Technology

How data analytics can end construction profit fade

Learn how data analytics can eliminate profit fade and enhance profit for construction companies.

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Someone, somewhere in construction at this exact moment is making a decision that will lead to profit fade. Of course, these errors are never intentional, and as good financial, operational, or technical leaders, we do everything possible to prevent these poor decisions from being made. Yet, they happen.

Pulling together the information you need to make better decisions is tedious and in many cases can take months to sort through. Once you finally get the information you need, that information can be outdated or incorrect. This situation leads to many qualified executives making decisions based on a guess or bad intel. Contractors may not know why they were left losing money on a project that they felt was a sure win. Or even worse – they know they’re losing money, but they don't know where it’s happening.

Fortunately, there’s a solution to the problem. In a world of intuition and educated guesses, data analytics is the tool that can help check the most experienced and talented of us all. Whether our intuition is right or wrong, data analytics can get us the answer fast.

The roadblock to accuracy

In order to solve accuracy problems with data analytics tools, it’s important to understand where the issue stems from. When analyzing the source of the problem, there is clearly only one answer: Excel spreadsheets.

It’s no secret that construction companies depend on Excel for most of their reports. It’s also well known that it takes weeks or sometimes months to get the correct information to produce the reports you need to understand what is happening in your business.

The biggest problem with Excel is that it lacks automation to help you be more efficient, and it is generally disconnected from your technology. Excel doesn’t provide the level of control you need to run better forecasts. Since Excel relies on manual data entry, you or your team spends most of their valuable working hours trying to move all of your information into spreadsheets. Unfortunately, this process is never done quickly enough and hugely impacts your profitability. It is entirely possible that the perfect storm of tight deadlines and clerical errors will create serious challenges for your business's profits.

This is why leveraging data analytics is so important. Data analytics isn’t just about pretty charts and graphs. A platform powered by data analytics can bring automation into the fold so that you no longer have to manually manage your information. This means you can automate tedious workflows to ensure your data is always fresh, up to date, and centrally located to gain the insight you need. Analytics is more than dashboard reporting– it’s the brain and the muscle that helps you make accurate decisions, faster.

Data analytics built for construction

Data analytics has the potential to create huge advantages in construction. That’s why it’s essential to select a platform that gets it right for your business. It needs to be agile, intuitive, and make sense of the unique financials of construction. Briq is the tool built for the job. 

Briq is a financial automation platform built to help construction companies run a better business. It joins your financial and operational data into one platform, empowering you to make more informed decisions, faster. Contact us here to speak with our experts and see how Briq can help you improve your business.