The engineering and construction (E&C) industry is making huge strides in harnessing big data to improve business outcomes, gain better visibility into their operations, and streamline their business processes. It’s all done with a little help from better tools and processes:
- Data-driven predictive modeling. Some forward-thinking companies are building real-time systems that enable project owners to visualize—and adjust—project design during the early design stages, to speed up the design process, reduce waste and delay and ensure accurate cost estimates.
- Data capture and usage across the business. Rather than have construction teams waste hours looking for project data and information – a problem that’s plagued the industry for years – some leading firms are using prefabrication methods, connected job sites, BIM, virtual reality, wearables, geolocation, and sensors to track employee, equipment and material movement and further optimize tools, resources and worker productivity.
- Better collaboration and efficiency. Given increasing E&C project complexity and growing demand for new E&C projects, industry leaders recognize that collaboration is a key part of achieving project consistency and efficiency across multiple stakeholders. Many firms use big data to create automated workflows between stakeholders on a project and keep all relevant personnel informed with relevant real-time updates.
Two ways to gain actionable insights from Big Data
Good data practices and a solid data strategy will continue to help E&C companies develop and implement sophisticated analytics plans in the years ahead. We advise our clients to:
- Take advantage of business intelligence (BI) tools like dashboards, which store well-defined data in a central location where it can be displayed in a visual format for easier consumption. This enables users to aggregate separate data streams and compare the information within them in a single place and monitor performance in real time.
- Include some level of machine learning (ML) and artificial intelligence (AI) to help users gain insight from data and make predictions, discover relationships between data points, identify customer or market segments more intelligently, and identify and learn from patterns hiding in large or unwieldy data sets.
Hero Hint: Actionable insights from deep analysis of your Heavy Building Materials operations can lead to improved productivity, streamlined operations and lower costs.
Let Command Alkon work with you to uncover the meaning of your data.