology and data collection methods now enable companies to uncover their own patterns and create opportunities they may have otherwise missed. And while this sounds promising, according to the Zweig Group, just 0.5% of data collected by construction and engineering companies is effectively utilized. It isn’t that data doesn’t exist, the issue is that it lacks meaning. By simply changing how a company’s data is collected so that it has context will change a firm forever––that’s where an integrated resource management platform comes in. Read on to learn how traditional methods of data collection are lacking, how new technology helps data transform a business and discover how new data insights can inform the way a business is run:
Construction companies are sitting on a goldmine of information, according to a Dodge Analytics SuperMarket Report. The most important datasets in the construction industry include project performance data, payroll and labor hours, productivity data, safety data and equipment tracking. Here’s how data is traditionally collected and how it affects a firm’s outcome:
Analysis built from compromised data can mislead decision-makers, causing strategic errors that will hurt the bottom line. On the flip side, real-time data collection solutions eliminate human error and deliver highly accurate data. The benefits of a data collection solution include:
High-quality data leads to analysis that decision-makers can trust, giving them clarity across all facets of the business and enabling them to make accurate projections that will increase profits. By taking advantage of real-time data collection, a contractor can expect to:
Data collection might seem overwhelming at first, but construction firms have plenty to gain by investing in real-time data and integrations with a cloud-based resource management platform. With the help of the right resource management platform to collect data in real-time, companies can get a leg up on competition and a bird’s eye view of their business like never before, so they can make more informed decisions that will improve their bottom line. Once the window into better data has been opened, it’s sure to positively change the way business is conducted moving forward, even in other areas. Improving one seemingly small thing like field data collection can drastically improve your entire project’s financial performance and pave the path to better predict your project’s profitability.
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