The move toward digital transformation within the Heavy Building Materials industry is inevitable with economic uncertainty, labor shortages, and insufficient communication and productivity putting a dent in bottom-line profits. Data analytics and the Internet of Things (IoT) are two technologies that will shape the construction industry this year and for years to come.
The Internet of Things (IoT)
Imagine having the ability to sync all the equipment, materials, and personnel at a job site and monitor that activity in real time. If all of these devices could connect and communicate with each other, your construction firm would be transformed.
oT has grown in usage within the construction industry as it becomes embedded in project lifecycles with real-time monitoring and data collection. It will be used more on the job site to monitor things like security, asset usage, and worker productivity. Construction firms are using IoT to better track assets by attaching or embedding sensors into expensive equipment or tools.
Remote and/or wireless sensors can lead to proactive materials management and better inventory control. Because IoT sensors can deliver information to inventory systems, the job site will never run out of the right materials, which will ultimately minimize project delays.
With IoT, devices can be tracked for usage, helping keep scheduled maintenance programs on time. Sensors on equipment can monitor usage levels and alert management to an issue or let them know it is time for a scheduled preventive maintenance check-up.
Data Analytics
IoT brings value to an organization in the form of useable data. Data collected from IoT devices can be shared among stakeholders, allowing teams to make more informed decisions. Companies can then use this data to drive continuous improvement for greater efficiencies and empower workers to do their jobs better.
If using a collaborative platform to connect all stakeholders in the supply chain, data from IoT devices can be shared, allowing people to understand what is going on, share ideas for fixing problems, and make more informed decisions. With more accurate information in real time, companies can operate more efficiently and generate greater profits.
By diving deeper into data, you can find ways to improve workflows and efficiencies by analyzing the data from job sites. Monitor material movements and use the information to place materials at the optimal location. Track historical safety data and uncover patterns where issues routinely occur. Track factors like job costs, change orders, asset usage, material consumption, and worker productivity from your projects to better forecast future work and enhance the bidding process.
The keys to the future of the construction industry involve many technologies, but the IoT and data analytics can lead to great bottom-line results.
