Raising the Bar for Data Quality in Construction
Imagine having a treasure trove of information at your fingertips, yet hardly using any of it. That is the reality for the construction industry, where an astonishing 96% of captured data goes unused, according to FMI Corp.
Think about the possibilities! If we could tap into this wealth of information, the potential for improving project outcomes and efficiencies is enormous. By leveraging data effectively, construction professionals can make smarter decisions, spot improvement opportunities and optimize overall project performance.
The Challenge of Data Quality
Here’s the catch: Data alone is not enough. It needs to be high quality data. Unfortunately, many organizations cannot rely on the data they have. Let’s look at some eye-opening stats:
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14% of organizations collect good data but do not have the analytical skills to use it.
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45% face issues with data timeliness, accuracy, consistency and completeness.
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65% of global executives do not trust their organization’s data and analytics.
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67% of managers and executives feel uncomfortable accessing or using data from their analytics tools.
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68% do not see tangible, measurable value from their data.
These figures paint a stark picture: Poor data quality can wreak havoc on a company’s budget and timelines. It is no surprise that up to two-thirds of project owners have experienced cost increases and delays due to bad data.
Turning Data into Gold
So, how can construction companies turn this around? The key lies in effectively collecting and analyzing information. Investing in the right tools and resources is crucial. A top-notch project management information system (PMIS) should help your organization:
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Standardize: Create consistent data standards across all projects
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Collect: Gather accurate and consistent data in real-time
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Collaborate: Enable seamless communication and information access for all stakeholders
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Centralize: Store data in one place to establish a single source of truth
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Analyze: Extract valuable insights into project trends and potential risks
The Power of High-Quality Data
When construction companies have high-quality data, they can track project performance more effectively. By monitoring key performance indicators like cost, schedule and quality, companies can pinpoint where improvements are needed and take corrective action promptly. With accurate information on timelines, budgets and resource availability, projects can stay on schedule and within budget.
Why It Matters
To quote Ted Friedman, Vice President of Research at Gartner: “Data is useful. High-quality, well-understood, auditable data is priceless.”
The difference between mediocre project outcomes and exceptional ones often comes down to the quality of the data driving decisions. By embracing high-quality data practices, construction companies can unlock their full potential, delivering projects more efficiently and effectively.
So, next time you think about your project data, ask yourself: Are you just collecting numbers, or are you transforming them into powerful insights that drive success? Let’s raise the bar for data quality in construction and dive into that vast, untapped potential.
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Curious to learn more about how high-quality data can revolutionize your construction projects? Check out our blog Some Decisions AI Can’t Make; For Everything Else, There’s Quality Data.
