Construction analytics is one of the most powerful ways to accelerate project planning and its management challenges. According to Deloitte, the major factors that impact the process and outcomes in the construction industry include repetitive reporting, bunches of paper documentation, lack of system connectivity and optimization, unprioritized and unorganized data, and many more.
However, the innovative technologies of construction reporting and predictive analytics in construction can significantly optimize the project planning and execution, enhance collaboration and boost the company’s performance while eliminating the project spendings and time needed for its successful delivery.
In this article, Intellectsoft explains the importance of the construction data analytics software, the major benefits these technologies can provide for your organization, and how to create the most effective construction software for analytics and reporting.
What Is Construction Analytics & Reporting Software?
Construction analytics is the process of data collecting, analysis, and management that is focused on improving the capital project outcomes, reducing risks, and uncovering critical information with the use of real-time data, taken from different resources and automated construction reports.
For construction organizations, the data analysis enables simplifying the entire construction process by interpreting and combining the financial and corporate data, project schedules and deadlines, and other essential elements, which is critical for successful construction management in general.
With the powerful construction analytics software, building companies can significantly automate the core processes in a project’s construction management, enhance the analysis of critical data, and turn it into cost-efficient, sustainable, and actionable results.
Data Analytics in Construction: Major Use Cases
There is a wide range of different options where construction reporting software is used today. First of all, real-time data access and automated reporting help building companies to improve the construction planning efficiency by simultaneously tracking dozens of different cost types (including labor, materials, equipment, and many more).
So, instead of hiring several specialists to track different financial data, you can entrust the cost analysis process to the software and access the comprehensive, accurate financial data anytime and from anywhere.
Secondly, the pre-made data analytics documentation can greatly streamline the workflow and upgrade the data work. Company’s departments and customers no longer need to request information regarding billing, payments, costs, and jobs – they can easily access data they are authorized to.
Additionally, out-of-the-box reports are too limited and can not always fit your business. For this purpose, instead of manually creating and maintaining the reports in Excel, it’s better to automate this process by using the specific construction analytics software that is designed to generate accurate and informative reportings within a few clicks.
Benefits of Construction Analytics and Reporting Software
Today, comprehensive data analytics in construction is already being used by over half of the companies within the industry.
According to Statista, over 68% of construction firms utilize software programs for project financials, and nearly 56% use the software for project management, as well as safety and risk management in construction.
And, since construction analytics software is no longer an option but a necessity, the trend for implementing innovative technologies within the industry will only increase in the future. Once we’ve uncovered the cases where data analytics in construction is used, it’s time to learn what advantages the analytics and reporting software can provide.
#1 Get the Data Needed Promptly and In Full
The successful delivery of the construction projects mainly depends on how companies control the costs and manage their performance. With the use of powerful reporting software, it becomes much easier to operate big data analytics in construction industry, as the companies can quickly receive the metrics they need in real-time.
Construction analytics software can effortlessly integrate all the aspects of a project, from cost estimation to handover, thus providing access to updated, detailed reports and data analysis at any stage.
#2 Optimize Document Management
Implementing the powerful construction reporting software can not just eliminate the paperwork but also optimizes the flow of the documentation. For instance, such technologies can ensure all the documents are correctly filed, grouped by the department, project, etc, and can be easily accessed anytime and from anywhere, and many more.
Additionally, the construction analytics technologies significantly enhance teamwork and improve project collaboration. The departments can share relevant information and data with multiple stakeholders, and supervise different aspects of project performance, including schedule and budget, project specifics and potential risks, as well as many other factors that may impact the construction project’s success.
#3 Enhance Planning Agility
The construction analytics and reporting software is also a powerful tool that helps to improve the decision-making process. This means the project managers can evaluate all the risks and consider different factors, conduct detailed research and determine the best option for achieving the best final outcomes.
The advanced technologies in construction data analytics help to tackle the industry-specific nuances. For instance, one of the most common is whether it’s more profitable to use internal resources or hire a third-party company for the project’s successful completion.
WIth a full-plant management system, project managers can know exactly the labor and equipment availability, capital, and operating costs needed – essential data for launching any construction project.
Essential Features of the Construction Analytics Software
When it comes to construction reporting and analytics software, there are two basic options companies choose from: either embed the pre-made technologies and adjust the workforces to its use, or launch the custom construction software that fully corresponds to the company’s goals and needs – a powerful cost-effective solution the modern firms focus on today.
However, to get the most of the construction data analytics software, it’s essential to discover the critical functions this technology should provide.
Document Storage and Management
During the project execution, many different documents are shared between the contractor, owner, and other involved parties. To ensure none of the files have been overlooked, many construction management tools feature effective data storage and collaboration capabilities for project plans, contracts, invoices, and other documents used in the process.
Different Types of Construction Reporting
The core function of any construction reporting software is to generate different types of reports, compare the metrics performance and analyze changes. The fundamental reporting feature should include period-on-period analysis reports, consolidated profit & loss analysis, balance sheets, cash flow, profitability reports, and performance forecasts based on certain criteria.
With this feature, employees can easily build refreshable reports with configurable, pre-built templates in just a few minutes, access the accurate data extracted from the ERP, drill into the balances and journals, view checks, payments, and invoices, or work with the other documents they need in the most convenient format without external help.
This enables easier one-off question tackling, as the workers no longer need to request information from other departments or customers – all these are already included in the reports.
Integration With Other Construction Software
For any features that construction analytics software doesn’t include, it’s critical to make sure the software is compatible with the other technologies you utilize, such as accounting software, legal and compliance tools, CRM systems, bidding software, and many more. This is an advanced feature that will help you to optimize the data work and enhance productivity in different project aspects your employees execute.
Historical Data Analysis for Improved Forecasting
Along with the financial and productivity aspects, an essential reporting software feature that impacts the project’s management and its outcome is predictive analytics in construction. It allows estimating a budget that covers all possible factors that could emerge in processes, including regional labor, material and inventory, costs, and others.
This technology is already being used by 29% of companies and more than 60% of respondents are going to implement it in the upcoming 24 months, according to IDC InfoBrief.
Real-Time Remote Syncing
The ability to access the required project data regardless of the time, location, and device used are one of the most important features of any cloud-based product. It assists in providing all project participants with instant updates remotely, which adds on flexibility, productivity and improves the time and quality of the work completed.
To sum up, implementing a powerful, feature-rich data analytics software in construction firms is not an option but a necessity. The construction reporting software helps companies to effectively plan and manage each project, consider all the factors and risks it bears, and ensure its successful on-time and on-budget delivery.
To provide the most efficiency, such technology should deliver different types of reporting, feature historical analysis, offer real-time synchronization, and integrate with other construction tools.
With years of experience in developing different software for first-class organizations in the construction field, we’re always kept in the loop of the latest tech trends and ready to empower organizations and their workforces with the most effective software solutions.
At Intellectsoft, our dedicated developers can help you to find the most profitable solution in construction software development your company can start benefiting from today.
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