Business Intelligence in Construction: Leading Benefits

Business Intelligence in Construction
https://unsplash.com/photos/dWr34_ZrPYE

Even people who are only vaguely familiar with the construction industry know that it involves collecting an ungodly amount of data. And what is that universally-used phrase that has been going around? Yep, data is the new oil, i.e., data offers immense value — especially to an industry that not only has access to tons of data but is also responsible for making all types of infrastructure. Suffice it to say that the construction industry can do with some insights, especially the ones gleaned from its treasure-trove of data. Thankfully, businesses in the industry have been quick to see the potential of data they hold and have, hence, endeavored to use it better. However, as technologies continue to grow and evolve at a rapid pace, the endeavors to use data might not bear intended results — at least not without the use of more modern tools, such as business intelligence.

Now, what is business intelligence? Well, it refers to technologies, tools, and more aimed at collecting, integrating, and analyzing data to achieve insights and drives better business decisions. Now, based on that, it becomes amply clear that there is immense potential for the combination of data and business intelligence. But what can this duo do in the context of the construction industry, you ask. Quite a bit — besides enabling the apparent data-driven business decisions, it can also be leveraged in ways one wouldn’t have imagined in a million years. So, business intelligence can help construction businesses determine which aspects of their operations offers scope for improvement or understand how they can scale their projects.

For your benefit, discussed below are some of the most crucial applications of BI in the construction world:

  1. Streamline data: Modern-day BI tools, when integrated with the business’ other enterprise systems, enables companies to collate their data from everywhere under a unified platform and that too in the desired or preferred format. And this, in turn, facilitates the generation of extensive reports, geographical data mapping, creative informatics, and so much more but without the hassle of manually dealing with an abundance of data. 
  2. Optimize opportunities: When a company has access to real-time business intelligence, it gains access to an in-depth look into every single facet of the business and operations, including ongoing projects. Now, when one can closely monitor the progress of all such critical aspects of the company, they can correctly evaluate the business’ performance and foresee any issues. It can be used to introduce corrective measures before problems arise and leverage opportunities in time.
  3. Boost efficiency: One of the most common gripes of the construction industry when it comes to data is that it takes much time to gather data from the myriad required sources. And let us not forget that there is also a cost associated with the gathering of such data and the risk that the data in question may be outdated. But when you have business intelligence in the business’ arsenal, companies can access all such required data from a unified source while also making sure that all data is both accurate as well as updated.
  4. Accelerate business: As mentioned above, collecting data from multiple sources is typically a time-consuming process. Unfortunately, this lag in accessing data, in turn, can take quite a toll on the speed at which one can conduct business in general and make informed decisions. This challenge is dealt with effectively and productively with business intelligence since it enables access to real-time data from across the entire organization round the clock.

There is no denying that the construction industry is brimming with risks. But when you undertake business intelligence software development, you empower your organization with a state-of-the-art tool that can not only help you deal with uncertainty but also leverage unseen opportunities along the way.

Similar Articles

Issue Tracking Tools

Issue tracking is one of the most important parts of a software development lifecycle that cannot be skipped or omitted. While organizations emphasize on increasing their software testing efforts to improve quality and ensure faster releases, their dependency on tools increases too.

UFT Test Automation Frameworks: What You Need to Know

As the importance of software continues to grow, there are several factors whose influence have grown right along with it. And out of all of them, test automation frameworks have garnered their fair share of attention from the market. Why is that?

Top Ways in Which EHR Systems Enable Better Patient Care

Electronic Health Records system offers benefits that have enabled an industry as tricky as healthcare. The software allows for medical professionals and other professionals across the ecosystem to quickly input as well as access information about a patient.

Why You Should Choose Angular to Build Web Apps

Development, while eventually rewarding, can be a very tedious process. But that’s the thing about technology; it always manages to find a solution, no matter the problem. So, in the context of development, experts came up with frameworks that would help programmers do away with tedious and arduous coding practices.

Issue Tracking System in DevOps

DevOps and Agile approach in an organization is not merely an implementation of certain tools and techniques, instead, it is cultural change. Many organizations in the software industry have either adopted these methodologies or are making accommodations to incorporate them in their system.

SharePoint for HR Management

Running a company, no matter how big or small is no easy task. It has so many different parts and components that all need to be managed correctly to ensure seamless operations for the company. Now, different people may have different opinions about how to ensure the smooth functioning of a business.

text editor

These days, collaboration has become a business need to support innovative ways of working. Companies are well beyond a realm where employees are destined to their counters. The staff is hardly in the same place at the same time

Code Review Feedback

Almost every single person in the software industry must have heard about code reviews and may be familiar with it. Even then the concept of reviewing codes is misinterpreted. People in this industry generally assume that performing tests must be sufficient to meet the requirements of the verification process, yet it is mostly ignored in the software development life cycle. 

Blind Spots in Software Testing

Have you ever accidentally added spice to a cake, because you were baking a cake and a steak at the same time? Have you dumped a spoon in a dustbin instead of a washbasin?