How Big Data Can Help You Convert Your Prospects to Clients

Whatever the size of your company, big data can give you a competitive edge. With a wider pool of data, you can draw insights that give you a clearer understanding of what it will take to turn your prospects into satisfied clients.

Keep Up on Market Conditions

In the past, available database technology couldn’t process large amounts of data continuously flowing in from multiple sources. That meant the view it gave you was incomplete and always a little outdated. Big data solutions can handle far more data in real time to give you a more comprehensive view of the current market.

Suppose you supply building material to multi-family housing developers and big data analysis tells you your prospects are struggling with a shortage of skilled tradespeople. Knowing this, you might win them over by offering materials that don’t require advanced installation skills. If your data analysis tells you developers are under pressure to use eco-friendly yet affordable materials, that’s an angle you can use to convert them.

Analyzing data from the top companies in your field along with data on external conditions such as economic factors, current events, and weather conditions further helps you understand how these factors affect what your prospects want from you.

Understand Your Clients

Efficient use of big data cuts down on blind spots to give you a more in-depth view of what your prospects will buy. If you sell waste management systems for high-rises, traditional data might suggest your clients want easy-to-use recycling systems. That’s good to know, but it doesn’t give you much competitive advantage.

Through the extra insight you get from big data analysis, you might realize they want systems that are both easy for residents and that reduce the risk of injury to maintenance personnel. By pointing out how your systems offer both benefits, you’ll come out ahead of your competitors who only know one aspect of what your prospects are looking for.

To find out more about how big data can help you win over more prospects, contact us at Construction Monitor.

How Big Data is Transforming Construction Businesses

 

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.

big data
Source: iStock.com/mindscanner

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.