Are professionals in the construction industry allowing their data to reach its full potential?
Examining labour spend, optimising project delivery timelines, and suggesting the best strategic decision for growth…the possibilities for more enhanced intelligence in construction organisations are endless.
Below, we take a look at the importance of Business Intelligence (BI) in the construction industry and some of the core advantages it delivers in more detail. Specifically, these advantages are:
- Reliability and security in results due to a single source of truth
- Scalable capabilities to match natural business growth
- Greater, and frictionless, access to high-level insights
The importance of BI in the construction industry
Business Intelligence is especially important in today’s construction climate, where margins come under increasing pressure. With fierce competition to secure bids, shortages of people in the labour market and the increasing pressures on raw materials costs, BI may just be the deciding factor in the success of many enterprises – allowing strategy and choices to be based on intelligence, not instinct.
BI processes can help navigate a variety of industry-specific pain points, such as:
- Projects becoming more complex as they adhere to new regulations
- More focus than ever before on assurance, material efficiency, risk prevention, and land management
- Evolving customer needs placed alongside more emphasis on ownership
- The reliance on legacy systems and manual processes, which allow room for error
Put simply, integrated BI solutions allow for seamless processes that stem from a reliable source of truth. While this provides immediate benefits to construction professionals, such as the opportunity for collaborative working and trusted intelligence, the advantages run much deeper.
Internal teams can ensure that their results are always secure and reliable with BI processes, eliminating the creation of data silos, time-consuming manual processes, and removing inconsistent views of your data.
Reliability and security in results due to a single source of truth
One of the most fundamental steps in establishing a reliable and trustworthy data strategy is the construction of a single source of truth from which all structured data is pulled.
When implemented correctly, this ensures that any results gained are truthful, secure, and will not vary from one process to the next unless directly manipulated for smarter workflows.
From updating timelines for project progress to ensuring that cost planning remains profitable and viable, this single source of truth is fundamental to conducting daily analysis, at all levels of your company.
This is even more important when the decisions being made through analysis affect the future of the business, as is the case for financial and operations teams.
However, with the correct BI frameworks in place, teams can make smarter decisions built on the right data foundations – establishing a culture that emphasises the importance of trusted information rather than an insecure and unstable ‘gut-feeling’ approach.
Scalable capabilities to match natural business growth
If your digital locations aren’t scalable, you’ll soon find systems and analysis processes slow, bloated, and frustrating to work with – a weakness that could prove critical in the fast-paced, ever-evolving world of project management.
What’s more, if teams choose to navigate this by missing out on large volumes of data, they risk introducing a huge bias or may create harmful data silos.
Working in unison with establishing a single source of truth, migrating data sources to the cloud offers a wide range of benefits for construction enterprises of any size.
For large enterprises, it ensures that their much needed and important data is available on-demand from almost any location, opening the possibility of on-site analysis for reachable insights. While for small businesses it provides a solid foundation to support scaling at the pace of the business.
Greater, and frictionless, access to high-level insights
While BI processes enhance backend concerns such as alleviating bloating risks and enhancing the reliability of results, it also imposes greater capabilities to reach previously unavailable insights.
One great example of the capabilities of advanced BI is prescriptive analytics, which utilises advanced ML modelling to predict future outcomes, before suggesting the best route forward.
Another capability that can be much more attainable for those starting their BI journey is Data Visualisation: an analytics process that collates vast amounts of data into an easily accessible, visual format – converting potentially millions of rows of data into a simple graph or scorecard. These tools empower high-level decision-makers and stakeholders to draw more accurate conclusions on–demand, maximising results while giving them the upper hand over the competition.
Get Started with DataShapa today
We’re passionate about helping businesses realise the full potential of their data. From the fast-paced world of SMEs attempting to scale, to reaching the insights needed to move that latest construction project.
To learn more about how Business Intelligence can help drive the construction industry towards data-driven intelligence, why not download our free eBook?
Free eBook download: The Construction Professional’s Guide to Data-Driven Intelligence