August 06, 2018
Good business intelligence (BI) is becoming more and more important in the construction industry. The benefits of BI software have been proven in a range of other industries, but some construction companies are still slow to adopt, citing complicated processes and technical challenges as significant barriers to onboarding.
Knowing what the benefits are and how they can be measured may help you make the final decision. Here are just some of the many ways BI can benefit a construction company:
All businesses produce a significant amount of data. It’s the task of being able to harness that data that is the challenge. Once you have accomplished this, you will be able to make business decisions that are based on real-time facts – rather than waiting for hand-written or verbal reports to come trickling in after the fact. BI software helps to organize your data so that you have access to accurate and actionable insights at your fingertips at all times.
In any construction project, there are multiple sources from which to pull data. Accessing this data takes time and resources – two things that can reduce your profitability if they get out of hand. Often, by the time this data is pulled, it will be outdated or inaccurate, meaning that your team will need to make manual adjustments and put a lot of effort into getting it up to speed. BI software ensures that the most accurate, up-to-date information is available when you need it, saving time, money, and aggravation.
For instance, being able to access real-time reporting helps the project manager monitor the progress of the project on a daily basis. He or she can make decisions and course-correct before costs get out of control – something that would not be possible if the firm was not making use of their data.
Spreadsheets are great, but the manpower needed to maintain them is considerable – not to mention, fraught with the potential for errors that could throw off your calculations in a big way. BI software takes this task out of the hands of your most valued employees and delivers with speed, accuracy, and dependability. Your finance team can then be free to focus on higher-value tasks that make the best use of their professional expertise.
Deeper business insights
Getting a macro view of what really makes your company tick is the best way to grow and evolve. BI software gives you the ability to see where you are succeeding and in what areas you may be falling short in areas that include labor, payroll, supply chain, sales, and more. This allows you to act quickly, whether it is to jump on a new opportunity or to take corrective actions in a timely manner.
AHS case study
In 2016, HelpNet worked with AHS Residential (America’s Housing Solution), a Florida-based organization that develops communities for America’s workforce. The goal was to create a centralized database that would provide all of their stakeholders with access to key metrics that ranged from activities in their own business operations to community information such as proximity to schools and services. Having this information at their fingertips would allow them to act quickly on opportunities before their competitors were able to.
By combining the data they were already generating from various disparate sources with local demographic data, AHS was able to assure the success of their developments, increase customer satisfaction, and improve customer retention overall. This is just one example of how BI can support scale, profitability, and value-added customer service.
Bottom line: knowing is power
In today’s competitive business world, it’s just not enough to do great work. You also have to remain profitable and competitive in order to maintain market share. This is as true for construction companies as it is for any industry, as business growth is dependent on your ability to act on information quickly.
If you would like to learn more about the benefits of business intelligence for the construction industry, download the AHS case study today or schedule a free consultation to discuss your business needs.
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