The Future of Data-Driven Construction

When we say construction business intelligence, we’re talking about using data and analytics to enable better decision-making and improve overall business performance in the global construction industry.  

Types of Technology Being Used in Construction Intelligence 

There are a number of technologies that encompass a construction business intelligence software, like; 

• Business intelligence software, which helps to create dashboards, reports and visualisations to give all stakeholders more insight into the project 
• Project management software like Procore, Autodesk, BIM360 and Oracle Primavera, which provide data on how a project is progressing, how resources are being allocated, and such. 
• Data warehousing software like Amazon Redshift and Microsoft Azure SQL Data Warehouse, which create a central repository of data for storage and analysis. 
• Data visualisation software like Tableau and PowerBI, which create interactive data visualisations to identify trends and patterns across functions. 
• IoT technologies or a network of physical devices like sensors and cameras which collect and share real-time data on temperature, humidity, workplace safety, vibration levels and such.  

As we’ve seen in the earlier blogs, the industry has been known for its slow adoption of new technologies, owing to unfamiliarity with the technology, general lack of awareness of the impact AI can create in the sector, high investment required in this process, and the regulations governing the industry.  

Having said that, the pandemic has pushed this industry to resort to newer technologies to sustain quality and sustenance of projects.  

A report by Research & Markets suggests that by 2028, the global construction management software market is expected to reach USD 16.6 billion. This growth is expected on the back of the compulsion to shift operations online, and higher visibility and transparency needed in the entire construction process from start to finish. 

In a move to become more efficient and improve project management processes, construction companies in the UK have started investing significant amounts in digital technologies. A survey by the Construction Industry Training Board (CITB) found that 78% of construction companies in the UK are using some form of digital technology. The most common ones being Building Information Modeling (BIM) systems, project management software and data analytics tools.  

How to Choose the Right Software for your Construction Business? 

Selecting the right business intelligence software for your business can be a challenging task because there are many factors to consider. Here are some steps you can follow to determine the right business intelligence software to invest in;  

Define your business requirements 

Identify the specific business problems you are trying to solve with business intelligence. For example, you may want to track project costs, optimise resource allocation, or monitor project progress in real-time.  

Once you have a clear understanding of your requirements, you can identify the features and capabilities that you need in a business intelligence software. 

Evaluate different software options 

A Merit expert says, “There are many different business intelligence software options available in the market. You should evaluate each option based on factors such as its ease of use, functionality, cost, scalability, and compatibility with your existing systems.” 

You may also want to read reviews and talk to other construction professionals to get their feedback on the software. 

Consider data integration 

Construction companies typically use a variety of systems to manage their projects, such as project management software, accounting software, and scheduling tools.  

Make sure the business intelligence software you choose can integrate with these systems, so you can easily import data into the software and generate meaningful insights. 

Look for visualisation capabilities 

Construction data can be complex and difficult to interpret, so it is important to choose software that has strong visualisation capabilities.  

Look for software that can create graphs, charts, and other visualisations from various data sets that make it easy to understand. 

Choose a scalable solution 

As your business grows, your data needs will also grow. Make sure the business intelligence software you choose can scale to meet your needs.  

Consider the software’s ability to handle large amounts of data, its ability to handle multiple users, and its ability to add new features and functionalities. 

The Cost Factor in Digital Investments 

If you’re wondering how much it will cost to invest in construction technologies, the simple answer is, there’s no predictable range. The costs can vary massively from a few hundred dollars a month to tens of thousands of dollars per year depending on the size of your company, the specific features and functionalities you’re looking for, and the complexity of the projects involved.  

It’s best to set your objectives clearly first, thoroughly evaluate the features of each software, and involve experts in this field to help you determine what is the optimal amount you need to be investing in these digital technologies to get the maximum benefit.  

It’s also important to be wary of the additional costs you may have to incur through training, customisation, and support. 

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, through their own platforms 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/