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Construction: Data Analysis, Analytics, and Telematics

Construction companies know this business is a vast network of moving parts, all of which impact the end result, including completion date, budget, and equipment, just to name a few. As automation becomes more and more ingrained in our daily lives, it can also be a resource for many in the construction industry. In fact, more companies are investing in construction analytics programs to help navigate their business.

Construction analytics programs consolidate data from multiple sources to make it easier to analyze and monitor data to improve capital project outcomes, reduce risks, and uncover potential problems with the help of real-time data and automated reports. Connecting these data sources allows building companies to simplify the entire construction process by combining financial data, corporate data, schedules, deadlines, etc. in order to successfully manage projects. Below is a breakdown of different types of programs relevant to the construction industry.

Design Issue Prediction

This resource helps contractors avoid possible problems in the process of building and operating of a building. It is extremely beneficial for large scale projects which involve hundreds of calculations and combinations.

Warranty Analysis

This program is driven by customer satisfaction and safety. The only way to track building operations and reliability. The analysis relies heavily on prior data related to job failures.

Risk Analysis

This tool aims to estimate future assets, outcomes, and impacts that might present challenges. Projects are always evolving due to numerous factors such as site, elements, and complexity. Risk analysis tools are based on a probability approach.

Asset Management and Tracking

Construction assets are those used to facilitate the construction process and operations. Tracking is essential to prevent theft and lost equipment. Additionally, it allows management to know precisely which pieces of equipment are on each job site. Equipment delays and failures can impact schedules that may have contractual obligations resulting in additional costs to contractors.

Optimization

On big complex jobs, time, money, and labor are the most precious resources. Given this, a systematic effort to improve profit and obtain the best possible results are critical. Measuring performance during long projects allows contractors to better understand the possibilities for improvement as well as pinpoint potential complications.

Accurate Planning and Budgeting

Cost optimization, the process of matching building cost to estimated cost, should be performed during the whole construction period. Smart AI-powered tools and trackers help store the financial information, receipts, requirements, limitations, and documentation in one place as well as analyze the expenses in real-time. Keeping track of such items helps contractors stick to the plan and original estimates. The dynamic movements and unforeseen challenges that arise in projects and lack of preparation or tools can cause project leaders to fail.

Robotization

As contractors seek to increase efficiency, the demand for automation is ever growing. A valuable source of labor productivity, construction robots include 3D printing robots, construction robots for bricklaying and masonry, demolition robots, autonomous vehicles, and many others with minor functions yet efficient.

Product Development

Many tools focus on the process of taking products or services from concept to market. New products should meet customers’ needs better and provide a high-quality experience.

Data analytics provide the opportunity to analyze and predict problems before they occur, allowing companies to maximize time and expenses. There are a variety of options to track construction data analytics, be sure to find one that best suits your company’s needs. If you are looking for guidance, our construction team would be happy to provide input based on our experience with products, vendors, and professionals. For more information on these services and more, be sure to visit our construction services page and don’t hesitate to reach out to a member of our construction team.

About the Author

Zachery Starner

Zach joined McKonly & Asbury in 2013 and is currently a Manager in the firm’s Audit & Assurance Segment. Zach services clients in several industries, including manufacturing, construction, and healthcare with compilation and… Read more

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