If you own or manage a construction firm, your construction data could be affecting your bottom line according to an Autodesk/FMI Corporation study. The new study (Harnessing the Data Advantage in Construction) highlights the issues that “bad data” can have on a construction firms’ ability to develop strategies and prevent future losses. Bad data is inaccurate, incomplete, corrupted, or out of date information that will prevent you from developing actionable plans.
Some important takeaways from the report include:
The Value of Good Construction Data
Companies that have well developed strategies in place to collect, manage, and analyze collected data experience fewer project delays, budget overruns, and change orders. In addition, companies with good data collection practices also experience fewer accidents and safety issues overall. Respondents who incorporated project data into their decision-making process saw much more positive outcomes on their projects.
The Cost of Bad Construction Data
Bad data cost the global construction industry as much as $1.85 trillion in 2020. Most of these losses stem from poor data leading to poor decision making, which leads to poor outcomes. These decisions, based on bad data, cost the industry $88.69 million in rework alone (around 14% of all rework reported in 2020).
Data Analysis for Success
It isn’t enough to have the tools to collect massive amounts of actionable data. The ability to analyze and manage the data is a critical aspect of making the most of the data you do collect. The report revealed that construction professionals see the value of data driven decision making, but more importantly, the value of having project managers with data analysis, data management, and data visualization skills.
Smarter Decisions with SiteKick
SiteKick isn’t just a monitoring solution. SiteKick is a fully realized data collection solution that gives you the tools to track and share data, quickly, securely, and easily, with clients or team members from the office or on the road. As the report details, collecting, organizing and analyzing the data is half the battle. The ability to use the data effectively requires sharing that data as quickly and efficiently as possible. SiteKick helps make that happen. To discover how SiteKick can help your business collect, manage, and share your data more efficiently, contact us to see how we’re helping build a better future for our clients and our industry.