For construction companies, data is essential. When equipped with information and insights, the firms can analyze lease or purchase of equipment make projections of profit margins.
Construction companies need to allocate substantial funds for buying cutting-edge tools. By integrating data analytics practices, decision-makers can peruse important market forces and gain a competitive advantage over the competitors.
Industry experts point out that remedial works and material wastes account for 35 percent of operational costs in construction work. Here, data can be used to reduce wasteful expenditure and improve the bottom line. For instance, the general contractor, who invests a few dollars in business intelligence and analytic software can book profit by leveraging data.
However, business mavens are awakened to the winds of change and in the construction world, the majority of the firms have embraced tools like business intelligence software and enterprise resource planning system, but these won’t act as silver bullets without streamlining the existing process. Getting most of these tools will require specific steps and it can lead to significant results.
When construction companies have embraced technology, change management is required to unleash the power of data analytics. Firms have to break down silos among various departments, which use different software. Using data analytics in the right way to tackle the change management issue can make a great difference. Means, effective use of data can aid to redefine the processes and achieve the business objective.