In the big picture, where is technology adoption taking this industry? Digital transformation has had, and will continue to have, a profound effect on construction. Whereas this was once an all-manual industry, it has evolved into one that uses computers, robotics and virtual reality. With that evolution of processes comes an unprecedented access to data and analytics. Putting those modern byproducts to work for you can drive the future success of your company.
Of course, that data is only useful to a company if it’s the right data. It is essential to identify the information you can benefit from and then put the processes into place to gather it.
The usefulness of the information gathered doesn’t need to be specific to the project it’s gathered from. Rather, aggregating that information for an overall picture of trends on jobs allows company leadership to zero in on processes that are profitable and those that need to be revamped. The usefulness of information really depends upon how the company wants to make use of it in multiple environments.
This data interoperability has got to be front and center for construction moving forward. It is key to the construction industry’s future. And it’s helpful to see how other companies compare to yours when it comes to implementing and benefitting from technology.
By now, we’ve all heard that “data is king.” However, without a game plan for using it constructively, it’s just a bunch of disjointed information. To bolster success, company leaders can set aside time and talent to develop a game plan for the data gathered on jobs. A good game plan answers five basic questions:
1. What are the significant processes in your company?
2. What constraints limit those processes?
3. How can the data that is important for addressing those processes be tracked?
4. What visibility do you want when tracking key information?
5. What do you want to learn from the information gathered?
Once you answer these questions, you will be able to form a more workable and useful plan to reap the benefits of your data. Data consumption is evolving into learning more about your overall business picture. Putting data to work can shift the focus of a project from company-centered to identity-centered.
Part of your business success depends on relationships with the people and firms that partner with you on your projects. The old adage, “It’s not what you know; it’s who you know,” has gotten real-world confirmation through the necessity of building business relationships.
It’s more efficient to build relationships which provide growth opportunities instead of chasing after potential jobs “from scratch.” When you build the right kinds of relationships, the chase is replaced by evaluating work that comes to you via referrals. Referral business not only requires less energy to procure, it makes your growth strategy much easier to accomplish.
Many business owners understand the importance of building trust with general contractors and trade contractors – getting connected to the project. This identity-centered focus increases transparency on a job and facilitates productive collaboration. Surrounding yourself with partners you can trust enables your company to provide the owner with a quality product.
In episode 87 of the Bridging the Gap Podcast, I talked with Dan McCarthy, CEO of Dodge Data & Analytics, on the digital transformation’s effects on construction, how the industry can make the best use of data and analytics to drive future success and much more.