Contractors today have access to more information than ever before. Using this information effectively is the secret to more successful projects.
With Business Intelligence construction technology, contractors can make better use of large amounts of data. These tools assist the decision-making process, helping contractors to meet the ever-rising demands of the construction industry.
Below, we explore exactly what business intelligence tools in construction are and how contractors can use these tools to make better decisions.
What are Business Intelligence Tools?
Business Intelligence (BI) tools are software applications that make it easier for businesses to find, understand, and document data.
Construction projects make use of a lot of data from many different sources throughout the construction process. By applying BI tools, contractors can make the flow of data more manageable. The aim of this is to take all of the information and turn it into something structured and actionable.
BI reports and analytics tools take existing data and present it in a way that guides the decisions more clearly. This data consists of insights from past and present performance.
BI tools use special algorithms that uncover new predictive sets of information from the data. This means you don’t just gain insights on what happened, but you can use BI to help you understand the possible effects of future events. As a result, you are able to make smart, informed decisions more efficiently than ever before.
Basically, BI tools let contractors take existing data and uncover previously unknown relationships within it. This results in predictive information that guides business decisions more effectively.
Benefits of BI Reports and Analytics
Using BI reports and analytics is increasingly important for all kinds of construction projects. Here are some of the main advantages of using these solutions.
Access to Reliable Information
BI reports and analytics offer real-time data insights to help you understand information more easily. Instead of sifting your way through huge amounts of data from different sources, BI reports provide a clearer source of reliable information when you need it.
BI tools make data collection and reporting far easier. It also allows you to draw more meaningful insights from the data that result in a better ROI. By making smarter use of data, construction projects can avoid poor decision-making that results in added costs.
Improves Decision Making
Instead of just looking at data as numbers, BI reports and analytics reveal data as it relates to the project. These tools make data easier to understand, which allows contractors to make smart data-driven decisions. Ultimately, this leads to greater project and business success.
Enhanced Insights Across the Project
A single BI tool can synchronize and coordinate various sources of data across an entire project. This data provides advanced insights for a better overall understanding of how the project is performing. As a result, it makes it easier to hit KPIs and achieve sustained success throughout the project.
Using Business Intelligence in Construction
Here are some ways that contractors can apply BI reports and analytics to help their projects achieve better results.
Use More Data
When contractors apply BI, they are able to accurately capture complete sets of data. This helps you find every bit of information that might have been missing, and use it in a timely manner.
If you’re relying on manual data entry, a lot of relevant data is easily missed out. By having more information, and accessing more up-to-date information, contractors can work off better quality data. Ultimately, this results in a decision-making process that is backed up by more relevant data.
Data-Driven Decision Making
BI reports and analytics make it easier to extract more valuable insights into the way a business operates. BI tools measure different data sets against each other and measure this data against a wider range of different variables. All of these variables are timely, offering faster and more relevant insights for improved decision-making.
Anticipate Future Events
While nothing can ever be certain, BI reports and analytics use predictive analysis techniques
to understand what future scenarios will look like. Instead of just making guesses based on past performance, BI reports and analytics use advanced algorithms to help you determine the possible outcome of certain actions more accurately.
With so much data available, it’s essential to use the right tools to make better sense of it for more informed decision making.
With Connect, contractors can use the BI Plus feature to access advanced BI reports and analytics for smarter, faster decisions. This is the most efficient way to achieve better results with every construction project.