According to experts in the field, one of the main reasons why the industry of construction is slow in adopting technology is supposedly related to the lack of robust data and analytics. Especially in times of crisis, contractors are driven to making a data-based info-backed decision for the more efficient conduct of business in the sector. Data experts are tapping into the different ways that construction professionals can utilize data and analytics based on crucial historical data sourced from past construction projects.
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Predictive Analysis in Construction
Understanding past and previous construction projects and having access to data related to previous projects are crucial for determining costs and other estimates for future similar projects. By having access to historical data from past projects, contractors can make more accurate estimates and reduce chances for losing revenue and making days. To be able to use this data more accurately, contractors need to9 turn to diagnostic tools. Manipulating and managing data can further help in the determination of what went wrong in case of unpredicted delays, issues, and challenges that may appear in any stage of construction.
Revenue and Profit Graphs
Graphing revenue and profit can be a rather easy task according to the experts in the field, while revenue band profit graphs can help contracts decide when it is necessary to make layoffs and when to keep the workers on the payroll. Furthermore, contractors may calculate the level of sustainability based on the activity of workers in addition to overtime work payments and gain a clear insight into the budget reserved for labor.
Prescriptive Analysis in Construction
The prescriptive analysis uses different and various parameters to predict how the project will turn out. The assessment is made based on the methods used for project delivery in combination with historical data collected from previous projects.
