The construction process involves many moving parts and a lot of data that needs to be transparent through every single step of the process. However vital it is for a successful project, there is a data transparency gap that exists. While I understand that the construction industry is a long-standing industry that never really used “data” —there is inherent logic in using the data to become a better, more efficient industry. And there is A LOT of data in construction. So whether the old school guys like it or not —the data revolution is coming, and it’s coming in hot!
So how will data Nirvana be achieved in this particular industry?
The industry as a whole needs education as to what data is useful and how it can be utilized to facilitate better decisions throughout the entire construction lifecycle. There are a lot of technologies out there that talk of data analytics and dashboards, but none of them are solving the delay, overrun and dispute problems. Consultants and lawyer fees are at an all time high, and it’s on the rise —so the problem is not solved. Education of sound data analytics processes is necessary, and it is happening.
The industry as a whole has embraced the capture and storage of real time field data (which is a excellent), but again, it requires a manual process of analysis and this takes time and is usually riddled with misinterpretations. It can also be very costly if you hire experts. What good is real time data without real time analytics?
What is required to move this ball forward is technology-enabled service offerings that can actually analyze the data correctly and in real time. This paradigm shift is on the horizon with a few new technologies out there —like SmartPM.
Reaping the Benefits
Construction firms looking to bridge the transparency gap in construction will see benefits show up faster than they imagine. The benefits of transparent data are endless. If data is updating in real-time, fewer mistakes can be made and obstacles can be avoided because you will receive notification of any changes or alerts present in the data. Over 75 percent of construction projects lose time and money due to unforeseen risks. Real time capture and storage of schedule data alone, if studied and understood, can effectively minimize this crazy statistic.
Technology Will Continue to Increase
The rate of new technology in construction is only going to continue to speed up. More granular data sets are being created and the quality of data is increasing and with that companies that institutionalize processes for adopting this new technology to the construction field are going to help break down barriers to adoption with increased profits and productivity as a result.
How SmartPM Tech can help close the data transparency gap
SmartPM Tech offers schedule analysis technology that uses proprietary algorithms to crawl through project schedules and extract meaningful data points that highlight schedule quality and feasibility, explain historical performance and highlight future cost and schedule risk issues. This product can help close the data transparency gap by providing real-time data and solutions to help construction projects flow without unexpected delays.
Click here to request a demo to see how SmartPM Tech can help you achieve successful results for all of your construction projects.