Turn your construction data into your competitive edge 

Something we hear often when we talk about data analytics in construction is “what data?” Contractors often don’t realize the many data points that are stored within their company. Every piece of information regarding a project, like delays at the site and how many hours were worked, are all important data points that construction leaders can leverage to make better decisions. Quite literally, everything is data.

Across multiple projects, your teams are collecting massive amounts of data that can be used to make more agile decisions in ongoing jobs and help you bid smarter on future jobs. Cash has always been king in construction, but contractors are now realizing the true value of the data they have been collecting over the years. While cash is still king, data is a virtual goldmine.

It’s going to help you run a better business. But how do you use it?

Due to the way data is collected, on paper, in massive spreadsheets, and through multiple teams, many contractors find working with their data overwhelming, or too time-consuming to put effort into. However, the benefits for a contractor that uses their financial data wisely are clear: they freeze their overhead by spending less time moving data around, they reduce their profit fade by identifying risks by running multiple scenarios, and they enhance their fees and profits by choosing projects better suited to their resources.

Let’s take a look at the basics. We can sort data into two primary categories: structured and unstructured.

Structured vs. unstructured data in construction

Structured data is:

• Highly organized
• Easily searchable
• Quantitative 
• Objective and conclusive

Contractors can enter structured data into relational databases like an accounting system. Examples include information like names, dates, addresses, customer ID numbers, and stock tallies. Structured data sorted into relational databases can be used to cross-reference information from multiple sources.

This is encouraging, but the problem remains: surveyed contractors report that approximately 80% of their data is unstructured. That can mean data is loose somewhere in an Excel file, a PDF, or even an email. Examples of unstructured data include text documents, site images, web pages, project schedules, and purchasing history.

Unstructured data is:

• Unorganized and unformatted
• Difficult to collect, process, and analyze
• Qualitative 
• Subjective and interpretive

Unstructured data is difficult to analyze manually, but it can provide deep insight into trends that are important to a specific business. These are insights construction professionals need quickly to make informed decisions. Information about labor and equipment, RFI’s, and data from the field is often available, but it usually arrives in unstructured formats. 

Because unstructured data is so difficult to manually examine, many contractors are deciding to put technology to work. Using an automation platform like Briq could put you on the right track to structuring your data and gaining better insights into your business. Briq uses technology including robotic process automation (RPA) to clean unstructured data and provide clearer insights for better forecasting. It also connects to your existing software, so there is transparency across all systems, from finance to the field.

With data coming from multiple sources — software and teams — it can be hard to know where to get started. You need to consider your data strategy in the same way they think about financial or operational strategies. Rethinking your business processes and prioritizing data collection will provide unity and transparency to any construction business.

So how do we get there?

Getting started with a data strategy

Above all else, your data strategy should contain actionable steps aimed at helping you achieve specific goals. A good data strategy is also flexible enough to adjust to changing circumstances.

These steps are an excellent place to start, but remember, data strategies are unique to each organization.

1. Understand the challenges you want to solve with your data.
2. Identify the types of data you need to collect, where it originates, and how you store it.
3. Establish the first few milestones where you'll evaluate if the strategy is working.

Throughout the data strategy creation process, be sure to maintain communication with employees who manage data throughout the entire organization. Without buy-in from the people who work with the data every day, you won't be able to implement your data strategy at all.

Before you embark on a data strategy, take stock of what your goals are. A data strategy can help your organization in several ways, from increasing revenue to developing more consistency around your processes. It’s worth the investment.

The way you can use data to make better decisions is one of the most important trends that any contractor of any size should be thinking about. Your data is your most competitive advantage — it's time to take command of it. Contact us to learn how Briq can help you collect and use your data to run your business.