How to Use Big Data in the Construction Industry
Big data has garnered too much attention in recent years because of its relevancy and limitless possibilities in the age of digitalisation. Take the construction market, for example, which is probably not the first sector that comes into mind when we think about tech innovation. However, the construction industry market leaders have finally understood the importance of embracing innovations. Their interest in technology, especially in big data came from necessity.
In the construction sector, useful data may come from everywhere, including:
- Previous projects
- Construction plans
- Machinery & supply chains
- The accounting department, etc.
Therefore, stepping into the digital age has become essential for every player in the construction sector. You can make your business more efficient, flexible, and safer by harnessing the power of big data in the construction industry. Let us take a closer look at how to use big data to drive your business forward.
1. To Choose Project Location and Finalise the Design
The usefulness of big data in construction industry begins long before someone breaks ground on a project. Choosing the right location for a building and designing the blueprint are the most important parts of any construction project. Any mistakes in this stage may result in serious problems. Due to this reason, many architects and project managers are now using big data to make well-informed decisions. You can also follow their lead and start using big data from the initial stage of your construction project. Big data will indeed improve your decision-making capabilities and save you from making costly mistakes.
2. To Estimate the Budget Precisely
Previously, construction companies have had trouble estimating the project budget. Studies show that 98% of construction megaprojects used to go beyond 30% of the initial budget. In a diverse sector like construction where so many factors are involved, estimating the budget accurately can be daunting. Besides, delays and disruptions can cause additional burdens on your budget. Fortunately, you can efficiently address this issue by using big data analytics in the construction industry.
The construction industry is seemingly unpredictable. However, the issues companies face are not unique. You can use big data analytic engines to figure out commonalities between past and present worksites to learn about the factors and events that may impact the cost. Big data will provide you with the much-needed insight that will help you to estimate the budget precisely.
3. To Optimise Workflow
Big data has helped several industries to eliminate redundancies and streamline workflows. Construction companies can also use this technology for the same. A recent study has found that around 30% to 40% of workers’ time goes into the core construction project. Efforts in making coordination and travelling around the worksite take up the rest of the time in any workday. Big data in construction can help managers to figure out the most time-consuming inefficiencies in their project. Once you figure out the inefficiencies, eliminating them will not be difficult for you. As a result, you will be able to optimise your workflow and stay within your schedule and budget restrictions.
As you embrace big data, you lay your hands on more information to analyse. We hope that now you have understood how you can use big data in the construction industry to choose project locations, estimate the budget, and optimise workflow. These are only a few of the many advantages that construction companies can gain from big data. You can even generate more and more qualified sales leads before your competitors by leveraging the power of big data, and PROJECT INTEL can help you in this. Wondering how? Schedule your free trial today to learn how we can help you to achieve your sales goals.