Access to large volumes of data can give you the kind of bird’s-eye view you need to steer your business in the right direction. The more you know about how big data affects construction businesses, the better you can harness this resource for your firm.
Boosting Your Productivity
Fast, high-volume data analysis lets you keep track of your vehicles and equipment more accurately and plan the most efficient travel routes for them. This is done by placing sensors on vehicles and equipment, and using technology that processes the data provided along with data on current traffic conditions to determine the fastest driving routes. Your workers will spend less time stuck in traffic, and you’ll save fuel, too.
When you store your data and documents in collaborative software, everyone on your team can work together on the same documents in real time no matter where each team member is. That means less email and phone tag and less time spent running documents to other locations. It also cuts down on time-wasting errors caused by two groups of employees working from two versions of a document.
Improving Your Profitability
With more and better-managed data on your company’s past performance, you can more accurately pinpoint profitable bidding strategies and identify the ideal approach to hiring for every job you win. You’ll not only bring in more jobs, but also decrease your labor costs on each one.
The ability to process big data related to your market lets you more precisely target specific customer bases. You’ll be better able to tailor your services to each, which helps set you apart from your competition. It can even help you spot opportunities you might have otherwise missed.
By analyzing data from previous jobs, you can predict when exceptional costs might pop up so you can budget for them. Knowing ahead of time when you’ll need to replace your power tools or the parts in your heavy equipment also prevents delays caused by unexpected equipment breakdowns.
To find out more about how big data affects construction businesses, contact us at Construction Monitor.