industry, but data management poses a challenge, writes Bill Vellante of Infor. Vellante reviews seven steps toward better management, beginning with leveraging technology that quickly sorts through data and identifies items for immediate action.
Construction during the pandemic accelerated adoption of technologies that is changing the building business model, improving collaboration and productivity, and driving up salaries and profit margins.
Tools such as 5D BIM, data analytics, drones, mobile solutions, and collaborative tools such as common data environments, are becoming more common among larger construction companies around the world. While they improve productivity in real time, they are perhaps more significant in paving the way for more disruptive technologies to be adopted in the future.
Big data provides construction companies with a method to collect, analyze, and apply vast amounts of information to help solve business problems and provide critical, informed insight for future activities. It helps companies complete projects on time, bid more accurately, and build more efficiently. Big data in construction, however, also poses a significant challenge when it comes to collecting, sharing, and using the data generated across the complex construction ecosystem.
Today’s construction firms are starting to adopt collaborative technology such as real-time, cloud-powered analytics to mine large structured and unstructured data repositories to make sure all stakeholders – architects, consultants, engineers, subcontractors, specialty tradesmen, clients, operators, agents, and suppliers – are on the same page and informed with real-time data. These technologies have the potential to redefine the industry by offering game changing benefits.