The construction industry involves a huge amount of data. Companies that make thorough analyses to gain better insights into their projects and overall business strategies see higher efficiency. Real-time analysis is growing more and more advantageous in all areas of construction, and younger contractors especially are finding that good business intelligence helps to make better decisions.
Business intelligence by Gartner is an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance. In other words, it gathers data to make intelligent business decisions, and companies that have adopted BI software are reaping the benefits. It provides them with an understanding of where opportunities can be maximized and with the greatest efficiency. BI can also help with business speed, as good software provides the facts you need quickly to make important decisions. With BI, you can better understand your business with deeper insights to help you stay within profitable margins.
Endless opportunities for today and tomorrow
Smaller projects contain less data than larger ones. With larger projects, there is also a higher risk of unplanned costs. However, using a BI solution can lead to higher profits. This is very important to those companies that have projects with mostly small profit margins. There are many aspects where software can make a difference with better data and budget tracking, analysis of materials, inventories and equipment, collaborative working environments and cost management.
Real-time data gives an opportunity to make valuable decisions without delay
Cloud-based, integrated construction software and mobile device applications are able to access and update data in real time. They help construction business intelligence to be more successful. In modern business, contractors can make decisions with just a quick glance at the data; a major advantage in comparison to competitors.
Business intelligence software allows companies to look at their performance from a distance, helping to determine whether or not their business is on the right track. BI makes data analysis much easier to understand and analyze than when presented with tables, graphs or charts, not to mention that this kind of information is usually paper-based and stored somewhere on an office shelf, to quickly be forgotten. Another advantage of BI is that it allows construction companies to analyze their past projects, and with this collected information, make a decision about whether a newly offered project is suitable and potentially profitable. This makes software an extremely valuable tool for the construction industry as a whole.
Businesses that have adopted modern technology and software solutions are able to better protect themselves from a range of challenges that can come up at any stage of a project. Business intelligence solutions allow for immediate and early notice about businesses and projects to make the right decisions. To be competitive in such a constantly evolving industry, intelligence software solutions are now not only recommended, but a crucial and mandatory part of any project construction business.