In today’s day and age, data is becoming more and more important in almost every industry. In construction, even the smallest slip-up or miscalculation can lead to millions of dollars lost or not finishing a project on time. Using new and advanced data analysis, such as predictive analysis, jobs can be completed more efficiently and on time using predictive analysis to identify trends and more able to identify problems that may occur.
You don’t have to be a Fortune 500 company to take advantage of big data and cloud technology. The information is available to you, you just have to learn how to use it!
Managing Resources
In the construction industry, materials obviously play a huge part in influencing the bottom line. Predictive analytics can help more accurately forecast how much of a particular input you’ll need for a job. On larger projects, something as simple as over-ordering screws could be what throws the whole budget off. This is why it’s so important to keep good records of purchase orders for every type of job that you do. Analytics can also help with your supply chain and where to place your materials at any point in time. Managing the placement of the goods not only increases efficiency but it decreases the cost of transportation from site to site
Managing Financials
Predictive analytics can also help you create your yearly budget. Using from multiple sources, you can more accurately determine when you will be the busiest depending on climate and region. This can be especially useful in industries like construction that are seasonal, which can easily lead to running out of money during the off-months of winter where there is less work to be had. This seasonal disparity is even more extreme in northern climates, where adverse weather can delay or even damage projects in the middle of construction. If cash flow constraints become a problem, accounts receivables factoring can be a useful tool to utilize to pay your employees and start new jobs before you would normally be paid.
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