It has been said that data is the new oil. IDC predicts that the digital data we create, capture, replicate, and consume will grow from approximately 40 zettabytes of data in 2019 to 175 zettabytes in 2025 (with one zettabyte equaling one trillion gigabytes). Sixty percent of this data will be generated by enterprises – from transactions, IoT sensors, communications, streaming data and more. In fact, many enterprises will turn to selling their information to generate revenue as a data-as-a-service offering.
IDC also predicts that by 2025:
- More than 150 billion devices will be globally connected
- IoT devices will generate greater than 90 zettabytes of data
- 30% of all data will be created in real time
- The average person will interact with a connected device once every 18 seconds
- 49% of the world’s stored data will reside in public cloud environments
What can we do with data from our construction processes? First of all, we have to collect it. Instead of using paper to write down information, with Command Alkon products, you can collect this data electronically by automating the ticketing process, connecting and transacting with partners, capturing IoT sensor data, collecting GPS signals and more.
Once data is collected, you need to analyze and organize it to receive insights from it. The construction industry can use this information to:
- Predict risks in construction projects through the analysis of past projects, such as reviewing projects with cost overruns and analyzing why this issue happened.
- Capture bids and award contracts quicker.
- Create automated workflows between stakeholders on a project and keep all relevant personnel informed with real-time updates.
- Eliminate time wasted at job sites by tracking how things move around the site, then creating a plan for optimal movement.
- Create more accurate budgets for jobs by analyzing previous work.
- Determine which projects will be more profitable.
- Analyze safety records to create predictions of future accidents while uncovering weak links in safety programs.
- Determine better, less congested traffic patterns within a job site, saving time and increasing productivity.
Data can be used within the heavy work industry to make more informed and better business decisions that can lead to productivity increases, efficiency gains, and profitability boosts.
Instead of just applying standard percentage-based contingency and resultant margin amounts, Kiewit, one of the leading construction and engineering firms across North America, captures historical project data and performance benchmarks through AI and uses this data to objectively quantify the risk and reward on each project.
This presentation discusses in detail Kiewit’s combined approach of AI and RI to reduce risk during execution and protect Kiewit from margin erosion. Presented by Dan Patterson, Chief Design Officer at InEight.
Want to learn how to use data to manage risk on your job site? Schedule 15 minutes to chat with a representative from Command Alkon.