In many business sectors, big data exists as a way to collect and analyze vast amounts of relevant data and then apply those results to solving business problems. Locating new areas for expansion, finding overlooked areas where costs could be trimmed, and forecasting revenue and profits are a few of the ways big data is used.
In the construction industry, big data is used for similar purposes, with additional applications of identifying and resolving real-world problems that occur during construction projects.
Here are some insights on how big data affects construction businesses:
- Extracting useful information from large amounts of data: Big data allows construction companies to collect and analyze huge amounts of data, such as cost information, reasons for delays and overruns, and characteristics of successful projects. This data can then be processed to derive important trends, insights, and conditions that typically affect a company’s work. Problem areas can be identified and areas of exceptional performance can be recognized. Big data analytics, for example, may uncover consistent problems with bidding on projects or negotiating costs with suppliers. With these issues identified, they can be resolved.
- Predicting risks: Big data in a construction context can contain detailed information on potential risks and problems that could occur during a project. For example, the potential effects of a road construction project on surrounding ecosystems can be analyzed with big data techniques. Big data systems can help with identifying risk for insurance and bonding purposes.
- Finding problems in advance: Using big data analytics, important information can be extracted before any work begins so that troubles can be eliminated in advance. For example, physical issues on construction sites, conflicts in design and implementation, and unfeasible procedures can be identified and resolved before any physical work begins. This helps stop cost and scheduling overruns and expensive on-site rework.
Construction Monitor provides the most up-to-date information on trends and developments in the construction industry, such as building permit issuances and construction starts. Contact us today for more information on how big data affects construction businesses and how your company can effectively use big data in its operations.