Real-time data is making its way into the construction industry. It has the ability to improve construction in a variety of ways, since real-time data gives businesses more control because of all their information. More companies across all industries are turning to real-time data to improve their efficiency. While construction might be the final industry to change, the changes real-time data can make will rock the industry.
What is Real-Time Data?
Real-time data is a cross-industry buzzword, with new services offering every industry the chance to see real time data. Real-time data is about having access to data that can help your business make decisions. In industries like construction real time, data can keep projects on schedule and budget, but construction needs specific types of data in order to make decisions that will benefit their projects. The construction industry needs to see workforce productivity reports, estimates and true costs, building plans, equipment information and more. Real-time data would ensure this data is transmitted to the back office and project managers so they can make decisions.
1. Building Information Modeling
As the construction industry increasingly implements building information modeling (BIM), real-time data will become more important. Building information modeling is a revolutionary technology that is giving owners and project managers a better understanding of their project. With real-time data, BIM can use the estimates, financial data, scheduling, the almanac and more to help give a better estimate. Real-time data can also make it easier to see what any changes will cost and what each stage costs. Companies switching to BIM from traditional drawings will see a benefit in real-time data and will be able to use the two to improve efficiency.
2. Business Metrics
Real-time data helps every industry increase its efficiency through the business metrics and analysis. Real-time data about purchase orders, change orders, and other job costs make it easier for the back office to help plan their financial strategy. Changes in workers, rent, and other overhead costs can also be calculated to help your construction business. Business analysis is necessary to help set better goals and reporting. It can also tell you if there is a commonplace that projects request change orders or purchase orders. This will help your business know if maybe more training or a better supplier is needed.
3. Accurate Estimates
Real-time data can help your estimating team achieve better estimates and increase your profits. After your business wins a project you try to stick to the estimated schedule and costs. Using your purchase orders, change orders, field notes, and other documentation you can track estimate efficiency. If you see that there are more costs associated with a certain phase of the project you can use the real-time data to see where they are. This data helps you improve estimates for future projects to improve your bottom line.
4. Project Management
The construction industry will see the biggest improvement in efficiency in the use of real-time data with project management. Project managers need to see real-time data on employee clock-ins, what they’re doing, purchase orders, deliveries and every other aspect necessary for running the business. If they can see any changes and change orders, know who is there and know the completeness of the project they can make better decisions. These decisions will help drive efficiency since they know the schedule and how much is done they can determine whether overtime is necessary and other important cost measures. This increase in efficiency on the job site will increase your profits.
5. Location Data
Location data is another aspect of real-time data. Location data is especially important with equipment and supply tracking. This is what helps you know where the equipment or supplies are. Location data can increase efficiency on the job site because it lets project managers know what needs to be ordered or moved. If a project needs a specific piece of equipment or is ready for a certain step, the project manager can immediately know where things are. This increased efficiency because it reduces wait times on equipment or supplies. It’s another reason why real-time data is an important tool for construction businesses.
Real-time data offers companies across many industries the ability to take their business to the next level. It improves efficiency on the job site and in the back office, and thanks to all of the new technological advancements it’s easier than ever to have real-time data. The construction industry will specifically benefit from real-time data in making a decision that impacts the efficiency of projects.