Add an overview that big data companies need to feed Big data.
In any construction project, and optimum utilization of data is vital as it ensures that the cost of the project remains under control, and the project gets completed on time. Big Data analytics can help in achieving this goal.
Understand that to utilize the power of Big Data services, you will need first to feed data into the Big Data Analytics system. Without feeding data into the system, you won't be able to derive any relevant interferences about the data.
Design
The design phase is one of the most critical stages in any construction project. If proper care is taken during the design phase, then no problems arise in subsequent phases. By feeding historical data into the Big Data Analytics system, you can derive useful inferences that will aid in taking correct design decisions. By conducting Big Data Analytics, one can analyze the patterns and probabilities that can help in forecasting any pitfalls in the project.
Companies like JE DUNN are using Big Data systems to gain deep insights into the design phase of their projects. By combining their cost-estimation system with large model viewing functionality of Autodesk, JE DUNN created a custom data visualization technology called LENS.
The idea was to give an accurate estimate of the proposed design changes. For example, if the project manager wanted to see the cost effect of removing a floor or making a particular part bigger, then the system will predict the effect of these changes accurately.
Improving productivity
Big data analytics helps in improving the productivity of a construction site in many ways; a supervisor can eliminate the time wasted in retrieving construction equipment, materials, and tools by tracking the movement of these types of equipment via an iot sensor. By collecting and analyzing data on the movement of these construction equipments, one can optimize the process by reorganizing the site and making the tools and material easily accessible to the workers.
For example, an excavator machine whose work gets over on one site can be immediately directed towards another construction site by tracking its movement. Also, Big data analytics can easily predict the estimated amount of time that will be taken by a particular machine to complete the task. This will enable the contractor to schedule tasks to different types of machinery and hence save on machine renting costs by utilizing one machine at two sites instead of 2 machines on one construction site, wherever possible. Thus Big Data Analytics can help in identifying the best time to lease/buy the machines and help in minimizing the idle time of these machines. Apart from this, Big Data Analytics can be implemented to reduce the fuel consumption of these construction equipments and using Geolocation, the best route can be identified, and the machine downtime can be reduced by making the spares available as and when needed.
Huge construction companies like Larsen&Toubro, Strabag, and PowerChina can save millions of dollars on every project by utilizing the power of Big Data. By conducting BigData analytics, these huge companies can allocate their resources efficiently.
Accurate Budgeting
Construction projects are infamous for cost overruns. So much so that while budgeting for a construction project, it is a standard industry practice to take into account some wastages and cost overruns. According to a report by Mckinsey, 98% of the projects studied were over budget by 30%. Imagine the loss of money in these megaprojects, the actual budgeted costs of which goes into Billions.
This is why accurate budgeting of a construction project can have a tremendous positive impact on the bottom line of the construction project.
Big data analytics can prove to be a game-changer here by allowing for accurate planning and budgeting of the project. By analyzing the data of other similar projects and the previously completed projects of a construction firm, one can have a better understanding of the costs involved and also have an accurate estimate regarding the timelines of the project. By conducting Big Data Analytics, you can get a better idea about
- Project risks involved and their costs
- Understand the raw material pricing fluctuations and plan accordingly
- Have a better view of your project cost centers and identify the centers which will constitute the highest percentage in the total project cost.
- Estimate the project support and operations cost accurately
- Determine with better accuracy the actual number of construction equipments that shall be required to complete the project
- Have a better idea about the cost of specialty labor
Optimizing contractor performance
Every construction company relies on various sub-contractors to get all the requisite raw materials and for completing various works. A major determinant of a construction project's success is the expertise of these sub-contractors.
Using Big Data Analytics, construction companies can easily monitor the performance of these contractors and separate reliable contractors from unreliable ones. This helps in improving the overall productivity of the system. Apart from this, Big Data can enhance the productivity of your construction project by accurately simulating the project on a computer. Simulation helps in an accurate prediction of possible problems that can cripple your project. Your contractors can rectify the issue before it takes herculean proportions, thus saving a substantial amount of your money. Thus as we can see, Big Data Analytics can help in saving a significant portion of your total project cost.
Improving safety
Construction sites are some of the most hazardous workplaces in the world. According to an estimate, companies pay around $1 billion per week in the U.S. alone as worker’s compensation for safety-related incidents.
Big data analytics can help in eliminating workplace incidents by using the power of predictive analysis. The following data points can be examined to reduce the number and intensity of accidents on the construction site.
- Safety hazards which have been identified during safety audits
- Worker’s age and health conditions
- Season
- Information regarding the last incident and last inspection
Risk analysis
Accurate risk analysis is the backbone of a successful construction project. The process of Risk analysis involves estimating the future outcomes and impacts of present decisions on the construction project. Before undertaking a construction project, it is essential to have an accurate estimate of all kinds of risks involved in the project.
Big Data Analytics can help in conducting this risk analysis by analyzing the various data points like the market scenario, consumer demand, location of the project, environment and weather, labor market, the estimated cost of raw materials, cost of hiring sub-contractors for the project and various other factors.
To conclude
The possibilities of Big Data Analytics are exciting in the construction sector. It opens a new horizon of opportunities for construction companies by helping them in improving project management by reducing costs, mitigating risks involved, and time taken in completing the project. The companies who shall leverage the power of Big Data Analytics will be at a considerable advantage over their competitors