Real-time visibility and access to data and insights are required to make fast decisions in the construction industry. According to the Autodesk and FMI study Harnessing the Data Advantage in Construction, the volume of available project data has doubled in the past 3 years. However, one-third of bad decisions were made because of bad data. Inaccurate and missing data also may have cost the worldwide construction industry approximately $2 billion in 2020.
Most construction companies need to wait until a job is completed to determine if they made or lost money. They also don’t know if they’re on schedule unless they fall behind on the timeline. This demonstrates a need to establish and optimize data strategies for visibility control. Transparency also is required to improve efficiency and project productivity.
Fortunately, technologies that improve efficiency, productivity, and transparency in construction are becoming more widely used. This helps reduce the number of project delays, the amount of rework, and the number of change orders.
Discover some ways that data is positively impacting the future of construction.
Most construction decisions are made by instinct or feeling. This means the results may not align with the project goals or objectives. Progress may be delayed as well.
A more effective option is to use data to make critical decisions. The data must be relevant, complete, accurate, and available to the right team members at all times. This helps ensure the project goals and objectives are met and completed on time.
Seamless Data Capture
Construction companies are putting processes in place that make data capture part of everyday work. Technology continuously collects data while the employees work and communicate in real-time with the team. This data can be used to improve operations.
Having access to real-time data is especially important for offsite production. Since approximately one-third to one-half of the job is completed in the factory, construction teams need access to real-time data from the factory and the job site. This helps ensure the manufacturing schedule is accurate and on time.
Construction teams can use data from previous projects that are similar in scope to determine what worked and what could’ve been improved. For instance, the data from bidding can help accurately estimate the cost and timing of a project. Also, patterns can uncover potential issues to proactively resolve before they become obstacles. This creates a culture of continuous improvement.
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