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There’s a Lack of Data Available to Construction Project Owners (Here’s How to Fix it)

 

Construction project owners have long been suffering from a lack of information - and they keep fighting the same old cost and schedule problems that come with the lack of data. While we can speculate on what the reasoning behind this lack of information is, more importantly we should focus on how we can provide more resourceful information for construction project owners.

With technology, comes data - its as simple as that.  As technology such as drones, PM systems, field reporting systems, etc. continue to make marks on the industry, it is going to be easier and easier for construction project owners to control timelines and goals, as opposed to leaving it 100% in the hands of their construction counterparts. And it’s all because there is more access to data as opposed to the traditional one sided data ownership situation, where the contractor controls all of the data.  This will result in owners having more control on project outcomes based off their advanced understanding of the progress and work performance, as contained and spelled out in the data.

That all being said, in a recent report, KPMG found that the construction industry is not taking full advantage of new technologies for both workflow management and building performance monitoring, which includes: automation, robotics, mobility, advanced data and analytics.

Report highlights:

  • Two-thirds of the 200 construction and engineering professionals and major project owners who were surveyed said they do not use advanced data analytics to monitor project-related estimation and performance.
  • The construction industry is well-positioned for technological disruption, but there needs to be a mindset shift with construction project owners.
  • The study found that many construction project firms and owners are waiting for their competitors to make the first move toward adopting these new technologies to improve data collection and streamline workflows.
  • Although project-related risk is heightening, there are less than 20% of respondents who are rethinking their business models to incorporate this new technology in response to this.

How Do We Increase the Data Available for Construction Project Owners?

As previously indicated, the best way for construction project owners to obtain more information is to make headway with adopting new technologies. There are so many opportunities for construction project owners to learn more, and to streamline and improve processes simply by adopting new technologies: starting with a document they already have, the schedule.  Project schedules are virtual data mines. In a world driven by technology, it is vital that construction project owners utilize what is available to them in order to stay up to par and to continue to improve the way they build and manage projects.

SmartPM Technologies, Inc. has created a completely automated software that analyzes the data from your Primavera & MS Project construction schedules.  This analysis will arm anyone with access to the schedule with everything they need to know to effectively control project schedules, budget and risks thereof. Contact us today to learn more.

Author: Jaime

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