There was a day when the only profit driver in construction was efficiency in the field. With advanced technology, that has all changed. Now, profitability relies more on integration and less on field efficiency. Why? Because corporate efficiency and resource allocation are playing larger roles in the bottom line.
Integration isn’t just a great value-add anymore, integration has become a core requirement for construction firms. Business intelligence allows a construction firm to analyze each sector of business to gain insights on how to improve them. When tools talk to each other, weaknesses can be found and improved, opportunities for revenue can be uncovered, KPIs can be tracked, and you can take full advantage of your team’s potential.
When construction companies begin to look for a new application, they will not settle unless integration with other business-essential applications is possible.
Corporate Efficiency
For increased corporate efficient, there are two main ways factors to consider. Eliminating double data entry and curbing multiple sources for reporting data.
When it all comes down to it, knowing what data you have and allowing that data to talk across all business-essential applications is how a construction firm can increase corporate efficiency and therefore profitability. If your applications are talking to one another, there is no need to enter the same data into two different applications. If there is one main dashboard where all integral data is being fed to, there aren’t any questions on where to go for reporting data. Business intelligence is the answer and it opens up new doors for firms because of the insights It allows for better decisions to be made across the board because of the deeper insights analyzed through this aggregation of data.
Resource Allocation
Without resource allocation in the strategic plan, a construction project does not get off the ground. From the man power to the heavy machinery to the scheduling, resource allocation is vital for the success of a project.
Without proper resource allocation, a project can be derailed pretty quickly. Once business intelligence is in place, through an application integration plan, a construction firm may better understand resource allocation because there is data to back up the schedules and plans. Through the data collected and interpreted by business intelligence, a firm will know which areas of its operation need more resources, where setbacks may require changes, and which areas will need a proactive pivot. Instead of waiting for resources to be scant, construction firms can proactively allocate the right resources to the right sectors.
The Power of Business Intelligence
Business Intelligence brings together all the data from all of the applications used in a firm. This data is then interpreted and presented to your team in one easy dashboard with reports based on your individual team’s needs. Corporate efficiency and resource allocation are just two areas on which business intelligence can shine light and improve your firm through deeper insights. These are two huge areas to focus on to improve the bottom line, but they are not the only areas of importance.
Business intelligence can take important data from the field and get it into the right hands. Received data won’t just be thrown into a silo, it will be integrated with all other data to make sense if it. On the same token, data reports that need to go out to the field can be automated through the same platform. Business intelligence can also answer questions such as – When should I hire? Who is my top performer? What is my anticipated cash position in 45 days? These questions are all-important and the power to make the best decisions for your firm, based on data, is a differentiator like no other.
