15 October 2020
Did you know that the construction industry spent upwards of $10 billion on funding construction technology in the last decade?
With the construction industry —slowly but surely— using drones and other technological advancements to stay competitive, big data and data consulting are changing the market.
Big data might sound intimidating, considering that it’s been more of a buzzword in the last three years. Yet, the concept is relatively simple. It’s the collection of data on a construction company on its clients and customers. This data enables the firm to make educated decisions that better fit their clients’ wants and needs.
If you’re unfamiliar with how data consulting comes in, you’ve come to the right place.
Keep on reading for our full breakdown of how data consulting benefits the construction industry and a quick overview of what data consulting entails.
Data consulting 101: an overview
Data consulting can only be useful when it’s perfectly tailored to the industry it’s serving. For instance, when it comes to construction. Data consulting will have to make sense of the collected data.
In the construction industry, there’s 2D and 3D data, schedule elements, financial data, corporate data, and other information that a firm needs to go through to get useful insights.
This is where the data consultants come in. They’re qualified data scientists that can interpret and leverage the insights for the construction firm’s benefit. Besides, data consultants have the unique ability to sort out the data and explain the analytics in layman’s terms for the firm to make use of its insights without getting bogged down with the little details.
Data consulting benefits for the construction industry
The numerous benefits that data consulting can provide companies in the construction industry are both internal and external.
Setting up a knowledge hub
One of the great things about streamlined data consulting is creating a centralized knowledge hub with refined data. Doing so bypasses the issue of letting knowledge stagnate, which —in turn— enables consultants to use digitization to build on their base-level expertise.
Moreover, having a digital platform where all the frameworks live will allow ease of access to that information, track their performance, and identify the best courses of action.
Therefore, construction firms will be able to improve these frameworks as time goes by, which will result in a marked improvement in their thought leadership and credibility with their clients. It’s the transformation of big data to smart data.
Enabling scalable engagements
Data consultants can make client engagements scalable.
With the power of big data as the foundation of knowledge, data consultants can ask simple questions, following a structured framework to your clients. At the same time, they can also query an enormous amount of people without issues.
Furthermore, data consultants can come armed with digital analytics tools that can allow them to produce more accurate insights with fewer resources.
Providing data-driven marketing recommendations
Data consultants have numerous tools to filter through data for the best key insights, as we’ve already mentioned.
Yet, it’s crucial to highlight that not only do they produce critical insights, they also ensure that these insights are the results of deep dives into the data.
Trying to investigate the available data manually might allow companies to produce insights. However, these insights would be garnered through a shallow overview of the data, not a deep and thorough dive.
Growing your construction business
A great perk of outsourcing your data analysis to data consultants is the freed-up resources in time and effort.
These resources can be directed towards tasks and departments that can boost business growth, benefiting from becoming more competitive.
Data insights as a competitive advantage
Construction firms can use data insights as a clear differentiator between their capabilities and their competition.
Even though the world of construction is more digital than it was a decade ago, some parts are slower on the uptake.
On the other hand, construction clients are more comfortable with technological advancements and expect to see their capabilities when looking for construction firms.
Increasing client loyalty
There’s nothing that can quite equal the sheer benefits behind increasing your client’s loyalty. Having regular clients with repeated business doesn’t only boost your bottom line revenues, but it can also help grow your company’s reputation.
With data consulting in your toolkit, it’ll grant your clients a higher-value product or service. Also, it’ll speed up the time spent on assessing and monitoring progress after implementations.
In this day and age, there’s no shortage of communication tools. Yet, due to the overflow of tools and the lack of integration, communication problems start occurring.
Data consultants will have a centralized hub that eases any friction between communicating insights to your construction firm. This will lead to lesser mistakes when it comes to working on data sets and setting up the analytics.
Besides, ensuring that the right data representation reaches the appropriate parties is critical for timely decision-making. Thus, your employees who are responsible for integrating these insights into their framework can do so.
Ready to make use of the power of data?
We know that integrating big data through the avenue of data consulting can be a bit intimidating at first.
Yet, the sheer amount of benefits can’t be ignored if a construction firm wants to remain competitive in the current market and flourish and increase its bottom line revenue.
After learning about what data consulting can bring to construction firms, it’s time to expand your knowledge by checking out these construction industry trends that drive digital transformation.
Moreover, you can ask for a demo if you’re looking for the right solution. We’d be delighted to show you what our solutions can bring to the table.