Data is no longer a term used by simply IT or finance professionals; rather, it’s a term that should have meaning in the minds of any construction leader. Big data, data mining, data collection, insights and performance metrics are terms leaders hear over and over again. However, it can be difficult to take such a large topic, with overwhelming amounts of information, and apply it to a specific work context. With this in mind, every construction leader can benefit from the value that data analytics provides.
Data analytics is a process. First, it begins with leaders identifying what needs to be tracked. From there, data mining and collection tools are put in place. With the collected data, leaders can glean insights, which ultimately help leaders make informed decisions.
This serves as merely a brief overview of the data analytics conversation for construction leaders. As organizations seek to strengthen their data programs, important conversations include software/technology integration, data mining, data management, data policies, data security and forecasting. However, the starting point is assessing how or if the organization currently uses data analytics at all. 1. Assess the organization New to data analytics? Consider the following ways to start a data program.
Already have data systems in place? Consider the following ways to improve the data program.
2. Reflect on these important hallmarks for organizations from Davenport, Harris & Morison in the book “Analytics at Work” (2010).
Using these tools, construction business leaders will be better equipped to improve business operations using data analytics.
Written by {{author.AuthorName}} - {{author.AuthorPosition}}, {{author.Company}} {{author.Company}} Contact Info: {{author.OfficePhone}} , {{author.EmailAddress}}
{{comment.Text}}