CONNEX connects contractors, DOTs, suppliers, haulers, and producers in an ecosystem with improved visibility into each participants’ supply chain. Data is collected from transactions across each supply chain, analyzed, and used to make more-informed decisions.
CONNEX Insight provides the three major forms of data analytics, including diagnostic, predictive, and prescriptive. Using CONNEX Insights, you can improve your business and help keep your partners on track. Let’s see how CONNEX delivers outcomes for each of these types of analytics.
With CONNEX, you can monitor all your synced equipment, materials, and personnel data in real time and get a holistic picture of your operation. With this complete visibility, you can see what is happening inside and outside of your supply chain. You can examine the data to help answer the question, “Why did this happen?”
With diagnostic analytics, you can drill down into the data to uncover anomalies, discover patterns or information outside the norm, and realize certain events that may have resulted in the anomalies. For example, if a supplier ships you the wrong product, you can drill down into the ordering information to ensure you ordered the right product and have evidence to show the supplier that they sent the wrong product.
Predictive analytics is used to make predictions about future events. It uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions about the future. The ability to track real-time data and analyze it to predict meaningful outcomes is a game changer for the construction industry.
With CONNEX Insights, you can predict outcomes such as project delays because of upcoming weather. Predictive analytics can mitigate risks, such as looking at financial data and understanding whether your credit is going to be affected because of late payments from customers or because of COVID-19 concerns.
Prescriptive analytics focuses on finding the best course of action for a given scenario. With prescriptive analytics, data is gathered from a variety of sources and analyzed with a range of conditions to determine the impact on the future and to help you make better decisions. Instead of just predicting what will happen, prescriptive analytics shows you the right course of action to solve the problem.
The construction industry can use the analytics in CONNEX Insights to prevent job failures due to poor budgeting, cost overruns, insufficient management, mistakes, and more. With the analysis from CONNEX Insights, businesses can improve their project management, reduce costs, and minimize time. Being proactive with CONNEX Insights, instead of reactive, is one of the biggest ways to prevent job failures and ensure success.
Want to learn more about CONNEX Insights? Check out this stream for more information.