What is Real-Time Data? Why Real Time Information is Essential in the Field
“Real-time data (RTD) is information that is delivered immediately after collection. There is no delay in the timeliness of the information provided.”
Without real-time data in the construction field, firms are left with inconsistent, inaccurate data and guesswork to accomplish the project. This leads to poor decision-making based on outdated or irrelevant information. Misinformation is a slippery slope for the project manager, as one tiny mistake can set off a chain reaction that can be catastrophic for the profitability of a project.
Here are some reasons why real-time information is essential in the field:
The immediacy of real-time information reduces turnover and bottlenecks in production that come from slow information flow or decision-making. By getting rid of this unproductive time, a construction team will be able to get more work done in the workday.
Firms that use pen and paper for their reporting will often have a person whose job is to do just that. By switching to a real-time information technology solution, the firm will not only save on employee wages, but also on lowering travel needs and reducing the need for rework. Real-time information will also allow the project manager to more accurately track ROI by enabling the project manager to follow project costs and flow of resources. This transparency of information causes fewer miscommunications and oversights. Real-time information also means improved communication. This communication will create a better understanding of each project as a whole, which will lead to better decisions made by all stakeholders.
Inaccurate data can lead to bottlenecks in production and lurking mistakes that hurt the bottom line. Construction firms can avoid this inevitable human error by implementing a technology that allows information to be automatically created, or inputted and shared in real-time. Construction technology prevents the inevitable human errors that occur when information is being manually entered and passed down throughout the system.
Not only does construction technology provide everyone with real-time information, but it saves firms time by keeping the worker on the jobsite to record data. It also saves the subcontractor from having to redo tasks that were based on inaccurate historical data (or old plans).
Improves decision-making and crisis management
When something goes wrong on the construction site, workers want immediate information from supervisors and managers. This immediate flow of communication and information is not possible without a mobile technology in place.
Once the communication reaches the construction manager, real-time data will allow him or her to make an informed decision and offer helpful insights to the team members based on the most accurate and up-to-date data. Therefore, these decisions are more precise and result in less rework and fewer mistakes.
Immediate resolution of problems
Real-time information is of particular importance for the monitoring of construction projects. Control mechanisms occur at every step of the process and requires having the most updated information to be useful. By having real-time information at your fingertips, the project manager will be able to notice mistakes and fix them before they cause catastrophic issues.
The construction firm must function like a well-oiled machine. This means that everybody must be on the same page at any given time, and be ready to react to unanticipated events. Real-time information makes this possible by making it accessible to all team members at any given time while also expediting the flow of communication.