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With developers and planners alike becoming more risk-averse in response to tougher construction market conditions , the role of digital analytics is going to be crucial to provide assurances that can only be provided through accurate forecasting . Richard Winson , Director at Naismiths Analytics , explores how digital tools are increasingly helping to bring together critical data and using it to support the delivery of individual construction projects and large portfolios alike .
UNIFIED CONSTRUCTION DATA FOR INTELLIGENT DECISION MAKING
The last few years have been as turbulent a time for major construction and development projects as there has been in recent memory . The impacts of the Covid-19 pandemic , the war in Ukraine and the unprecedented inflation rises have all had far-reaching consequences when it comes to the cost of projects , and while the market calmed significantly in the latter stages of 2023 into the early part of this year , those recent challenges are still having an impact .
Consider a five-year project that started in late 2019 . The investors and financiers behind the project will have made their decisions for backing it based on prices that will have been reflective of the market at the time . However , this perfect storm of external factors – coupled with the
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