Creating Value from Hidden Data
Finding value in data isn’t about collecting as much as you can; nor is it about keeping and analysing every bit of data. Wilding gathering data, storing it and giving people access to it is not going to deliver the information you want by itself. The data itself is not the answer. The value of the data is realised through the link between determining what is good data, how it aligns with business strategies, and the details that can be learnt from the data.
The value of data
Any business can collect data, and lots of it. But gaining insights that deliver business value from the data is another matter entirely. It is a process that requires thought and planning.
Every department, every construction site, every supplier relationship, every project creates data. To learn from that data, it’s important to first determine what you want to achieve from analysing the data, and how you want to put it to good use. For example, is health and safety onsite a priority? Is sustainability an important factor within construction projects?
It’s all very well saying that the data will help you make better decisions, but in order to make that decision, what information do you need from the data? A survey in 2012 determined that organisations that relied on data insights financially outperformed their competitors.
KPQs are the new KPIs
It’s great for businesses to use historical data as a comparison to current activities. This has meant collecting and measuring data for KPI analysis. While this provides an insight into how the company is performing now in comparison to the past, it doesn’t provide an indication of how the company will perform in the future.
With technology able to analyse data more comprehensively, businesses are shifting to KPQs, or Key Performance Questions. Rather than just gathering, monitoring and measuring data, a new mindset is more questioning instead of accepting performance indicators. This new approach in the construction industry is encouraging businesses to ask questions on performance, such as did the project meet its deadlines? Where did the project lose money? Are we using the right suppliers?
With this approach, it’s no longer just a case of comparing progress in a project’s stages, but asking whether the project is on time, on budget and identifying areas of opportunity to improve.
Be data proactive instead of reactive
Just gathering, analysing and measuring data is not the answer; there has to be structure to the process, there has to be a strategic process and a clear definition of the desired outcome. To drive growth and business prosperity, it’s important to focus not only on the insights generated from comparing today with historical data, ask proactive questions. The value from your data comes from the insights it provides into the future, that are aligned with the business’s strategy and aims.
Green Plane provides business intelligence software that works with construction companies to make better use of their data. Through comprehensive BI dashboards built around projects and developing reports that actually deliver valuable insights for improved productivity and decision-making, the construction industry can put both feet firmly into the 21st century technology bubble.
Green Plane is a full-service BI solutions provider focused on providing unique dashboards. We help you visualise all types of data that has been created from different systems and at different times. Bespoke dashboards will allow you to get valuable insights that would have been difficult or impossible if attempted manually. Maybe we can help you too?
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