Companies with a clear strategy for data analytics and reporting are poised to harness data to drive better decisions and project outcomes. Companies that don’t risk losing significant margins in profits to rework. Read our industry report “Harnessing the Data Advantage in Construction” to learn more.
The volume of available project data has doubled in the last 3 years
One third of poor decisions were made as a result of bad data
Bad data may have cost the global construction industry over $1.84 Trillion in 2020
The face-paced speed of the construction industry means projects are constantly in flux, and decisions have to be made on the spot. When those decisions are made with bad data—that is inaccurate, incomplete, inaccessible, inconsistent, or untimely data—it leads to bad outcomes.
Our research shows that the cost of bad data for a contractor who performs $1 billion in total revenue could be as high as $165 million, including $7.1 million in avoidable rework.
With a formal strategy, data is no longer a source of anxiety. It becomes an incredible asset. Good data will help you make informed decisions, reduce risk, and increase profits. Read the report to learn how to create your own data strategy, including actionable steps that will quickly improve how your business manages data.