Data is changing our world. The amount of data we collect for analysis increases from year to year and the ability to leverage that massive amount of information is, in turn, becoming increasingly critical.
According to recent statistics, the U.S. holds one of the largest construction markets worldwide with expenditures reaching over 1,162 billion US dollars. Considering the intense size of projects that construction companies manage and the amount of resources and work that is involved in each, it is safe to say that jobsites alone produce a overwhelming amount of Big Data.
Some data collected on jobsites includes:
- Sensor Data. Advanced technology sensors are installed across jobsites, used to monitor and gauge equipment temperatures, vibration, noise levels, and more, keeping machines serviced and running at optimal capacity.
- Equipment Walk-Around Inspections. These inspections, required by OSHA, are integral to maintaining high safety levels on the jobsite, and often this data collection is still implemented on paper.
- Tracking Equipment & Materials. This collected data allows for companies to anticipate equipment needs and delivery schedules. Conserving materials is an important contributor to staying on schedule and staying within budget.
However, data collection is just one piece of the puzzle. Analytics or intelligence is what provides an bird’s-eye view of productivity, efficiency and financial performance. This closer look at operations and the individual elements allows companies to predict emerging trends and upcoming industry changes that will impact the big picture.
Unfortunately, most companies are not doing enough to leverage the analytical capabilities construction software has to offer, and companies that are still processing data manually are putting their margins at risk.
The phrase, Knowledge is Power needs to be taken into account here. More information can result in smarter decisions, but when the numbers are jumbled and not logically used to create simple deductions, we are left with large sums of complex data that results in human error and analysis paralysis.
From the data collected by field teams to accounting reports and everything in between, if a company can accurately interpret and make sense of the daily mountain of data, it can leverage findings for financial gains.
The bottom line: Construction companies that view data collection and analysis as a strategic asset are the ones who will succeed and those that tap into available industry-specific technology will have an edge over the competition.
With eesyQ technology, construction companies are saving significant time and money with easy data collection and automated data analytics in just 2 clicks. Click here to schedule a free demo and see how eesyQ customized technology is helping companies standardize walk-around inspections, track equipment, and more.