How Business Analytics is improving the Profitability of Construction Firms
Data analytics and business intelligence (BI) is here to improve business outcomes and are among the hottest trends in technology especially in the world of construction where business intelligence, and predictive analytics tools can be significant. As technology is advancing the workers are also getting comfortable with the new technologies which are helping construction companies to become more efficient.
Integrating data analytics and business intelligence practices into the corporate environment enables decision-makers to analyze key relationships using real-time, reliable and credible data in a manner that allows agile optimization and competitive advantages. Another essential thing is to breakdown the silos among different departments, which generally uses different essential software. Therefore to tackle the change in management issues, using data the right way can be fruitful. Listed below are four steps which may be helpful for an organization.
1. Quality data: To produce steady, reliable and credible data, firms need to standardize their critical data across the divisions and internal silos; the focus should be more on developing real-time data.
2. Data Warehouse: A central repository of information from the ERP systems that covers project productivity, payroll reporting, and other operations is essential. Then, applying business intelligence and analytics, this information can be made available to executives through visualization tools.
3. Collaboration: Getting everyone to work in a similar manner using the same set of data requires a blend of technologists and data experts to ensure that the effort mitigates downside risks and maximizes the upside potentials. As mobile adoption is a necessity now, one has to make sure that the BI technology and the data is available on mobile devices as well.
4. The win-win situation: One must ensure that the teams learn about the impact of this new program, actively participate and focus on the decisions at all levels within the organizations.