4 Reasons Why Data-Driven Construction Companies Are Winning
The construction industry has faced several challenges in the last year, and we began 2021 with a challenging outlook. As a whole, the industry is facing worker shortages, decreased demand and productivity, and material shipping delays.
While these external factors present a variety of challenges for the remainder of the year, there’s a straightforward solution to help construction companies weather the storm.
Data is the practical solution to project delays, staffing shortages, and external factors like shipping issues.
Construction companies that utilize data in everyday planning, from the beginning of the project to the end, will experience more efficient job sites, fewer losses, and a more viable setup in a volatile economy.
For construction companies to avoid crises this year, every aspect of a project should be accounted for and managed. Sound like a challenge? This is historically one of the struggles within the industry. Even the best of site managers cannot be everywhere at once.
INDUS.AI’s system can monitor an entire site all hours of the day through the use of artificial intelligence that learns the risks, regulations, and processes of each site. The construction management software gathers data every day and creates reports that companies can use to streamline their processes.
Over and over again, artificial intelligence has proven an invaluable asset for creating safer, efficient construction sites that exceed customer expectations.
Here’s why data-driven construction companies have more staying power than others in these challenging times for the industry.
With an ongoing worker shortage due to the pandemic, every contractor, subcontractor, and employee’s time must be optimized. The construction industry is notoriously dangerous and risky, and accidents regularly occur on job sites. These errors can be costly for construction companies, and their employees.
INDUS.AI’s system can track safety regulations and requirements and will notify project managers if an issue occurs. This data is gathered by the system and can also be assessed at a later date, should managers or other stakeholders want to analyze any project.
These data-driven insights can help construction companies reduce lost time due to errors and rework. With ongoing worker shortages, it’s essential that projects are managed efficiently and risks are reduced. Artificial intelligence can bridge the gap for companies, especially ones with fewer workers on each job so that any errors are caught before they stall out a project.
For construction companies to stay in the black, they have to satisfy their clients. This is true no matter the economic status of the world, but it becomes even more important when the industry faces challenges.
Timelines are one of the largest points of contention in the construction industry. Preliminary projections can only go so far as to determine an accurate completion date on a single building project. The point of contention between construction companies and their clients is, more often than not, the time it will take to reach the end goal.
Unfortunately, one of the challenges presented this year is that there is a shortage of many construction materials due to shipping delays caused by the pandemic or by disruptions in the Suez Canal.
These external factors affect estimates and timelines. INDUS.AI’s technology can help construction companies monitor the delivery of materials. This helps companies in two major ways. First, construction companies have a 24/7 record of materials delivered so that they can verify and pay bills accurately (without any overspending due to incorrect billing from suppliers). Second, construction companies can show their clients data about the arrival of necessary materials.
Some construction delays cannot be avoided, especially when they are caused by outside circumstances. Construction companies can keep their clients happy by showing them quantifiable data about material delivery so that they know the company is doing everything they can to ensure the project is completed in time (and they have an explanation when projects lag).
Efficient Project Management
INDUS.AI’s system helps construction companies maintain an efficient workflow throughout the project. Instead of sharing planning and report documents through various platforms, the construction management system, data and imagery can be shared with all project stakeholders. This simplifies the process of any type of meeting and streamlines project management.
The data provided by INDUS.AI’s system can also help project managers understand where time is being wasted. The AI-powered construction management system can monitor the usage of heavy equipment, identify bottlenecks impacting production flows, and report on that information.
All of this data can help site managers understand time loss and maximize efficiency.
Decreased Losses, Increased Margin
At the end of the day, the construction industry is a business and people need to get paid. Using data-driven tools to analyze each aspect of a construction project can help decrease losses and increase profit margins.
Through INDUS.AI’s construction management software, companies can keep track of material deliveries, worker efficiency, and even idle times on production. This degree of detail is impossible for a single person to monitor daily. Artificial intelligence gathers all of these data points and places them in a practical report that supports site managers’ efforts to maximize efficiency.
In a year of challenges for the construction industry, existing AI technology can bridge the gap and help construction companies thrive. While certain external factors are unavoidable or unchangeable, construction companies can do their part on the front end of each project by implementing a system that keeps them on track in every possible way.
Do you work for or own a construction company and want to get ahead of the game this year? Send us a note, we have the tools you need.