Technology, Analytics, and the Construction Industry

The construction industry is still growing by leaps and bounds, compared to several years ago. Unfortunately, many in the industry are having trouble staying current with technology and other trends. These challenges are forcing many companies to look for top talent, new technology, and ways to cut costs.

Consumers are always wanting more, and it is no different in the construction industry. Green initiatives, more technological advances in building design, all while keeping the costs contained, are directives from the consumer today. But how can the construction industry adapt and stay ahead of these requests? With technology and analytics.

Here are a few innovative ways some construction companies are using to help propel them forward in the industry:

Data is king! Construction companies everywhere are learning that having key data at their fingertips is extremely helpful. Too often, a company would arrive at a site to realize they do not have the right information regarding materials or site plans. Because information was not readily accessible, they relied on calling the office or multiple trips between the office and the site. Now, many companies are utilizing software that keeps them connected no matter where they are. Access to job information, the ability to change material schedules, or just being able to view information related to a similar job can save valuable time on a project. Saving time equals saving money.
While many other industries have utilized cloud storage and cloud systems for years, the construction industry was stuck in their ways – paper driven ways. Now that these cloud based services are available to the construction industry and so many companies are seeing such positive impacts on their cost savings, construction companies are quickly reaching out to cloud based solutions. This allows many companies to make adjustments in real time, review information with their workforce and clients in real time, and even prevent problems before they happen.
Imagery and 3D technology is also allowing the construction industry to give customers a look into the future. Allowing customers to stand on site and view their home completed. Allowing them to make adjustments, on the fly, and see what they will look like in real time. Adjusting plans and drawings in real time to prevent material waste.

As you can see, technology is allowing construction companies the ability to conduct analytics like never before. Because they are now able to utilize these analytics in real time, they are able to reduce material waste, overhead costs for wasted time, and so much more. When the construction company can save money, they can pass along those savings to their customers, which means more sales.