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The Growing Importance of Data & Analytics in the Construction Industry

Is the Construction Industry Keeping Up to Digital Business Trends?

It’s no surprise that data is now the single most significant driving force behind global business. In fact, the data industry is poised to increase by $30 billion in 2022—making analytics one of the most valuable commodities in the world. But, the question remains, is the construction industry keeping pace? Currently, the answer is no—and the data proves it.

For instance, to date, material waste and remedial work still account for 35% of construction costs meaning the construction industry is not actively pursuing analytics solutions to save money and increase profit. Worse yet. It’s reported that most construction companies still struggle with basic systems connectivity and interoperability, time-card issues, material costs, forecasting, compliance reporting, etc. The reason? The industry is often hesitant to adopt new technologies, systems and processes and usually lacks the skillsets and knowledge required to embark on a journey to digital transformation.

This infographic highlights the challenges and the solutions to move to a more data-driven and insightful business environment.

View the Infograph