- September 20, 2021
- Posted by: Aanchal Iyer
- Category: Artificial Intelligence
Let us first explain what is big data? Big data is any complex set of information that needs advanced analytics systems to process and organize.
Construction projects generate huge volumes of data. Earlier, much of that data was siloed and unstructured. Data was often collected on paper and then filed upon completing a project. This practice has been changing in the last few years as these construction companies have realized the advantages and insights that big data, predictive analytics and real-time data sharing can unlock.
Advantages of Big Data
- Big data increases an organization’s chance of making better informed decisions.
- Companies that have used big data analytics have reported an 8% increase in revenue.
- Around 98% of organizations are keen to invest in big data and AI.
Capturing of Data
As technology evolves, construction companies are collating more and more data than ever before using drones, smartphones, jobsite sensors, wearables, telematics and GPS systems on other mobile solutions and heavy equipment. All of this additional data that is being recorded and captured can become quite overwhelming as organizations try and discover ways to analyze and structure this data to make decisions to improve their bottom line.
Construction firms are now utilizing data to make much better-informed decisions, raise productivity, improvise jobsite safety, and reduce hazards and risks. With Artificial Intelligence (AI) and Machine Learning (ML) systems, firms can turn the huge volumes of data they have collated over the years on projects to forecast future outcomes of projects and get a competitive advantage while bidding and estimating on construction projects.
The big data market is predicted to reach around $99.31 billion this year, and organizations that take advantage of big data analytics have reported significant increases in productivity, revenue, and efficiency.
As construction projects turn more complex and advanced, big data is likely to become the most important tool available at a construction company’s disposal. To efficiently use all the data being collated, all the software solutions and systems need to be in place.
Companies also need to ensure that the data being captured is relevant to the question being asked or the problem that needs to be solved. The data collected then needs to be structured for the analytics software to translate the data in a manner for companies to make better decisions or judgments concerning the organization’s operations.
For example, if an organization is trying to improve worker productivity by decreasing the amount of time wasted in moving about the construction site, then the workers need to be tracked using smartphones or sensors on materials and equipment to track each move on the construction site. The data can then be analyzed to come up with solutions so that the workers are not required to move around the site as much.
Big Data Technologies Transforming the Construction Industry
- Data Analytics: Big data analytics tools process, organize and manage data from unorganized data repositories.
- Project Management Tools: Data-driven project management software offers real-time updates on design and schedule changes.
- BIM: Building Information Modeling technology utilized data to generate digital 3D models of past and current building projects.
- On-Site Sensors: Wearable and on-site sensors offer data on site conditions, worker safety and also material tracking.
As ML software technology and AI becomes more readily available, construction companies can use data sets to predict future outcomes on projects. Data analytics can help firms determine the most profitable projects and how to manage them efficiently. This will enable them to increase productivity and improve quality by shortening construction times, reducing risks, and lowering costs.