Take advantage of data in the construction industry From FMI Report

The following is the Take advantage of data in the construction industry From FMI Report recommended by recordtrend.com. And this article belongs to the classification: Investment & Economy, research report.

FMI and Autodesk jointly released the “take advantage of data in the construction industry”. In construction, decisions are usually made based on some data. But there are also some challenges. Decision-making is too frequent, and data is not easy to use for rapid decision-making; Or worse, the available data is simply terrible. Globally, the ability to use data in an insightful way is no longer a good thing. It has become the main source of competitive advantage. Those who use data to make informed decisions and gain performance insights will eventually become leaders in the construction industry.

Research shows that adopting data strategy can eliminate many avoidable construction costs, including direct and indirect costs. Obviously, using “good” data to make decisions can promote enterprises to achieve a higher level of performance. Fortunately, the future of data-driven construction industry is bright. Many industry leaders believe that hiring employees with data management skills is now a core part of their business model.

The report provides insights into how industry leaders can begin to create their own data strategies, including actionable steps that can quickly improve the way businesses manage data.

Data dilemma of construction cost

Waste and overdue materials are common problems in construction. As time goes on, the scale of these challenges will only grow. A recent study by transparency market research predicts that by 2025, the global construction waste will reach 2.2 billion tons. As large-scale projects become more common, McKinsey found that 77% of them were delayed by at least 40%.

IBM’s research estimates that bad data cost the U.S. economy $3.1 trillion. This astonishing figure accounted for 16.5% of the gross domestic product (GDP) that year. Applying the ratio of bad data to the global economy in 2020 (GDP of US $84.5 trillion) to the global impact may be close to US $14 trillion.

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