Why data has become the new oil?

Data is the new oil. So, we’re talking data and its new-found power to generate wealth, much like oil has historically done. And data is making its mark across every industry worldwide. But why has data become so important to the economy and the construction industry in particular?

The role of data

As the world becomes more digital-focused – just think online software solutions, mobile apps and social media platforms – businesses have far more information flowing in. Over the past few years, IT teams have accumulated this data into silos where it’s still sitting.

But there is a realisation that this data could be useful. For every business that wants to improve their customer service, retain clients, develop new services and products, and learn from past mistakes on projects, that data holds the key. But not all data is good and that’s where technology comes in, particularly artificial intelligence.

There is a new philosophy: ‘good data beats opinions’. The idea is that anything that is objective, data, is more useful than that which is subjective, opinion. Analysing data and drawing useful, highly valuable insights from that data to understand how a process or procedure works as well as how efficiently, directly impacts how the business operates.

The power of data

Data empowers people; people can harness data to drive business growth. For a construction company, having access to real-time data that not only shows a project’s progress, it also provides a comprehensive financial report on what’s been spent where. Having this level of transparency and being able to present the data to a client is worth its weight in gold.

Industries across the world have discovered what CEOs of digital companies – Amazon, Google and Facebook – have known for a long time. That includes the construction industry which has, up until recently, been a little behind the times. Data is becoming a business’s most vital, valuable asset.

Enter smart contracts

But before we jump too far ahead, let’s take a step back. For the construction industry to truly benefit from the data phenomenon, it has to make significant investment in new technology. These digital systems have the capability to not only analyse the data collected, but deliver insights. Adopting business intelligence software that is specifically developed to help businesses in construction to move beyond their paper-pushing years is key to business growth.

A few years ago, at a PIF Blockchain workshop, it was discussed how blockchain could potentially transform the contract process in construction. The use of smart contracts – automated, real-time contracts – is starting to revolutionise the industry. The Construction Smart Contracts Committee is working to ensure smart contract tools, including enhancing construction project workstreams, is not that far off.

Construction companies and project managers that rely on pieces of paper are starting to realise that having access to both historical data and information that is being contemporaneously generated, can actually save time and money.

Green Plane provides business intelligence (BI) software that works with construction companies to make better use of their data. Through comprehensive BI dashboards built around projects and developing reports that 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 Ltd delivers data-driven Business Dashboards that removes emotion and provides facts so that businesses can make decisions easily.  Email John Bond  johnbond@greenplane.co.uk so you can start making the data that you have useable for everyone.

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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