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According to the McKinsey Global Institute (MGI), advanced predictive analytics could help construction companies improve productivity by up to 60 percent — delivering over $1.5 trillion a year in increased value to the global marketplace. But leveraging analytics in an industry that's built up a resistance to disruption isn't easy. Paper trails still litter every project, and vendor-delivered solutions create tangible integration headaches.
Part of the problem lies in the overall vanilla flavor of the analytics market. Generic, plug-and-play data analytics platforms don't play nice with existing construction tech. Worse yet, these analytic platforms often misrepresent, ignore, and misconstrue values that are important to construction companies, which may be of little value to other industries.
To create truly transformative analytical experiences, construction companies need to embrace construction-specific analytical tools that understand their needs, industry, and requirements. Because in a world where average project win rates hover around 15 percent, small details matter.
The Need for Better Integration
Integration is tricky. Most construction companies know that data analytics are a key lever in their digital transformation strategy. Without diving too in-depth (see more here), data analytics helps you do less using more data to deliver unparalleled foresight into your operations. And there's a massive premium on foresight in an industry that's currently dealing with unprecedented turbulence.
But predictive analytics isn't a game of Jenga. You can't continuously stack vendor tech on top of each other to chase that digitally-transformative dream. It doesn't work. Unfortunately, that's the sole focus of most construction companies. Technology clusters exist in three key areas:
- On-site (i.e., "field")
- Collaboration (i.e., "team")
- Off-site (i.e., "back office")
A recent McKinsey study suggested that construction companies are spending roughly $10 billion across these three clusters on a massive 2,400 technology solutions. We're all chasing a piece of the digital pie. But most are spending far too much time and capital on buying tech for specific areas of their business without regard for integration. In other words, tech stacks look more like piles of spaghetti and less like a pie. It's messy.
To win, construction companies need to invest in data-agnostic platforms that bridge together the entire scope of their business — not ad-hoc vendor solutions that tackle one tricky area and then horde that data in a locked vault.
The Power of Built-for-You Analytics
When we talk about these holistic analytic platforms that are integration-ready and capitalize on end-to-end data visibility and usage, we aren't talking about run-of-the-mill analytic platforms. Despite the value of these large-scale platforms that are often run by massive enterprises, generic doesn't work in construction. You need built-for-you analytics.
Finding a platform that can identify project needs, predict risks and costs, tie in WIP forecasting, discover data across your infrastructure, and store and utilize critical construction data is the key to unlocking the tangible value of predictive analytics. Because the truth is, many companies haphazardly invest in these massive-scale solutions and spend years catering them to their needs. It's a waste of time, capital, and energy.
If you haven't found value in analytics, it's not because analytics doesn't produce that value. You might just need a little guidance from an analytics company that actually knows construction. At Briq, we converge powerful analytical engines and machine learning with your data sources to deliver construction-specific analytics that make a real difference. Briq joins modern technology, with hundreds of years of combined construction experience to give you deep insights into your business.
By automating repeatable tasks, connecting disparate software, and predicting trends, we enable more efficient workflows, more accurate forecasts, and more profitable outcomes. Contact us to see what Briq can do for you.
