Published: 28. May 2021,
By Christoffer Larsen
VP of Marketing at Trackunit
While the construction industry has been lagging behind in comparison to the rest of the economy, we’re now seeing a significant growth rate in connectivity and an increase for project opportunities.
Construction data is more relevant than ever. It can have many advantages to businesses across the industry and provide solutions to people like fleet managers, contractors, operators, or anybody involved in a construction project.
But to unlock the full potential of construction data, you might want to get support from construction data services to leverage project opportunities.
Construction data can be machine data, which is collected via telematics systems, but also Building Information Data (BIM) or other, more operational data that provides more general project information. All this construction data and associated digital technologies can significantly improve job site safety and drive efficiency of construction projects.
Fleet sizes and requirements can be optimized, operators know the exact machine locations on complex sites and have immediate access to critical information. Machine maintenance schedules can be taken into account more strategically, and construction reports can be automated. Budget forecasts become more accurate, and delays less frequent.
Connectivity Affects the Bottom Line
We cannot deny that connecting construction fleets saves time and secures revenue. Research at Trackunit found that companies with more than 75% of their fleet connected enjoy 51% higher financial performance than the rest. Data is the backbone of these digital technologies and thus the key to more productivity in construction.
Putting Construction Data to use
But data in itself does not create value. Simply accumulating more of it in a database where it sits in a silo will not make your business or construction project run smoother. In fact, it might just do the opposite. Before it can be used for anything, data needs to be turned into insights.
How do you draw useful information from multiple data sources, in an environment as complex as construction? If you have asked yourself this question before, you are not alone.
It is easy to collect data, but it is no easy feat to convert it into something reliable and actionable. In a survey conducted at Trackunit, we found that 55% of all construction companies interviewed do not fully exploit the potential of the data they gather.
To come to terms with vast amounts of information, it requires data scientists who can detect patterns and make sense of abstract numbers. But data scientists don’t always have the construction-specific knowledge to understand what matters most to you.
A construction data company can bridge this gap. Bringing together advanced analytical knowledge with construction-specific knowledge is the goal.
At Trackunit, we have teams of highly skilled analysts working together directly with customers and industry professionals. We’re constantly learning from each other so that we can deliver construction data services that truly matter to those who are out on site. Actionable insights and reliable solutions is what we strive for.’
If you want to talk about how our services and products help your business get more out of construction data, we’re here for you. Get in touch with us.
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