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Many managers at construction firms throughout the United States believe leveraging the mass amount of information about their company and across other companies in their industry can be an asset that can greatly benefit their operations. This means higher levels of investment in big data mining needs to be an emphasis for businesses.
According to a recent survey conducted by the Economist Intelligence Unit, a leader in global business intelligence, 77 percent of respondents said their employees need more access to big data in order to make the right decisions, while 45 percent said they didn't feel they had used enough big data.
"Companies are beginning to understand that big data isn't just about high volume and velocity; it's mostly about the ability to get at new sources of data that provide business value when analyzed in the context of all other relevant data," said Rick Schultz, senior vice president of marketing at analytics platform provider Alteryx.
How can big data help construction firms?
There are many components that go into running a productive and efficient construction firm that stretch far beyond the building and architectural elements. Construction managers need to know how to accurately budget for new building and the right amount of money to ask for when bidding on certain projects.
These pieces of information can come from big data mining, which allows construction managers to learn more about their firms and the industry as a whole. After taking these insights into account, construction managers can plug this information into construction reporting tools into order to make a swift, accurate decision.
"Big data is extremely valuable to companies looking to solve their immediate decision-making challenges," said Schultz. "Delivering the right data to the right decision maker in a way they can understand - no matter where that data lives or what form it takes - is crucial, and companies need to make this easier in order to get maximum value from big data."
Who should have access to big data?
As noted above, construction managers have a lot on their plates, which makes it even more important to spread the access to big data sources to other employees within the firm. The survey found 53 percent of employees believe that increasing the capabilities for more employees to view big data information should be of higher importance within their business.