By Kerman Kasad
Big Data doesn’t have the high-profile in construction that it does in other industries, but according to ARC Document Solutions’ most recent survey in construction trends, it’s an area that will contribute to innovation, competition, and productivity in the future.
Typically, “Big Data” refers to amounts of information that are so large or complex that traditional data processing applications are inadequate. From a practical point of view, it refers to the ability of new technology to perform analysis on such data to predict trends or extract other value that can lead to better decisions, more operational efficiency, and associated reductions in costs and risk.
According to SinglePoint Solutions, a consulting firm to the industry, there are five broad ways in which using Big Data can create value in construction.
Our survey respondents agreed across the board. They listed its ability to improve planning and decision-making by providing granular, real-time data about utilization and usage patterns as a primary benefit. They also were clear that the use of Big Data enables project leaders and owners to improve demand forecasts, as well as increase the quality of future project progress monitoring.
By the numbers, the top Big Data benefits mentioned by survey participants were:
Big Data in the construction industry will transform the way in which the information is acquired, analyzed, and stored, making construction industry safer, smarter, efficient and more profitable. How is your organization using it today? Let us know in the comment fields below.