The proverb states that “Data is the new oil”. Nevertheless, in the contemporary construction management sector, data is not solely the oil, but the entire ocean. Valuable and practical data is the oil that needs to be extracted from the sea of existing data by utilizing Business Intelligence (BI) tools. This is especially true when it comes to a multi-million-dollar capital project that is managed by several skilled teams and requires multiple levels of authorization.
BI is a tool, not an ability. Despite the fact that forward-thinking capital project squads are accepting BI, some are still hesitant to embrace it. The problem is the misapprehension that either BI is complicated or that it is intended to replace the aptitude of a project manager. On the contrary, BI is a tool developed to add to the capabilities of the project manager so that he/she does not need to bother with data collection and can focus on making more impactful decisions.
The Scope of BI in Capital Improvement Projects
When it comes to utilizing the data from past projects to inform decisions and facilitate ongoing projects, it is a challenge to assess and apply it in a meaningful manner. This is because the manual collection and analysis of this data are tedious, leading to many teams relying on inaccurate estimates based on experience.
For project managers to be able to make precise budget predictions, reliable data is a great help. Some of the best construction BI tools available in the market today offer a wide range of business solutions. With usage-specific enhancements, these tools can help recognize the most pertinent project information that is being collected daily by the team on-site and fed into the construction program software. When integrated well, this project information can be arranged in a way that is easily comprehensible to every project stakeholder using real-time dashboards. Instead of stodgy, static data located in physical documents and error-prone spreadsheets, the visualized data is represented in color-coded graphs and detailed diagrams that get updated in real-time.
Below are a few of the high-impact benefits that integration of BI can provide.
1. Realistic Planning
Owner organizations often follow a ‘top-down’ approach in decision-making. The top management’s choice is made independently of the crucial information that the various site teams have on hand. Therefore, they end up setting unrealistic targets, which invites problems like a demoralized workforce, compromises in work quality, project delays, and so on. In this scenario, the BI software can facilitate a proper flow of data between the various site teams and the project owners.
2. Assigning Key Performance Indicators
Identifying and tracking KPIs are extremely crucial for the success of every capital project. Advanced Business Intelligence (BI) can improve the efficiency of the project owner’s preferred construction program software that demonstrates which team is responsible for specific activities at any given time using live dashboards. Clearly allocating the resources and the corresponding timelines to every team involved in the design and construction process can help prevent rework. With this knowledge, all teams know precisely what tasks to complete and when; thus amplifying the collaboration potential of the project.
3. Accurate Project Costing
It is essential that the capital project owner is informed of all the expenses related to the venture, from the preliminary stages of planning and designing to the conclusion of the project. There is usually a lot of confusion when a team is granted a contract but then wonders why their proposal was so low. With BI capabilities, the project owner can analyze data from records of past projects that were completed successfully. After crunching numbers and referencing them with data delivered by the PMIS software, the BI tool takes into account all the facets of the project to form an exact and detailed budget. This makes it possible for the capital project owner to tender bids founded on reliable data analytics instead of approximate calculations.
4. Project Status Tracking
Meeting the project deadline is one of the most significant challenges faced by project managers. A McKinsey Global Institute study reveals that 77% of global megaprojects are behind schedule and that, on average, large projects take 20% longer to finish than anticipated. Utilizing a suite of well-connected scheduling and reporting software, enabled by business intelligence strategies, allows for close tracking of capital programs and the various activities occurring concurrently. This ensures that the smaller tasks are executed as planned and any delays are immediately visible on the dashboard.
5. Safety in the Workplace
Capital projects often overlook safety protocols, but construction program software can help rectify this. By utilizing BI and AI-based solutions, these programs can analyze previous incidents and identify the most calamitous areas of the project and deliver predictive analytics. This information allows project owners to implement preventive measures and prepare for any potential issues.
Tailored Solutions Offered by OnIndus
OnIndus has years of experience in delivering data-driven construction management solutions with regard to all aspects of large capital investment projects. We engineer specialized programs by leveraging the best of construction technology to devise top-notch processes for sophisticated design and construction teams. We have been instrumental in making sure that a variety of capital improvement projects, no matter the size, are completed on schedule by integrating custom BI solutions with the team’s current PMIS program. Our expertise has enabled us to consider specific requests and create tailored process features using the best construction BI tools.
Learn about our BI modules that can catapult your appetite for managing complex capital projects. To understand more about our construction technology solutions, you can contact OnIndus via email (email@example.com) or set up a free consultation by calling on +1 786 472 4840.