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April 09, 2020

It’s All About Data. Big Data.

blog-2For almost every industry, data is the lifeblood of growing existing business and applying the necessary intelligence to secure new work. Companies like Amazon.com have made the conversion of data into sales a bona fide art form, using complex algorithms to determine a customer’s next move before he drops an item in his shopping cart.

But data is not just a key to growing sales – it’s also essential for improving existing business processes. By ingesting data as a means of monitoring project management performance, many companies are leveraging this intelligence to identify what products and services resonate most with customers, and which ones need to be improved or replaced.

Unfortunately, despite the proliferation of data-hungry businesses dotting the landscape, the construction industry is a bit slower to adopt new approaches as it relates to technology, even if it means improving its bottom line or enhancing its performance. While the sharing of data is becoming more commonplace in the construction industry, thanks to tools like Dropbox and Box, the way that data is collected and stored often traps it in disparate silos, preventing teams for accessing this valuable intelligence and leveraging it for a competitive advantage.

That’s why the next milestone for the construction industry on the Big Data highway is to move the needle past simply sharing information. New construction technology solutions must be adopted in order to collect data and store it so that teams can work collaboratively and in a way that makes it possible to interpret data with a holistic view towards process improvement. Construction accounting management technologies like Sage 300 CRE and Caliper Business Intelligence make this goal achievable.

Adopting a comprehensive accounting management platform is one way to track information in a coherent fashion, allowing teams to find every piece of paperwork associated with a project in a central location. Business intelligence tools (BI) or reporting tools take that same data stored in construction documents to help teams develop an informed opinion about everything from new prospects to emerging construction markets. Plus, it allows for the possibility to see what services are most in demand and where teams most consistently fall down or fail to meet owner expectations.

Big Data today isn’t a concept limited to tech companies in Silicon Valley. Every industry can benefit from a robust business intelligence solution that eliminates silos and moves beyond just sharing information.

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