Why data literacy for structures is a crucial step in the modern construction era

We are living in the information age. Data is being collected by vehicles, mobile phones, and now even our devices and home appliances, to name a few. While some data mentioned above may simply be used for entertainment purposes, however, there are others that serve more important functions. For instance, data is collected by utility companies to predict the next power outage. The list is endless. The convergence of internet-enabled smart devices and sensors, cloud technology and Big Data analytics is driving the rise of a new Industrial Revolution. Data is a very valuable asset for businesses in any industry, but especially so for big industrial players like manufacturing companies that have demonstrated strong revenue growth over the past five years.

There's a good chance that at least half of your company's data is either not relevant to the business or is difficult to use. Why? Because it was never collected correctly in the first place. Also, your data can also turn into an obstacle to your company rather than a help. When unmonitored and unmanaged (i.e when you don't know what's happening with your data), it might be increasing risks, costs, and errors in your entire business process, including the information you collect. We collect more data today than at any other point in human history. Data is ubiquitous—especially for construction. On average, a single construction project produces 1.3 terabytes of digital data—not surprising given the staggering size and complexity of the major infrastructure monitoring projects that dominate the industry. Whether you are a business operator, builder, or leader of an industry, data literacy has become a crucial step in the modern construction era. Data literacy is the ability to use relevant information to make informed decisions. This means that both individuals in your company, as well as its employees, require the ability to understand how industry information is communicated. But, before digging in and letting you know about all the benefits and features that data literacy can contribute in the modern construction era, let us introduce you to the basics of Data Literacy.

What is Data Literacy?

Data literacy. You've heard the buzzword tossed around recently. But what is data literacy and why should you care? Data literacy is the ability to read, work with, analyze and communicate with data. As information becomes more abundant and complex, people need to be able to think critically about their data so they can uncover important insights. Data literacy is the state of an individual’s or organization’s ability to access, interpret and make use of the vast quantities of information they come across every day. The demand for data-literate citizens is rapidly increasing in today’s ever-more information-paced society where one’s capacity to manage, analyze and understand data is becoming increasingly important.

What are the benefits of Data Literacy in the Modern Construction Industry?

Most of the construction industry is still searching for the best tools and processes to sustain growth, increase efficiency and drive down costs... There are plenty of methods with varying levels of success that work for certain companies. But if you're looking for a more sustainable way to succeed as a construction company, one that will be better equipped to react to changes in the market, you may want to consider embracing data literacy in your business. It’s a modern age, and if you’re not playing the data game then you might as well be taking your ball and going home. Making sense of relevant data and transforming it into actionable insights is what wins companies' contracts and improves margins. Data Literacy is an engineering best practice that has gone mainstream in recent years. Data-literate organizations are better equipped to boost innovation and gain a competitive advantage. Companies that are data literate are able to use the vast amount of data at their disposal to deliver more value to customers and stakeholders. Let’s discuss some of the prime benefits that construction companies can get by switching to Data Literacy in this modern era.

Speedy Process: When it comes to the construction industry, it’s all about speed. The faster you can complete a project, the more profit you can make, and the faster you can move on to the next job. Regardless of whether this is your first month on the job or you are a veteran who has been around for decades, there will always be areas where performance can be improved. Thankfully, tools like data analytics make it easier than ever to track the information that’s important to your business and ensure that processes are running smoothly.

Save Money: The cost of construction is rising, yet productivity has remained stagnant. What’s the reason? Because construction companies are not effectively tracking their financial data. If you know where you stand in real-time and you can monitor your progress, then you can prioritize what needs to be done better and learn from past mistakes. This means you can lower your costs and thereby increase your profits. Large projects with multiple tasks can often cause chaos. By monitoring these projects from start to finish, you’ll have an automated way of seeing where your money is going. Because it’s extremely difficult to keep track of where contractor time and company equipment go, most companies have no idea how much money they are losing in the process.

Get Accurate Results: When you’ve got a lot of information to manage, it’s easy to lose sight of what’s actually important. When you track the wrong metrics, focus on the wrong projects, or pay too much attention to the wrong data, your business can quickly become an expensive disaster instead of a profitable asset. Improved accuracy is one of the biggest benefits of data literacy in construction. When you have more reliable information, you can make data-driven decisions that save you money and boost your profits. And when you’re able to catch mistakes and generate insights, you can improve communication, get work completed quicker, and fix problems before they occur. No longer do you need to keep all of your data on a spreadsheet in Microsoft Excel. An automated but easily navigable dashboarding system can quickly provide pertinent information across all divisions of your company and to all individuals on the team. That’s the power of data analytics.

Upgraded Safety: Despite the best of efforts, accidents happen. The saying is true: Accidents can happen in an instant and before you know it. What can you do proactively to reduce risk? Safety is a key concern for any business, but construction is likely one of the most dangerous industries. With heavy machinery, demolition, and working at heights, accidents can easily happen. While the construction industry has seen incredible growth over the years, there remains room for improvement. With the advancement of real-time data management, safety is no longer something that can only be measured after an accident. Instead, reviewing search engine results pages (SERPs) and structural monitoring can help to identify patterns of risky behavior or high-risk patterns for certain activities or locations. By measuring data that impacts worker safety, you can address potential issues before they occur and develop necessary preventative measures to avoid accidents from occurring.

Stay Ahead in the Race: With a faster, more profitable, more accurate, and safer business, you're set to beat your competitors. Data analytics is a tested way to get ahead of people who are relying on physical record keeping, scheduling, and invoicing. Data Literacy gives you the winning edge. It helps you predict profitable outcomes and competitive positions; keeps you ahead of your competitors, protects your assets, minimizes risk, and maximizes profitability. As a construction firm, it’s time to start adopting data analytics practices to stay relevant in the industry. Using digital tools and business analytics will help you make better decisions, deliver faster results, and satisfy client expectations. Learn what data literacy in the construction industry means.