I’ve spoken with many CEOs of construction companies to understand how they are using data to make better decisions. 90% of the time I hear how they’d like to move past the limits of spreadsheets and manual reporting.
As they continue to get busier, they are seeking to increase the depth and frequency of their data analysis. Rather than just consuming data, they are asking different questions, wanting to create different views and approaches so that they can gain a better perspective.
What they are asking for is analytics. Construction companies who are using analytics to interact with data are more productive, have improved operational efficiencies and a smarter budgeting and forecasting process than those that are using traditional Business Intelligence (BI).
Well, what is Traditional Business Intelligence? Traditional BI tells you what jobs are in trouble and then you drill down to greater detail. Modern-day analytical tools will tell you which jobs are most likely to cause problems before it’s too late. You should also be able to ask other questions on the fly like how would this job impact my cash flow if the profit falls from 10% to 5%.
This post would be incomplete if I didn’t mention the expansion of Visual Analytics (VA). Delivering executive management insight is the most important benefit of any analytical tool. However, VA can improve an executives’ ability to explore and customize views of data through visualizations appropriate to their decision making process.
With the right advanced visualization you can easily identify your needle in a haystack. Using visualizations like heat maps, you easily sort through thousands of cost codes to identify the problem.
With new technologies like Construction Analytics, contractors are armed to grow their company in a responsible way.
ProNovos is a pioneer in Construction Analytics. Contact us to learn more!