By Trent Cotney, Cotney Construction Law.
The use of big data can enhance a contractor’s ability to successfully run their business.
The construction industry has not been the fastest to integrate new technology into their processes over the years. The use of data is paramount across all industries. However, the construction industry has implemented data for more basic functions than for advancement. While historical data may be used for functions like job costing and budgeting, there are additional uses for data that can enhance decision making and reduce risk.
Big data can help contractors in these areas and many more. It can enhance your ability to successfully run your business.
What is Big Data?
Let’s start with a brief definition of big data. Big data is the large amounts of information that can be gathered from a variety of sources, including sensors, machines, and computers that, when analyzed, can provide details about trends and patterns. Big data can aid decision-making in the following areas:
Construction sites are fast-moving, complex areas that require a great deal of coordination to prevent delays. The use of sensors on machines, combined with project schedules and traffic data can help construction companies devise a routing system that ensures equipment is always in the proper place when needed. Data from previous projects can also determine the time it takes to get heavy equipment from one location to another. This information can be used to build more efficient project schedules.
More accurate project budgets can be created with the use of data from a number of existing sources. Information about the pricing and availability of materials, workers, and equipment can be gathered and used to determine the best uses of available funds. This data can even be compared with project payments to determine the profitability of certain projects.
Tracking Equipment Conditions
Sensors on equipment can give contractors information about the condition of equipment and determine when service is needed. With big data, it can be determined if a new piece of equipment is needed before the old one breaks down.
Editor’s note: This article first appeared on Trent Cotney’s website and can be viewed here.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.