Business Intelligence for Construction Success

One of the most interesting construction technology concepts we heard a great deal about at Groundbreak 2022, was Business Intelligence (BI). For anyone not familiar with or still learning about business intelligence, BI is the term referring to a range of tools that provide quick, easily understood insight about an organization’s current state using available data and using that data to drive decision-making. 

A 2020 report from McKinsey’s, 71% of construction companies believe that making data-driven decisions will be the common trait successful construction businesses share. So how can construction businesses use Business Intelligence to reduce expenditures, develop more accurate estimates, track progress, minimize risk across projects, and manage field operations more efficiently? 

Tracking Safety with BI 

Workplace injuries cost the U.S. economy at least $2 billion per week. On a construction site that means delays, mounds of paperwork, lost profits, and more importantly, damaging your most valuable asset: the people who do the work. BI can help cut down on injuries is by tracking historical safety day to find out where and how incidents occurred. Such data pinpoint areas that require more monitoring, training, better equipment, or different safety procedures. 

You can get even more relevant data across your construction projects by using construction site cameras in tandem with connected devices (wearables) to achieve better awareness. Various platforms can be harnessed to record and analyze data from internal and external sources to be used to keep your workers safer and your projects on time and under budget. 

Control Costs with Business Intelligence 

Anyone who runs a construction business can tell you how razor-thin the margins are, and they’ll also tell you they’re getting thinner. Any number of things can wipe out the profit you might otherwise see on a construction project and here is where business intelligence can help. 

Currently, material waste and rework work represent 35% of costs in the construction industry. Leveraging the data collected through systems you’re already using, and analyzing that data can impact your bottom line. Something as simple as monitoring which suppliers have higher defective material rates and using that information to choose suppliers who historically provide higher quality materials will significantly lower costs. 

More Accurate Estimates and Bids with BI 

When every penny counts and can mean the difference between a successful bid and a failed bid, you can’t rely on your gut to make sure you’re preparing accurate estimates of costs on your next construction project. With business intelligence, construction managers have access to micro-data from other similar projects which means they have the ability to leverage that information to take the guesswork out of estimates and bids. Even failed bids can teach you something because, with business intelligence, you’ll always know where you stand. 

Find Out More About SiteKick 

We’re always interested in discussing construction technology and if you’re interested in finding out how SiteKick is helping its clients build better a better future, contact us today! Let’s schedule an informative demonstration showcasing how SiteKick can lower costs, increase safety, and improve security on your next construction project. 

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