Accurate project data is crucial if you want to transform the way your construction firm does business. Looking at past project successes and failures makes your decision-making process easier regarding future project endeavors.
However, gathering and analyzing this data can be challenging. Whether it’s unstructured data in documents spread across your systems or stakeholders’ heads, desperate data can lead to inaccuracies and bad decisions. You need an accessible and organized way of storing and analyzing your data.
Fortunately, there are ways to streamline your processes and get the most out of your project data. Let’s explore the benefits of storing your data so that it’s easily accessible and the impact that the data has on your firm.
What is project data in construction?
First, let’s talk about project data. While some may find it obvious, others may see “project data” as a loose term. For construction companies, project data relates to any information gathered on projects, ranging from expenditures and materials used to project timelines, benchmarks, results, and profitability.
This data is essential for construction firms because it provides insight into past projects’ performance. Further, having accurate project data allows construction firms to make better decisions when tackling present and future projects, leveraging their past experiences to determine what works best — not just in budgeting but also in terms of quality assurance.
By thoroughly examining past project data, construction firms can create a more efficient approach that better fits their current needs and goals. This also ties in great with having a good lead management strategy. Ultimately, having a strong understanding of project history can help guide the development process for a modern construction firm.
Firms need to understand various types of data available to them to be successful in construction projects
Working on construction projects can be complex, and every job comes with unique considerations, making it vital for firms to understand the various types of data available. Fortunately, firms have access to various project information and records, from detailed studies on why certain projects ran over budget or behind schedule to historical summaries of available materials in a specific location.
Learning how to evaluate and adequately utilize project data will help any firm remain competitive and increase its effectiveness in the long run.
In our previous blog, How To: Identifying Your Ideal Project Profile for AEC Firms, we listed out some great data points to examine, including:
- Project Revenue
- Project Size
- Project Type
- Profitability
Finding commonalities in these data points around successful projects is a major step in identifying your IPP and ultimately leads to your firm’s success.
Construction firms can use project data to plan and execute future projects better
Access to the right project data can make all the difference for decision-makers in construction firms when planning and executing future projects. Effective collection and analysis of this data are essential, allowing teams to understand the successes and failures of previous projects, anticipate potential issues in the future, and identify trends.
Companies must have a system to track information accurately and reliably over time while using appropriate tools to interpret large amounts of data quickly. Doing so will lead them toward more informed decisions during each stage of a project’s life cycle and beyond.
A connected system enables all stakeholders to input data and tie it to a specific project easily. Then, it’s as simple as accessing that project record to see its progress. This also greatly benefits Marketing and Business Development teams in your organization. While they’re not directly related to the execution of a project, these teams can leverage that data to pursue new projects that are more valuable to your firm.
Firms can improve their productivity and profitability by investing in data
Investing in project data is a valuable strategy for construction firms to streamline their operation. By looking at past project successes and failures, construction firms can identify what works and what doesn’t, providing them with a better understanding of how to move forward on upcoming projects
With such insights, they can make informed decisions about improving their workflow process, from identifying the best equipment to use to identifying ideal projects to pursue. Access to project data gives construction firms the power to make strategic moves that will prevent unnecessary losses and significantly boost productivity and profitability.
Analyzing project data can help improve decision-making
Implementing a system for tracking and analyzing project data can be a powerful tool for construction firms. With improved data accuracy, firms can easily identify trends, view data, and utilize meaningful insights to make better decisions on future projects. This allows companies to streamline tasks, increase savings, and maximize profits.
Furthermore, easier access to project data leads to more efficient decision-making that improves operations over the long term. With better technology and systems in place, the successful implementation of a project data tracking and analysis system can do wonders for the success of any construction business.
These systems are often referred to as CRM systems. However, be wary of choosing any CRM system, as most on the market today are built for product sales.
Start making your project data work for you
Are you ready for structured data that works for your firm? AEC-specific CRM systems like TrebleHook are made specifically for the Construction industry, and understand that your firm focuses on projects, not products.
TrebleHook creates a central data environment of projects, key contacts, and financial data, helping you make the best project pursuit decisions for your firm. Ready to start pursuing and landing the right projects? Let’s talk.
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