Find Insights with Data Analytics

As we navigate the complexities of today’s construction landscape, an increasingly critical tool has the potential to significantly optimize project management efforts: data analytics.

Last month, we explored the importance of cloud-based tools and how they can maximize construction project management performance.

This month, we’ll look at data analytics and how it can improve worksite safety, reduce costs, and boost sustainability.

The Importance of Data Analytics in Construction

Construction projects have many moving parts, and firms often find themselves drowning in data. Identifying and monitoring the correct data can make or break your project’s success.

Data analytics transform raw data into actionable insights. Analyzing the right data can significantly improve project outcomes.

Benefits of Data Analytics in Construction Project Management

Leveraging data analytics can benefit project management for construction companies in numerous ways, including:

• Maximizing operations by revealing inefficiencies
• Improving budget management by pinpointing where they are losing money
• Enhancing worksite safety
• Staying one step ahead of competitors

Construction firms can use data analytics to boost profitability and improve operational efficiency.

Key Construction Data Metrics to Measure

You must analyze the proper information to reap the rewards of data analytics. Some of the key metrics constructions companies should monitor include:

• Performance data
• Sustainability data
• Maintenance data
• Cost data

Closely analyzing and continuously monitoring the right data sets paints a holistic picture of project performance. It reveals what’s working, as well as areas that need improvement.