Key Benefits of Construction Analytics Software
As of 2022, the construction industry in the United States was valued at $2.1 trillion. While that figure includes projects of essentially any size, many construction projects are high-cost ventures. Additionally, they’re often incredibly complex, creating a number of opportunities for expensive missteps or issues that can cause delays.
Fortunately, with construction analytics software, it’s far easier to avoid those problems and seize a variety of benefits. Here’s a look at the primary benefits of construction analytics software.
It Simplifies Project Planning
With construction analytics software, companies can harness historical data to create effective plans for upcoming projects. This can involve simple assistance in the form of material quantity estimates, as well as cost-estimation tools.
Additionally, these programs help avoid bids that are too low to support the project. For example, the solution can factor in the price of unexpected issues that arose with similar builds, allowing the company to factor in that possibility in advance. Essentially, it creates an opportunity to make sure that any buffer is enough to handle what may occur, reducing the risk of a shortfall.
Construction analytics software can also assess past completion timelines to create a more accurate estimate for the upcoming work. Again, it ensures that issues that commonly arose that led to delays are factored into the equation, leading to a more accurate plan.
It Can Help You Scale Business
When you use construction analytics software, you can use data to identify opportunities for growth. For example, you can identify inefficiencies that are hindering timelines or elevating costs, allowing for corrective action. Once that’s done, companies may find they have enough time and resources to expand, resulting in notable growth.
Additionally, construction analytics software can monitor demand patterns over time. That allows companies to proactively hire in advance of a demand spike or scale down as activity slows. Essentially, the solutions support workforce optimization, and that leads to better cost efficiency.
It Supports Revenue Growth
Overall, contractors report that 98% of projects encounter delays or cost overages, both of which harm revenue. By using construction analytics software, it’s easier to plan for the unexpected. In turn, bids can include the appropriate buffer, ensuring shortfalls don’t come out of the company’s pocket. Similarly, these platforms can help optimize timelines, making it easier to remain realistic and avoiding the financial penalties that can come from falling behind.
Another benefit in this arena is that it helps many companies cement their reputations. Accuracy in estimates and timelines is a mark of expertise. Plus, avoiding delays or cost overages increases customer satisfaction. In the end, this can generate positive word of mouth, leading to more interest and business that boosts revenue.
Free Versions Are Available
While many construction companies may worry about the cost of construction analytics software, that isn’t necessary. Many providers have free service levels, allowing construction businesses to take advantage of the tools without paying a dime.
Plus, many construction analytics software providers that only offer paid versions of their solutions do offer free trials. This lets companies try before they buy, allowing them to ensure that the appropriate value is there before committing to a paid plan.
