How can business analytics support the construction industry?

Working with an experienced and reputed business intelligence company can help a new or existing construction firm to excel in the contemporary and competitive business environment. The overreliance on business analytics (BA) is becoming an integral factor in the construction industry because every construction project must focus on environmental feasibility and impact.

Using efficient predictive analytic tools help new construction start-ups and existing firms to avail valuable information stream in the appropriate-e time. Construction firms with the necessary skills, experience, and know-how manage to maximise their working schedules and finding the ideal job-fit depending on the available data. Also, Business Intelligence (BI) provides construction companies with the ideal visibility over the data. The construction industry can benefit from BA in five great ways.

– Useful Insights:  Big data ensures even the smallest fragments of information are analysed. Working with a reputed business intelligence company will help you understand that predictive analytics are very essential in turning passive data into helpful insights. Depending on the pessimistic and optimistic estimates, a firm can run several scenarios. BA makes the reporting process detailed, allowing the investor to evaluate project readiness.

Minimising Production Overheads: Every organization struggles to reduce downtime. Manual monitoring is labor intensive and is not effective in preventing or forecasting downtime in the future. Using the predictive approach keeps the production and labor costs at minimal. A recent study by GE’s Kimberlite showed that the predictive and data-centered route can minimise the downtime by nearly 36%. Big data not only help to maximise the quality of equipment and performance but also help to detect potential faults.

Scanning for potential risks: The construction industry highly prioritises the safety of workers. Just one injured employee can lower the morale and the production rate of an entire team. However, prescriptive and predictive analysis helps site workers to reduce most of the potential hazards. Predictive analysis is quite accurate in pinpointing potential disaster areas. The pedometer analytics also help the heavy-duty equipment and tools to increase visibility and avoid potential working hazards. The predictive approach is also efficient in detecting faulty machinery and helps the site manager to schedule periodic servicing of outdated machinery.

Identifying loopholes: Digitizing all records makes it easier to fully understand the available information. The users also find it easier to derive the right information. Through the descriptive analytic approach, it is possible to create a master sheet that includes each of the failure encountered in the preceding project, with fine details about the triggers and the underlying extremity. In essence, predictive analytics also help to analyse the probability of repetitive failures on the new projects.

Leveraging the workforce: The delegation of work can be simplified using the “WBS-Work Breakdown Structure.” The WBS helps to allocate roles, add or remove workers by providing a comprehensive breakdown of the necessary skill sets and work quantity. Once the roles are streamlined, it becomes easier to clarify expectations depending on the pending assignments and the right personnel for the job. The BA employed by the business intelligence company of your choice must provide sufficient details about the accuracy and relevancy of the deployed skills.