While many people think of construction as a field that’s been slow to adopt new technologies and methodologies, the reality is that the industry is full of forward-thinking builders who are already embracing data analytics. In fact, there’s no reason why construction firms shouldn’t be taking advantage of every tool available to make their projects more efficient and profitable.

If you’re new to data analytics, then this article will provide a great overview on the many reasons why you need to start paying more attention to your team’s data. When you’re ready to take the next step of either introducing or improving your analytics, we previously shared a great 3-step process you can follow to roll out analytics within your construction business today.

Without further ado, here are 5 powerful ways you can use data in your construction business:

The first way that data can help construction companies is by increasing top-line revenue. By identifying your best customers, determining what they want and are willing to pay for and then finding new ways to get more customers, you can increase the amount of money your company makes.

A powerful analytics tool can help you sift through all your past customer data to extract these insights. By focusing your sales efforts on the most effective channels you’ve tried to-date, you can increase your chances to growing your top-line and further building your brand reputation as a specialist within your various customer segments.

In addition to customer insights, analytics can also vastly improve your team’s estimating ability. Your estimates can be designed using past data on similar projects to ensure that your cost estimates are as accurate as can be and you won’t run into any cost overruns or major setbacks that you haven’t already seen before.

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