FOUNDATION FRAMEWORK
Rob Bryant , EVP of APAC at InEight , dives into the importance of data in enhancing the construction industry and its role in overcoming the sector ’ s greatest challenges .
DATA IS CONSTRUCTION ’ S GOLDEN TICKET
T oday ’ s digital-first world has thrust data into the spotlight , making it one of the most important commodities across all markets . The use cases for data are endless and the business realisations are equally important – data helps us inform decisions , create efficiencies and shape how we spend our budgets . Without quality data , stakeholders are left grasping in the dark .
Businesses operating without the right kind of data would be the same as an enterprise without any type of financial literacy – no budgets , no accounting and no CFO . With zero regard for the fiscal health or sustainability of the business , they would spend aimlessly until the well was dry . While that type of business set-up may work for a short period of time , it ’ s almost certain that an organisation without awareness of its financial well-being cannot sustain it for long .
Organisations globally have fallen into similar patterns and are threatened with burnout due to data mismanagement . According to InEight ’ s recent Global Capital Projects Outlook , 41 % of organisations are concerned about their data collection and analytics skills – a 7 % increase from the previous year . It ’ s obvious that the drive for data literacy is there , but organisations continue to grapple with how to properly utilise their data resources .
Starting with data literacy
Many will be familiar with the term financial literacy – the skills , knowledge and behaviours necessary to make sound financial decisions . Data literacy is similar . It ’ s the understanding of the skills , knowledge and behaviours required to make data-driven decisions .
In construction , projects are a series of critical decisions , one after the next . These decisions are often made quickly and have a domino effect on other steps across the project lifecycle . Those key decisions can be made in one of two ways : through experience or analysis .
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