Without competitors, there would be no need for strategy. – Keniche Ohmae
There’s nothing wrong with watching “the big boys” of construction and learning from their successes. Mentorship can take you to a better place, business-wise, and faster than you imagined.
Your competitors are the same-size companies bidding on the same jobs as you. You need big data in construction for predicting their next moves. You can imitate other construction contractors (but never copy). Your honesty, integrity, and work ethics should make your business a standalone.
Big data in construction can give you the information edge to strategize business development.
Big Data in Construction
In 2014, you may not have known what “big data” meant. Big data is using statistics to gain business insight. Using big data in construction is one way to get ahead of the competition.
Many in the industry are just learning the ins and outs of big data in construction. Some immediately began using analytics and business intelligence (BI) to better manage project bids, finances, and opportunities. Cautious companies chose to “wait and see.”
Data analytics for real-time leads is now an affordable – and necessary – way for contracting companies of every size to thrive.
The construction industry’s big data advantage is “the ability…to compare (profitability, days outstanding of accounts receivable, cash flow, and other financial metrics) against similar-sized contractors,” says Constructor magazine.
Your competitors are usually local. But track the progress and moves made by other companies in similar demographics. What do they know you don’t? Find out. Then examine their strategies to see if they are workable for your reality.
Construction Monitor: So Much Big Data, So Little Time
Using historical data, you can predict costs. But convert dollars-then to dollars-now, as cash values rise and fall in predictable patterns. Meanwhile, if it seems as if the world is spinning at warp speed, it is. Don’t waste more time spinning your wheels.
Contact Construction Monitor to learn more about other contractors. Then use that big data for business development.