Why business intelligence is essential for the construction industry
In our previous blog, we told you what business intelligence is. We also looked at what construction companies need to make decisions based on data. Now you’re thinking: but why is BI so important? Then read on because, in this blog, we tell you why business intelligence is also essential for companies in the construction industry.
Why? Making smarter decisions!
Business intelligence is the process of collecting, analysing and visualising data to arrive at new insights. So the why of BI is very clear: it helps you make smart decisions so that the company continues to be successful in the future. Using past data, you can see, for example:
- Which projects often go over budget,
- How long do employees work at the company on average,
- What the average turnaround time is for specific service orders,
- What is the average age of an installation before a first repair is needed?
Why business intelligence: 3 reasons for construction companies to be data-driven
- Make faster and better decisions
Topping the list, you make better decisions based on facts and data. By then visualising data, you can see at a glance how projects are progressing, for example. If specific parameters are in the red, you know it is time to adjust. Reports based on real-time data ensure that you intervene immediately, not when it is already too late.
- Increased efficiency
By bringing all data together in one solution – e.g. an ERP package -, you can quickly see what is going well in the process and what could be improved. Do mechanics often have to make a second visit to finish the job? Then it pays to investigate why that is. Is it because of the type of job? Or does something go wrong when registering the service order? Business intelligence brings inefficiencies to light and allows companies to take action on them.
- Competitive advantage
Business intelligence helps you learn more about your customers. For example, do you see specific trends in service requests? Can these be linked to trends in the market? Based on this information, you can anticipate customer expectations and needs. This will give you better service, happy customers and a step ahead of your competitors.
Also ready to work data-driven?
Would you like to know more about the importance of business intelligence for companies in construction, civil engineering and installation? Then download our white paper “Five Reasons to be Data-Driven in Construction” and discover five practical reasons why BI should be at the top of your construction company’s agenda.
-
Share:
Elliot Herdman | Elliot has over 20 years experience in the construction industry working with main contractors, subcontractors, M&E, supply and install analysing their business processes and implementing digital software solutions to improve projects, drive efficiencies and meet the growing needs of clients.