BUSINESS, INSURANCE & RISK MANAGEMENT
risk management, the current economic environment
sites, control increasing
costs, and manage supply
schedule and profitably. Tese software solutions can also eliminate the need for manual data entry and allow for digital approvals. Te trends in technology go beyond
how information is being gathered and reported. Tere are new techniques in modular construction, autonomous machines that communicate with each other, 3D printing, and the use of drones. Tese advances in automation can lead to increased efficiency and less waste of materials and labor hours. Many companies are deploying these technologies to combat increased costs and tighter profit margins.
Uncover Data and Insights As construction companies
compile additional digital information and metrics from new technologies, they are also increasingly using data analytics to make business decisions and help increase profitability. Consider all the ways data analytics can lead to improved profits, including
bringing: More efficient management More accurate budget and bid estimates
Decreased project risk However, data doesn’t instantly
make things better. Te ultimate goal of data analytics is to use it as a
predictive model, so you can poten- tially be more successful in bidding and operating (and ultimately optimize profits).
Take Action to See Results All the data in the world won’t
make a positive impact if it isn’t under- stood and implemented effectively. Te greatest information dashboards in the industry are virtually useless if the information doesn’t lead to concrete action. In many cases, deep data analysis leads to multiple smaller changes that ultimately add up to positive results. To capitalize on the use of data
analytics, companies need to under- stand which technology solutions fit their organization. While the data inputs may be similar across the construction industry, every organi- zation should have different data solutions to fit their specific culture, processes, and goals.
How We Can Help As the world defines what the
“new normal” will be, the construction industry is adapting to meet the challenge. Technology and data are defining how companies can be more efficient and profitable in this changing landscape. Success will be defined by how a company can embrace these trends and use the available data to their advantage.
Tim Mahoney is Principal, Construction at CliftonLarsonAllen LLP, Roseville, CA. He can be reached at tim.ma
m or 916-677-5778. Te information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP to the reader. For more information, visit CLAconnect.co
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