Firms are increasingly relying on predictive analytics to overcome the possible roadblocks in the construction landscape.
FREMONT, CA: Preconstruction planning is one of the most challenging aspects of the construction industry.
Generally, construction firms rely on historical data for preconstruction planning. Design professionals often rely on past data to plan present as well as future projects. While analysis of historical data is essential, covering the emerging trends that can impact the construction costs might not be achieved. Advancements in technologies such as data science and predictive analytics are enabling construction firms to supplement the past data with reliable predictions over future costs. Such an insight that leverages past data along with future predictions can lay the foundation of an effective preconstruction planning. The construction firms can also need to use data and analytics capabilities to streamline their preconstruction planning phase.
Traditionally, forecasts were based on macroeconomic theory, which has been proved ineffective predictive means for modern preconstruction planning. Alternatively, predictive data analytics solutions are based completely on data-driven approaches. Such empirical evidence is driven by pattern-seeking visualizations and is highly relevant to preconstruction planning. Moreover, predictive analytics utilizes techniques to enhance economic modeling methods. Thus, modern analytics is formulated specifically to analyze observational data during preconstruction planning.
High-quality predictive models are constantly assessed for degenerating relevance throughout the preconstruction phase. Such analyses are used to decide whether a preconstruction model is effective or needs amendment or restructuring. Furthermore, special analyses and model checking can be introduced as transformations in market conditions and policies are announced. Predictive cost data can be used to predict the cost of construction for up to three years before the project commences. Apart from cost and market assessment, predictive analytics capability can also enable the construction firms to optimize build schedule as well as determine the best location for a particular type of construction.
Predictive analytics is quintessential for the present era of construction. The accurate assessment of present as well as emerging trends will enable the construction firms to design a robust preconstruction model that is future-proofed.