How Meaningful Construction Analytics Can Help To Drive Better Business Decisions
Meaningful analytics drive better decisions. This is because good decisions are based on information and understanding. In the residential construction industry, there are many decisions that need to be made to keep your projects and your business on track and many types of information you deal with every day. Getting exactly the data you need when and how you need it is key to solving problems, anticipating problems before they happen and achieving your business goals.
What Are Analytics In Business?
For most of history, construction business owners had to rely on their “guts” when making decisions that ranged from how much to charge, how many supplies to order and how much extra time to factor in for weather problems, to which markets to target, how to design an effective sales process and how to improve customer satisfaction. However, the proliferation of data today and new ways to analyze and apply that data have made the inefficiency of “guts” outdated.
From descriptive analytics that provide an accurate picture of what is, to predictive analytics that offer an information-based vision of what could be, use cases and applications are constantly expanding and touching every part of the residential construction business. As more and more construction businesses use analytics effectively to drive business growth, they are becoming a competitive necessity even for small to midsize companies.
How Meaningful Construction Analytics Can Help To Drive Better Business Decisions
So, exactly how does meaningful analytics help drive better business decisions? There are several ways in which analytics can help turn raw construction data into strategic results.
Organize information
Analytics and reporting can be used to organize information so that the data you need is easier to find and easier to understand quickly.
Identify patterns
When information is organized, it can make it easier to identify patterns over time or see patterns among similar processes and procedures.
Ask the right questions
Analyzing and organizing data in a new way can show you which questions you have answers to and which ones you don’t. This can help you understand the answers you really need to make certain decisions.
Make data easily shareable
Analytics and reports make it easy to share clear and updated data with all the stakeholders in a project or business decision.
Gain deeper insights
With the right tools, you can identify patterns and answers that lead to deeper insights about your projects, processes, customers and business.
Manage risks
Data can increase the accuracy with which you predict recurring problems, leading to more accurate risk assessment. It may also help you identify potential solutions to serious risks.
Drive efficient performance
Data and analytics can play a major role in reducing inefficiency and streamlining operations. Analyzing key performance metrics can lead to their improvement.
Benefits Of Incorporating A Software With Customizable Analytics
Not all analytics are created equal however. You don’t run your business exactly the way anyone else does, and your software should adjust to work with you, not the other way around. Customizable analytics tailored to the residential construction business can enable you to design input screens and workflow to fit the way your business operates, to modify workflow and notifications, and to make construction data accessible to your whole team or specific roles within it.
Drive Better Business Decisions With SupplyPro GM
SupplyPro GM is a complete construction project management software system from Hyphen Solutions. It is designed specifically for Suppliers, Contractors and Trades and is customizable to fit your business needs and help you execute jobs efficiently. It can not only make you a better partner to your Builders, but can also help you grow your business with customizable analytics and reporting that leads to stronger strategic decision-making. To learn more, schedule a demo today.
