The construction industry is responsible for undertaking some of the biggest and most expensive projects on Earth. Huge amounts of resources and work go into major construction projects and of course this means that huge volumes of data are generated.
Number crunching has always been a big part of construction – a commonly heard phrase is that construction companies are accounting companies which happen to erect buildings. It’s an industry where 35% of costs are accounted for by material waste and remedial work. So counting the cost of every screw could be the difference between delivering on budget and bankrupting an organization (or several organizations) financing a build.
Even though analytics has always played a part in the sector is it lagging behind other industries such as retail and financing. More advanced analytics and Big Data are just now finding their ways into the sector.
What I am seeing is that construction firms are starting to move into arenas such as real-time, cloud-powered analytics of large and unstructured data sets. Such methods have the potential to redefine the traditionally fraught relationships between the interested parties. Architects – who want to unleash their creative energy – engineers – who have to try and make it all fit together and not fall down again – and owners, desperate to keep costs from spiraling out of control.
John Jacobs, CIO for JE DUNN, responsible for some of the largest construction projects in the US, told me that this has been achieved through building partnerships with tech firms in order to develop industry specific tools.
via: Forbes, Bernard Marr