The Construction industry produces more data than any other, but discards 95% of it. Here’s how your business can utilise the information it already unearths…

Every industry has undergone a digital transformation over recent years, with the construction and building sectors changing for good. But a new report suggests there’s one commodity the industry just isn’t utilising.

The world’s most valuable resource is no longer oil but data, claims The Economist – not surprising when you consider how much power those controlling large amounts of data have, such as Facebook and Google.

Why is data so valuable?

Businesses already use data every day to monitor customers and shape their business strategy accordingly, from Google watching what we search to Amazon surveying what we buy. Analysing previously unseen data from your customers, processes and operations could highlight inefficiencies or suggest future trends which you can then react to.

But it would seem the construction industry is not making the most of the data available to it – though the industry produces the highest amount of data compared to any other sector, a shocking 95% is thrown away without being used.

What could data do for me?

Construction project management could be about to undergo a digital revolution.

Data can be used to aid productivity, identify inefficiencies and power automation. Speaking at BIMobject Live 2017, Stefan Larsson, CEO of BIMobject, outlined the benefits of more automated processes within the industry.

“An algorithm or a software is always much more effective than a human. You can scale everything, you can measure it and be aware of what’s happening,” he said. Ulrik Branner, CEO of construction publication GenieBelt, continues by highlighting the time and resources wasted by inefficiencies.

“Construction is a massive industry and in this industry the average efficiency is 30%. And we accept that. The average amount of time you are working is 30% and when you are working 10% of what you are doing will be torn down and built again. It’s called rework. 40% of the world’s waste comes from the construction industry. “

Whether it’s spotting that the same human error was made multiple times, or identifying the slowest part of a process and addressing it with automation, minimising inefficiencies can make your processes not just quicker but more profitable. For example, investing in one newly-identified piece of equipment could save you having to rework a section of a project in the long run.

Safety

Data is also being used to improve site safety. Construction is considered dangerous, with 80,000 UK construction industry workers suffering from a workplace illness or injury every year.

Data could provide a basis for more solid planning, such as Artificial Intelligence algorithms that learn as they go and can predict potential risks, which could make for less dangerous mistakes.

Lockyers are a leading independent insurance broker and we specialise in providing construction industry cover, call us on 01924 2878222.