Manufacturing and labor productivity have seen a rather favorable improvement in the last two decades, specifically scoring an average of 3.6% and 2.8% yearly as noted by far. In the meanwhile, the construction industry reported barely 1% annually in improvements within the sector, facing challenges in terms of productivity. This is where the power of data and analytics come in as handy, helping the overall construction, execution, and engineering in the construction industry. Driven by data-based solutions, analytics can help the sector battle noted productivity challenges.
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Bidding and Estimation of Projects in Engineering and Construction
It is usually the case that engineering and construction companies need to bid on a project without having complete information on the project that could take years to complete, usually ranging from 5 to 10 years till the final execution. These companies rely on the specialty and vocation of employees to assess potential risks, costs, and profitability; however, the factor of human involvement can make these conclusions biased. Prices in the market may greatly vary and unexpected scenarios may take place, which is how analysis and data can help transform construction and engineering in the sense of safer and more secure estimation and bidding.
Subcontractor Costs and Evaluation
Engineering and construction companies will also receive bids from subcontractors after starting a project and planning the general execution. After receiving these bids, engineering and construction companies need to analyze estimates received from subcontractors. Estimates are fairly complex and have to go through several stages of assessment, while further estimations cannot completely and in detail predict all the costs described in the bids of subcontractors.
Estimation of Potential Risks in Construction and Engineering
The way projects are controlled during the very execution can make a long and tiring process for construction firms and engineers as there are no effective tools except accurate management after the project has been completed. To asses, the potential risks that can take place in the process of construction, data and accurate analytics can make a great difference in terms of improving productivity and annulling the challenges encountered in the sector of construction and engineering.
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