Maximising Construction Intelligence with Business Intelligence Reporting

In an earlier blog, we saw that construction business intelligence is about using data analytics to improve decision making and empower overall business growth. Although the industry has been traditionally slow in adopting digital technologies, we’re seeing positive growth in digital adoption in recent years.  

A report by Research & Markets suggests that by 2028, the global construction management software market is expected to touch USD 16.6 billion. In fact, today, organisations in this space use a wide range of BI software for end-to-end business management, like project management software, data warehousing software, data visualisation software, IoT tools, and the like. 

In this blog, we’re going to look at construction BI from a more nuanced perspective. We’ll look at construction BI reporting, and how businesses in this space can grow from it. 

Construction BI Software  

Construction BI Software is a suite of tools and applications that are designed to collect, analyse, and visualise data from various sources within a construction business.  

This software is typically used to automate data collection and analysis, and to provide real-time insights into various aspects of a construction project, such as project timelines, resource utilisation, cost management, and more. The software may also include features such as predictive analytics, machine learning, and data modelling. 

Construction BI Reporting 

Construction BI reporting is the process of creating reports and visualisations based on the data that has been collected and analysed using business intelligence software.  

These reports may include metrics such as revenue, profit margins, project timelines, equipment utilisation, safety incident rates, and more, and are typically presented in a clear and easy-to-understand format, such as interactive dashboards and charts. 

There are a few key steps that organisations need to follow to set up an effective business intelligence reporting system. Let’s look at what they are. 

Step 1: Identifying Construction Industry Specific KPIs 

Identifying the Key Performance Indicators (KPIs) that are most important to a construction business. These may include metrics such as revenue, profit margins, project timelines, equipment utilisation, safety incident rates, and more. 

Step 2: Identify Important Sources of Data for Collection & Aggregation 

Collecting and aggregating data from various sources. This may include data from the accounting system, project management software, equipment tracking systems, and other sources. Organisations need to ensure that the data is accurate, consistent, and updated regularly. 

Step 3: Determine the way data should be visualised 

Using data visualisation tools to create interactive dashboards and reports that display the KPIs and other relevant metrics in a clear and easy-to-understand format. These tools can include platforms like Tableau, Power BI, or Google Data Studio. 

Step 4: Establishing Methods of Analysis in line with KPIs  

Analysing the data to identify trends, patterns, and outliers that may impact the business. Organisations can use this information to inform strategic decisions, such as adjusting project schedules, optimising equipment usage, or identifying areas for cost savings. 

Step 5: Communication of Insights to Key Stakeholders 

Sharing the reports and insights with key stakeholders in the organisation, such as project managers, finance teams, and executives, to ensure that everyone is aligned on the business’s performance and areas for improvement. 

Step 6: Continuous Optimisation 

Continuously reviewing and refining the reporting system to ensure that it is meeting the needs of the business and driving actionable insights. This may involve adding new metrics, adjusting visualisation formats, or incorporating feedback from stakeholders. 

How to Choose the Right BI Reporting Tool for your Business? 

Choosing the right BI reporting tools for the construction industry can be challenging, as there are many options available, and different tools may be better suited for different organisations depending on their specific needs and workflows.  

A Merit expert suggests, “As a first step, look for a tool that can easily integrate with the various data sources used in the construction industry, such as project management software, accounting systems, equipment tracking systems, and more. The tool should be able to pull data from these sources and aggregate it into a central location.”  

Some other key factors to consider when selecting a BI reporting tool for construction are: 

1. The tool should be able to present data in a clear and easy-to-understand format, with customisable dashboards and reports that allow users to drill down into specific data points. Look for tools that offer a variety of visualisation options, such as charts, graphs, and maps. 

2. Many construction professionals work on job sites or are frequently on-the-go. Look for a BI reporting tool that offers mobile accessibility, so users can access data and insights from their smartphones or tablets. 

3. Construction projects often involve multiple stakeholders, such as project managers, subcontractors, and clients. Look for a tool that offers collaboration features, such as the ability to share reports and dashboards with other users, and to annotate and comment on specific data points. 

4. Every construction business is unique, with different workflows, KPIs, and reporting needs. Look for a tool that is customisable and can be tailored to meet the specific needs of your organisation. 

Merit’s Expertise in Data Harvesting & Data Analysis in Construction  

Our state-of-the-art data harvesting engine collects high-volume, industry-specific data at 4 times the speed, with 30% more accuracy than normal scrapers, at a lower cost and with refined quality control from seasoned data experts. 

Our solutions help some of the world’s largest construction intelligence brands seamlessly deliver data and insights to their end customers, including:   

• Delivering curated content from thousands of online documents or PDFs   
• Aggregating millions of specialised, industry-specific data points   

To know more, visit: https://www.meritdata-tech.com/service/code/data-harvesting-aggregation/