The construction industry is a highly competitive environment. While it’s a growing market, competition is fierce. Finding a way to stand out is imperative. More and more construction companies in Jacksonville and throughout the United States are turning to data to help them make better decisions in regards to budgets, resources, and risk allocation.
In the first part of our series on the use of big data in construction, we gave a definition of big data and discussed how it can positively impact project budgeting and job site logistics. The benefits of utilizing data goes beyond that and can aid companies in terms of project management and assessing financial health.
Reducing Project Delays
Contractors know that project delays are bad news. They cost money and can lead to lengthy disputes which may require the help of a Jacksonville construction litigation attorney to resolve. Taking existing information such as models and drawings and making them shared items allows stakeholders to view them and make real-time changes. Approvals can be attained quicker, reducing delays.
Historical weather data can be combined with data measuring equipment condition and traffic information to plan project phases. Routing systems can be developed to reduce downtime and promote fuel efficiency. Data can also be used to determine site locations by illustrating patterns of construction risk-targeted areas.
Determine Financial Health
Information pertaining equipment costs and conditions and worker productivity can be compared to project funding across all projects and overhead costs to assess the condition of your business. The information received can help determine if any aspect of your company or project needs to be adjusted. The more information you can gather the more accurate a snapshot it can provide. A Jacksonville construction attorney can examine your contracts to make sure that your interests are being protected in that area as well.
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.