Learn the secret to making smarter business decisions using big data.

Data is a powerful mechanism to provide your business with visibility to baselines, performance, trend predictions and, in general, highlight new opportunities. 

In the construction industry, data-driven decision-making (DDDM) is the process of using metrics, facts and data to inform planning, solve site issues and run efficient projects to ensure they are completed on time. 

A project site generates a vast amount of information: Noise levels, equipment localisation, meteorological data, drones, Building Information Modeling (BIM), photos, videos and labour costs. 

Structured and unstructured data flood in to create a rich construction information ecosystem. 

With an array of stakeholders from tradespeople, operators, architects, suppliers and engineers, cloud-powered analytics can keep everyone aligned and in real-time. 

This is an enormously powerful tool for projects that have many moving parts. So. let’s dive into how you can make smarter business decisions using big data in your construction business.

How to enable DDDM in your business

Early adopters face the challenge of learning how to apply and leverage the data to support a unique application. A fundamental disconnect can occur when data is not widely available and accessible. 

Using a single source of truth, making information accessible, and building tools to visualise your data helps power a data-driven culture. 

Project managers are then empowered with real-time information to make informed decisions to improve the project status. 

Updates regarding delayed shipments, cost overruns and project delays can be shared across multiple stakeholders, even allowing you to pick up errors and fix them before they become a problem.

Drawing on diverse data can allow for agile responses and move the project forward where a human may not pick it up. 

How to use DDDM with Benchmarks & Key Performance Indicators (KPIs)

Navigating the plethora of big data available can be simplified by establishing clear goals and metrics for each project. Outlining your objectives creates a direct linkage between what you want to measure and how you will use the outputs of the data. 

Construction businesses can use big data to evaluate workforce performance, assess milestones of a project, review equipment productivity and site-based transactions. 

It ultimately allows you to set KPI’s based on actual data and work towards targets that are achievable, not anecdotal.

How DDDM ensures profitability and future growth 

Business intelligence (BI) tools are commonly used in the construction industry to provide detailed and accurate data analysis. Understanding the inputs allows businesses to take control of their inventory, review costs and make informed decisions. 

With BI tools in place, plant and machinery equipment are equipped with sensors to collect data on performance. Reviewing the productivity and utilisation of machinery allows businesses to determine idle and busy times. 

Ultimately, this allows you to make detailed decisions on the systems providing you with the most productivity and discarding the ones that aren’t.

Management can then assess information based on performance data on whether to buy, lease or rent equipment on future projects. Capital investment is then justified from the data rather than based on assumptions.

It saves you time, money and resources on decisions that can be immediately determined with good data.

Leveraging data to make predictions on projected costs, margins, cost of work in progress, and the cash position can be not only a cross-check but replace the need for human engagement in the project. Ultimately meaning fewer errors.

Conclusion

Data-driven decision making is an ongoing process and requires constant improvement. Using big data insights allow construction businesses to achieve their strategic goals and create new opportunities. 

BI presents an opportunity to become a strong market position and competitive advantage. Thrive can enable your business with a platform to ensure consistent use of data to inform your systems and processes.

To discuss how big data could help you make smarter business decisions, give our team of experts a call RIGHT NOW on 1300 868 474.

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