Data analytics is rapidly transforming the construction landscape, and contractors are leveraging a variety of tools to assist in winning more projects based on the improved accuracy and competitiveness of their bids.
In a sector that’s continuing to reap the benefits of artificial intelligence, contractors are using analytical tools to identify new opportunities for business.
When it comes to using data analytics tools, contractors are enlisting the help of AI solutions to improve their business intelligence, enhance their bid and estimating software, grow their project management capabilities, and level up their market intelligence.
There is a growing number of powerful tools available to assist contractors in their data analytics. So let’s take a deeper look at three different platforms that are proving to transform the ability of contractors when it comes to winning more projects:
1. Access Coins Evo for Construction Management
One of the most valuable tools for businesses throughout the industry comes in the form of construction management software (CMS).
Construction management software offers an all-in-one solution that provides a centralized platform for managing projects throughout their entire lifecycle. By leaning on real-time data to chart progress, financial insights, and communications, CMS platforms can help contractors to develop data-backed bids and demonstrate a history of successful execution.
Access Coins Evo, the management software provided by Access Construction, helps contractors to secure their cash flow while also using artificial intelligence to unite their finance, projects, and field teams to benefit from more holistic bid management.
Using live job data, construction firms can use this CMS to access proactive alerts on projects and gain instant advice tailored to construction workflows.
2. Tableau for Business Intelligence
Business intelligence (BI) platforms help to unite data from a vast range of sources, helping to convert masses of unstructured data into actionable visual insights via dashboards and reports.
These tools allow contractors to track their key performance indicators (KPIs) while forecasting outcomes using data insights and making strategic decisions throughout the bidding process.
There are some very powerful tools out there that can help to transform your business intelligence credentials, and while Microsoft Power BI integrates well with leading construction software platforms, Tableau is a market leader when it comes to unlocking the potential of the data that your firm generates.
Tableau works by condensing large masses of project data into clear and relevant visualizations for improved decision-making.
One key example of Tableau’s BI insights in action was in the case of Gammon Construction, which developed a ‘single source of truth’ for real-time reporting that was powered by data-driven analytics in a way that improved the quality of decision-making by employees.
3. Building Radar for Market Intelligence
When you’re bidding for projects, having access to leading market intelligence tools can provide you with a competitive edge in overcoming your competition.
Effective market intelligence platforms provide you with the tools needed to identify and win projects before they’re widely known. With the help of artificial intelligence and data analytics, these tools enable you to track new construction opportunities and provide access to project data, helping to create an action plan with decision-makers faster.
Another tool that leans on the power of artificial intelligence, Building Radar uses AI to track new construction projects on a global scale during their planning stages. Using the analytical data available through projects, the tool allows contractors to identify high-value opportunities in order to gain a competitive advantage by positioning themselves in front of clients earlier.
The Future of Data Analytics
Data analytics is improving the construction landscape for contractors at scale, and the benefits are being seen throughout many different areas of the industry.
For contractors, adding data analytics tools to your arsenal helps to improve the quality of your bids, compare your specifications to your competitors, and build more cost-effective projects from the ground up. As a result, you can benefit from stronger budgeting and unprecedented efficiency from start to finish.