Construction Analytics: Gaining actionable insights from your data

Emerging technology is shaping the way construction firms gain predictive insights. 

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According to McKinsey, many construction firms have a way to go since they remain one of the last industries to adopt technology in mass. Sophisticated stakeholders are beginning to mandate BIM and reality capture tech, but this is only a piece of the puzzle. But this is only a piece of the puzzle. In recent years the creation of construction technology companies, like Avvir, have been looking to complete the puzzle. At Avvir, we push reality analysis to provide actionable insights in planning, during, and delivering large-scale projects. These actionable insights are one of the first critical steps to providing business intelligence and construction analytics to owners, GCs, and subcontractors on each project.

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Before we dive into how you can take your analytics from descriptive to predictive, let’s take a look at the 4 common types of Construction Analytics: 

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1. Descriptive analytics: help users answer questions about what happened on construction projects. 
2. Diagnostic analytics: While descriptive analytics uncovers what’s happening within a construction project or portfolio of projects, diagnostic analytics take this further by drilling down into the why.
3. Predictive analytics: help you answer questions about what will happen in the coming months of your current project or on future construction projects.
4. Prescriptive analytics: help answer questions about what action to take at a certain stage of the project. By using insights from predictive analytics, you can make data-driven decisions in the face of uncertainty.

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One of the essential prescriptive analytics in construction is risk analysis and risk management, which are critical elements for successful project delivery and continued building operations. Most projects that incur significant delays, and cost overruns, are victims of poor risk management in the planning and execution of construction projects. Risk management involves planning, identification, monitoring, classification, response analysis, and several other factors, while risk analysis estimates future assets, outcomes, and impacts that may present complications—innovative field-first technology and risk management and analysis tools.

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The many variables (e.g., complexity, project type, technical elements, location, number of players, etc.) related to construction projects can make Risk Management challenges. 

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Prescriptive analytics aid in risk management by answering questions about what actions to take at each stage in the construction process. This is important for successfully delivering projects on-time and under budget.

‍Interested in reading more? Download the Construction Analytics eBook now to learn about Leveraging Business Intelligence and Construction Analytics to drive the construction industry forward and how to use Avvir to prevent costly rework.