The term “Big Data” can sound ominous, especially in the wake of credit card data breaches by the world’s biggest companies. But even with its potential drawbacks, Big Data provides some undeniable advantages to anyone in the business of providing goods, services, or information. Construction companies can take advantage of several types of Big Data-inspired predictive analytics to improve efficiency, reduce material costs, and otherwise save some serious cash.
Understanding What Customers Want
Many companies offer a customer loyalty program, which ties a customer’s profile to their purchase history. For the customer, these programs can offer valuable coupons and sales; for the company, these programs can help anticipate customers’ needs and plan accordingly.
For example, if you utilize an analytics program to track your sales, you may notice that there’s a 25 percent uptick in the demand for lumber each spring. By getting supplies when prices are low, you’ll ensure you have the stock on hand when the spring rush hits.
Better Budget Estimating
One of the biggest risks to any construction business is faulty estimating. By underestimating the material cost and labor requirements for a project, you may wind up literally paying to work. Big Data can provide you with incredibly accurate predictive tools to ensure that you’re always able to bring your projects in at or under budget.
Real-Time Project Management Software
With any project, weather and other uncontrollable variables can delay completion. This makes it all the more important for construction companies to improve their efficiency when it comes to the things they can control. The new project management software tools can allow you to stay on schedule and plan for contingencies no matter what comes your way.