We use data every day to make decisions in our personal lives. Aggregated restaurant stars, movie reviews and Google ratings drive our purchasing choices while the entire world checked health data points daily during the peak of the coronavirus pandemic. We rely on data because it is objective and based on facts. Unfortunately, many critical business decisions are still made using a gut feel or because that’s the way things have always been done. It’s also the reason why so many things can go wrong.
In an increasingly competitive construction landscape, using accurate data and real-time Business Intelligence (BI) tools to develop fact-based strategies takes the guesswork out of managing a construction business.
Streamlining data access and analysis to enhance decisions
Information coming from disparate sources leaves executives with a muddled perception of their company’s performance. And while many construction companies use reports from their ERP systems, this frequently requires time-consuming custom queries, while producing static reports that are outdated as soon as they are shared. By the time the reports reach relevant manager’s or executive’s desks, the information does not reflect a current picture, and forces them to make decisions on incomplete information.
Accurate, timely data empowers executives with the knowledge to make better decisions that will drive overall business success.
For instance, the finance department needs a current and accurate picture of site performance to understand any risk, cash position, and project profitability, to name a few key performance indicators. Company controllers and bookkeepers can use the information to maintain better financial oversight, while identifying potential challenges to profitability and opportunities to be more efficient. A site manager may use the same data to see how to manage labor, optimize deliveries and identify underperforming suppliers.
When executives have access to accurate, real-time data, they can effectively manage their business’ profitability and growth. ‘The BI Survey’ by BARC found that 84% of companies that have implemented business intelligence report making better business decisions, and 41% report increased revenue.
Business intelligence at the heart of decision-making
Business intelligence software, such as Aktion Analytics, provides access to actionable information that will serve as the foundation of effective, data-driven decision-making.
Aktion Analytics was created for non-technical users with minimal training. Dashboards are updated automatically, represent real-time insights, and can be personalized with relevant KPIs. Aktion Analytics also gathers data from different sources and integrates it to give users a complete picture of the business, while providing a single source of accurate data that the entire business can trust. Aktion Analytics makes the information accessible from anywhere via mobile devices to facilitate decision making even when out of the office.
A modern, successful construction business will utilize accurate data and technologies such as business intelligence to make informed decisions that help drive business growth.
As Senior Industry Consultant for Aktion’s Construction & Real Estate Division, Steve assists customers to improve processes, establish best practices, utilize technology, and understand industry trends to position companies for digital transformation. An experienced business executive and software consultant with unparalleled expertise in the Construction industry, Steve is a respected voice in the Construction and technology community.