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Business Intelligence Help Construction Sector Take Smart Decisions
The construction industry has mounds of data and to reap high profit, contractors need to dive deep into it to make intelligent decisions about their projects. As business technologies prosper across spheres and young, more proficient professionals arrive in the construction workspace, we witness contractors dive deep into the data by deploying business intelligence solutions in the construction industry that fuel real-time analytics.
If you ask me what business intelligence is, I would put it this way – it is the gathering of data largely produced through construction management and project management software and sorting and analyzing it to make intelligent business decisions.
Business intelligence in the construction industry requires you to identify areas where increased project efficiencies and productivity can be achieved. It helps to spot consistent problems on projects and develop strategies to resolve them. It also effectively analyze industry trends like building patterns, economic conditions, and material costs into project planning; and ...
... streamline labor and workflows to maximize overhead costs. For example, on the field laborers can effectively predict material ordering needs, ensure that the right materials are always on hand when they need them while project managers can streamline the project.
Business intelligence streamlines and simplifies construction data
Business intelligence has caught on across multiple industries, largely embraced by those with highly-standardized processes, such as the manufacturing industry. And when you use business intelligence in the construction industry, it helps contractors analyze the project’s strengths and weaknesses.
Solutions such as Viewpoint’s Spectrum Business Intelligence — when integrated into the larger Spectrum construction enterprise resource planning (ERP) platform lets contractors easily take the benefit of the cloud to collect and parse data in virtually any format they need.
From in-depth reports to dashboards to creative charts, graphs, and even geographical mapping of data, Spectrum BI utilizes the end-user, by removing the headaches of manually analyzing the mountains of construction data, or wait for specialized reports from internal IT staff or external consultants.
With Spectrum BI, the process is as easy as dragging and dropping data fields into the analytic and report builder canvas. When you’ve aggregated data, you can view or manipulate the data to glean the information they seek.
It creates endless opportunities for tomorrow
The larger the job, you’ll have large data and it may lead to unplanned costs and risks. However, there’s also scope for better efficiency and savings leading to a greater profit margin for contractors that are used to typically razor-thin margins on projects.
When you introduce technology solutions in the construction business, such as Cloud-based integrated construction software and mobile applications, it allows data to be accessed and updated in real-time. Construction business intelligence succeeds in an industry where change is a constant. When you bring in technology and update the business, it allows visibility into all aspects of a project from any device, creating collaborative working environments.
In the construction industry, almost 35% of costs come from material waste and remedial work and hence cost management is crucial. By bringing in business intelligence software, you ensure better management and anticipate labor, inventory, and project costs whereby you can curb the cost.
Business intelligence predicts future business
When you have the right business intelligence software, can analyze and predict what is needed to be successful in future and potential projects. This helps the contractors smartly chase and bid for the right projects that provide the best potential for successful bottom lines.
When you have a better understanding of construction data, you can make actionable decisions to improve the daily operations for both today and the future. The more serious a construction firm is about its business, the more bothered it will be about construction processes and innovative building strategies. And you call it simply an intelligent business decision.
Technology solutions in the construction business have transformed it for good. Better business options have emerged and it is now easy to predict the future business, based on which you can tweak your strategies.
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