Big Data Analytics in the Construction Industry
The construction industry has earned a reputation for project overruns, with causes ranging from inaccurate cost estimates and budgeting to poor planning and miscalculations. But software solutions designed specifically for the construction industry are creating significant improvement opportunities. Data analytics tools are a great example – many construction firms are now using them to mitigate risks and increase revenue.
Data analytics is a method for identifying patterns, trends and correlations in existing data. Software is used to evaluate patterns and generate meaningful insights. For the construction industry, data analytics can help reduce risks, improve efficiency and boost profitability.
Big data analytics in the construction industry helps stakeholders make sense of massive amounts of data that have already been collected. It enables them to make better-informed decisions, streamline processes, boost overall productivity and improve the bottom line.
Most Valuable Data Analytics Insights for Managing Construction Projects
When construction firms use solutions like enterprise resource planning (ERP) systems or construction project management software, project managers and stakeholders have a vast amount of data at their fingertips. But what are the most valuable data analytics insights for managing construction projects? Let’s take a look.
Billing Analytics
Billing software is vital for the construction industry. It’s more than invoice management. It helps you integrate timesheets and job data for a better understanding of your payables and receivables. Billing analytics can help you spot duplicate invoices or job tickets; resolve payment disputes; and benefit from a more efficient accounting system that’s faster, easier to use and more accurate.
Subcontractor Performance Analytics
Subcontractors are vital to the construction industry, but sometimes working with subcontractors can give rise to challenges, like gaps in information and data. With construction software solutions, such as RedSky’s Business Analytics Software, you have the ability to access important information like subcontractor orders or ledger order summaries.
Schedule Analysis and Optimisation
Scheduling labour and materials is no easy feat, but construction data analytics software can be a big help.
The starting point is to collect data on your equipment, employee locations and activities. By running reports and analysing the data, you can gain invaluable insights on peak site traffic windows and spot scheduling opportunities that will increase productivity. Some tools will also help you with your procurement, giving your team real-time access to information about goods ordered, delivered and invoiced.
How Does Data Analytics Drive Construction Project Productivity?
Having a better understanding of key analytics can help boost productivity and profitability on current projects. It can also improve project planning activities. Here are some of the key benefits that data analytics can bring to construction projects.Improves Onsite Processes and Productivity
By streamlining and analysing data collection from sites, contractors can improve workflows, automate tasks, address inefficiencies and cut costs.
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Improves Safety and Reduces Risk
Improving safety should always be a top priority for construction contractors, and data related to safety issues should be tracked. Analysing that data can help contractors identify high-risk tasks and potentially dangerous conditions at an early stage so that they can be addressed swiftly
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Allows for Smarter Bidding
When you’re able to forecast future work more accurately, you’re able to bid smarter, which also means you’ll win more projects. Tracking and analysing data such as job costs, change orders, material and equipment usage and employee productivity helps you do just that.
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Aids the Transition to Predictive Analytics
Contractors and project managers often face many challenges such as paper-based workflows, information and data silos, ineffective solutions for collecting vital details from the field and misaligned processes.
But with the right construction software in place, you can tap into the power of big data analytics to help you plan better through predictive analysis
Data Analytics with Construction Software
Construction project management tools and software solutions are changing the game for contractors. Cloud-based, paperless software solutions are based on digitised documents and information, putting the power of data at your fingertips.
Game-changing construction software solutions like RedSky’s ERP system or Business Analytics Software give you access to data analytics, to help increase your productivity, efficiency and profitability.
When you’re ready to learn more about how our software solutions can help with your construction data analytics, we’re here to help. Request a demo or get in touch through our contact form or by giving us a call at +44 020 3002 8600.
