Making construction data your greatest asset

March 23, 2021 - Industry Insights

As a business owner, project manager, or site engineer, do you have instant visibility to all your projects and data for the analysis and decision-making required?

Construction companies and project owners are increasingly investing in sophisticated data collection methods: BIM platforms, drones, ERP systems, CRM systems, to name just a few. The core of digitalization is not collecting data, but how to fully utilize your data to make right decisions, elevate collaboration, and using it to empower future strategies, all of which help the organization to increase productivity and remain competitive.

The reality, however, is that for many AEC companies, most data is scattered in different systems and hard drives, as a majority of companies still operate in a highly fragmented way. Different systems specializing in different jobs, and usually not integrated with one another, are being used simultaneously across the organization, causing data to be dispersed. According to FMI, 96% of all data captured goes unused in the engineering and construction (E&C) industry, 90% of data generated is unstructured, and 13% of E&C working hours are spent looking for project data and information. That translates into a massive waste of time and budget.

 

How do you maximize the value of your data?

Before we dive into the deep waters of data value, we need to answer the most basic of questions: is your data truly connected? To maximize data usage, eliminating data silos is a crucial first step. Integrated cloud-based construction management software solutions help reduce the prevalence of silos in today’s projects and organizations. These solutions allow projects to access the latest project data in real time, share data seamlessly, mitigate project risks, and prevent safety issues, all of which, cumulatively, will maximize productivity.

Only structured data can become a valuable asset. Scattered and unstructured data does not, and in fact, causes lost time, which means more hours worked, and we know what that means.

 

 

1. Collect and Connect data

Efficient and painless data collection relies on a common data environment.

Collecting data: Eliminating data silos is crucial if you want to rapidly collect all data from all phases of your enterprise-wide projects. Integrated cloud-based construction management software solutions help reduce the prevalence of silos in today’s projects and organizations. The information is stored in a single database, allowing project managers, VDC managers, estimators, field teams, procurement teams, and more, to update, access and share the latest project data in real time.

 
Connecting data: With integrated cloud platforms such as MTWO, project-related internal and external teams collaborate on one cloud platform. Everyone is kept on the same page with connected data. And with secure access, one team’s data can help other teams in the platform, bringing enhanced collaboration early on in the project process.
 

 

2. Connect workflows throughout the project process

Seamless data connection demands smooth workflows. With an integrated and seamless data platform at the helm, the workflow becomes not just connected, but also interactive. The project comes alive with multiple modules interacting and sharing data, ensuring all relevant parties are kept informed throughout all relevant stages of the workflow.

 

 

3. Use Business Intelligence dashboard

Modern construction projects contain hundreds and even thousands of elements, so it is important to have comprehensive visibility in all aspect of your project. And because of the fast-paced nature of building projects, immediate and accurate information is vital. Business intelligence (BI) dashboard helps general contractors, project developers, and project owners to upscale their performance, gain more insights and ultimately, higher margins.

Once the enterprise is connected seamlessly, vertically and horizontally, we are ready to enter the BI level. BI combines all aspects of your project data analysis in an intuitive interface, allowing teams to monitor all metrics in one place in real time with dynamic content. It allows every team member to immediately create interactive charts and automated reports that can be shared with the right decision-makers.

 

 

The BI module of MTWO BI offers the functionality of a market-leading business intelligence software. It connects and combines data from MTWO with other data sources to create your own evaluations and reports. The interactive dashboards produce key figures from different perspectives with different degrees of detail. You can analyze your company and project KPIs whenever and wherever you need the information.

 

 

What can MTWO BI do for stakeholders and projects?

Executives will have the whole picture in one place. They gain a bird’s eye view of projects across regions with the overview dashboard. In addition, it allows for a crystal-clear visualization of any project throughout its lifecycle, obtaining critical insight of its design, costs, timelines, business partners’ performance, and providing a reliable data basis for decision-making. The AI-based forecasting function automatically sends alerts when certain parameters hit a certain level.

 

 

Managerial and operational teams can quickly know all the actions in different teams, give immediate answers to field members, and collaboratively meet deadlines without reservation. For instance, by having all the data presented in one place, procurement managers can ensure that the right materials are shipped to the site at the right time. Project managers can see, understand, and share dashboard data in seconds, having full confidence that their automatically generated reports are accurate.

 

 

Risk detection and trends prediction with artificial intelligence. By analyzing historical data, McTWO artificial intelligence provides predictions, forecasts, and recommendations for teams, allowing them to make the right decisions. For instance, McTWO projects the impact on cost and schedule that certain issues can bring to the project. McTWO Chatbot enables users to access project information such as business partner evaluation, material cost calculation, and project milestones within seconds. By analyzing current and historical defect attributes, McTWO will give a situation projection that is constantly updated within the MTWO BI Control Tower. This gives the decision-maker an extraordinary amount of predictive power.

 

BI empowered advantages for AEC companies in a nutshell

  • Connect multiple data sources into a single point of access

  • Visualize progress and use real-time data for efficient decision-making

  • Automate construction project reports and save countless hours

  • Monitor critical metrics using intelligent alarms

  • Learn from past project references for future projects

  • Receive all key figures at a glance, no room for guesswork

  • Create your own charts with just a few clicks

 

Summary and next steps to consider

The core of digitalization is how to fully utilize your data to make right decisions, elevate collaboration, and using it to empower future strategies, all of which help the organization to increase productivity and remain competitive. Capitalizing on insights hidden in data is becoming more essential in today’s fast-moving landscape. Failure to adapt will undoubtedly leave many companies fighting for their survival. To see all of these possibilities in practice, try MTWO BI+ and book a demo today, and see how MTWO can help you elevate the efficiency of your building projects and business.

About RIB

RIB Software SE is an innovator in construction business. The company creates, develops and offers cutting-edge digital technologies for construction enterprises and projects across various industries worldwide. Its flagship product iTWO 4.0 is the world’s first 5D BIM enterprise cloud solution for construction companies, industrial companies, developers and project owners, etc. Since its inception in 1961, RIB Software SE has been the pioneer in construction innovation, exploring and bringing in new thinking, new working method and new technology to enhance construction productivity, and transforming the construction industry into the most advanced and digitalized industry in the 21st century. RIB is headquartered in Stuttgart, Germany, and listed in Prime Standard Frankfurt Stock Exchange since 2011. With more than 900 talents located in over 30 offices worldwide, RIB is serving 100,000 clients including construction contractors, sub-contractors, developers, owners, investors and governments, in the field of building construction, infrastructure, EPC sector and more.

© 2021 RIB Software SE