Advocacy for analytics in construction

The construction industry is notorious for being slow to adopt new technology. Of all the technologies construction is missing out on, predictive analytics stands out as underutilized. The improvements they bring to construction are so strong in value that it’s almost a no-brainer to use one. Yet companies still remain skeptical or mystified about how predictive analytics can enhance their business for the better.

 It’s time to tackle this issue head-on and make an informative case for predictive analytics. When implemented effectively, automation and predictive technology enable higher profits, hyper-accurate forecasts, and simpler work processes.

Let’s take a look at why construction companies need to implement this technology in their business, as well as the outcomes they can expect when they do.

Gain key insights about your business

Construction is working off of imperfect, outdated information. Business decisions and forecasts aren’t informed by real-time data flow. Instead, they’re informed by a trickle-down of information from past projects that are still being gradually processed. Many construction companies don’t even know if a project will be profitable until well after it’s over.

A financial automation platform changes this completely. With the right tools in place, the platform will be able to use information from every available document in the company. It draws in information from current projects, past projects, real-time business trends, and more to give you an accurate view of your business. Calculations aren’t limited to older data anymore. From profitability to revenue, businesses will gain access to a high-resolution view of their financials through the software.

Forecast accurately and confidently

Business decisions aren’t just made based on the present. Companies need forecasts to help get the best results for their business. They act as maps that help steer the company in the right direction. Decisions regarding budgets, labor, and equipment often rely on a clear forecast to get there. Unfortunately, current forecasts aren’t very accurate and demand a lot of manpower to achieve. 

Briq can create these forecasts automatically. It’s already gathering and analyzing all the available information your business has to offer. Forecasting can move away from being a time-consuming, challenging process and instead be done in just a few clicks. A platform like Briq can give you accurate forecasts on all things labor, revenue, equipment, and more. With a clear view of the past, present, and future, the decision-making process becomes more powerful and precise than ever before.

Keep your information secure

Construction companies work with sensitive information. The measurements and engineering behind a building are sensitive, precise documents that could cause serious problems in the wrong hands. Not to mention the wealth of key financial information that could compromise your business. 

A financial automation platform is built to be the source of all your analytics needs. It’s built for you to store, model, and format all of your construction data. It’s the centralized point from which information goes to and from your business. That’s why tech companies have invested an enormous amount of technology into keeping your data as safe as possible on these platforms. Emails, desktops, and hard drives can all be hacked. But the right software keeps your information under an ironclad lock. In fact, Briq is SOC-2 compliant, the gold standard in security compliance for cloud-based services and SaaS providers. Storing your data on this platform isn’t just a success for business decisions. It’s essential to the security of your company and projects.

It’s time to upgrade to an analytics platform

We’ve only scratched the surface of what’s possible, yet the evidence is clear. Construction is losing a great deal of its potential by not investing in the right technology. The companies that have adopted it are more connected, efficient, and competitive than ever before. It’s time to invest in a platform that will enhance your business, preferably one custom-tailored to its needs.

Briq is built specifically for construction professionals. We help contractors use their data to drive better outcomes for all phases of a project. Using modern technology such as automation, machine learning, and predictive analytics, Briq helps to stop fee erosion, freeze overhead costs and provide better outcomes for your business. Contact us to see what Briq can do for you.