Why Real-Time Data Is the New Standard in Construction Management

As technology transforms the construction industry, businesses that fail to keep up with the growing demands from clients are going to struggle to remain competitive. 

Real-time data allows construction managers to improve the speed and efficiency of their projects, thanks to instant insights that allow them to make more informed decisions. In fact, companies that are utilizing real-time analytics report a 21% higher revenue growth year on year – a clear indication that not using these insights can hinder the growth of a business.

In this article, we’ll discuss the benefits that real-time data can bring to construction companies and how it can be used in daily operations.

What is Real-Time Data?

Real-time data refers to information that is accessible to users as soon as it has been generated. It is used in time-sensitive scenarios which require the data to be accessible straight from the source without a lag.

In the construction industry, some example that reflects the usage of real-time data include inventory management, tracking information for deliveries, health and safety monitoring, on-site weather conditions, and project updates on construction management software.

By using real-time data instead of manual methods, insights will be more up-to-date and take any sudden spikes into account. This allows construction managers to make more informed decisions and stay on top of any changes.

Advantages of Real-Time Data in Construction

From initial budgeting all the way to the quality assurance stage, real-time data can offer benefits across an entire construction project.

Improved accuracy

When it comes to construction forecasting, real-time data can help produce much more accurate results. Being able to pull instant data on costs and timelines will help management forecast with precision – especially useful when reporting to external stakeholders. Since the data accessed is more up-to-date and reliable, this means that any decisions which are based on it should be stronger.

Health and safety monitoring

Having instant access to the current activity on a construction site means any issues can be addressed quickly. For construction managers, knowing how the conditions on site look and being aware of the current duties being carried out means they can flag any safety concerns before they have time to develop into serious risks.

Track budgets

One of the biggest frustrations for a construction company is the unexpected costs that crop up midway through projects. Whether there was a mistake that needed rectifying, extra laborers were needed, or material estimates were too low, these added expenses eat into profits. Real-time data makes it easier to monitor labor and resource costs so any issues can be identified early on.

Avoid miscommunications

Since real-time data gives office managers access to live updates from the construction site, they do not have to rely on updates from team members. Thus, they can better manage projects. This takes the pressure off site workers who may not have easy access to their phones or laptops during the working day.

How Real-Time Data Can Be Used in Construction Management

When utilized to its full potential, real-time data can streamline construction management to help improve daily operations across the entire business.

One key area real-time data can transform is project management. If project managers have access to real-time updates on labor, equipment, and materials, they can compare the actual progress of the project against the proposed timeline. If any tasks are running behind schedule, these can be identified and addressed before they have a chance to hold up the rest of the project and cause wider disruption.

Labor management is also made much more efficient with the help of real-time data. If tools are in place to track attendance and managers are able to see who is working on what site at any given moment, they will be able to ensure there is enough of a workforce on-site to meet deadlines. Knowing where all workers are in real-time is crucial in the event of emergencies, allowing accurate headcounts to be undertaken to ensure everyone is accounted for.

From an external perspective, real-time data can help construction managers provide better updates to clients and stakeholders. By being able to accurately update them on the progress of a project and the financials, all parties will get a quick and reliable insight into how things are going. This is a good way to build up trust in the business by showing professionalism and reliability.

Why Real-Time Data Is No Longer a Luxury

The days of real-time data only being used by large, leading construction companies are long behind us. In fact, companies that have still not utilized real-time data are going to face struggles to keep up with the competition.

From improving forecasting accuracy to avoiding miscommunications between office managers and site workers, the benefits of real-time data are undeniable and can help a construction business save themselves time and money.

As the industry continues to adopt new technologies to streamline daily operations, businesses need to consider the value that these new tools can bring them and their clients, continually striving to strengthen their service.