What Data Should Construction Companies Collect? Part 1
Our Sarasota construction attorneys have witnessed many trends throughout the years and one that has emerged is the importance of data in project planning and execution. We are in an age where statistics and analysis are as important to construction projects as excavation and foundation. In a sense, it always has been. Information about the amount of materials used and wasted has always been available and important. It wasn’t always utilized. Today’s construction industry is bustling with large budgets, tight deadlines, and stretched resources. These factors make data capture more important than ever. Data, both standard information and “big data” can help analyze spending, workflow, and equipment conditions, among many other items. With this in mind, a Sarasota construction lawyer will tell you data is the key to better decision making.
The challenge for many companies is what data to capture. Construction projects create an immense amount of data. Determining what to focus on is daunting, but important. Here are a few places to start:
Expenditures and Production
Understanding your labor, materials, and equipment costs is critical for the future budgeting and general maintenance of your business. Comparing these expenses with the speed and accuracy for which projects are completed is critical. Balancing the numbers with the output will give you a feel for if you are spending too little or too much on various items involving your project. This information will give you ability to evaluate future vendors, suppliers, and contractors as well.
Measuring workflow includes comparing output to the workers present, the time given to complete tasks, the availability of equipment, and the ability to handle outside factors such as inclement weather. The end result and the speed with which you complete a project speaks for itself, but looking at how many workers are present, the performance of individual workers, the amount of necessary equipment on site, who’s using that equipment and when, the condition of the equipment, and the presence of outside factors must be examined closely. Some of this can be done with the help of technology such as equipment sensors and drones. However, it’s important to understand what you are looking at and to draw proper conclusions.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.