Boost Your Data Strategy: Transform Data Challenges into Opportunities

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Data integrity is crucial for contractors to succeed in the current market and to advance with their tech stack. The more reliable and formatted data you have, the further ahead you can be. And that includes adopting AI capabilities to automate processes. Yet, 90% of construction data is unstructured and not formatted, and 95.5% of the data produced goes unanalyzed (Construction Dive). 

If you aren’t measuring or tracking data, you can’t improve. AI is all the rage in construction, but it’s deemed useless unless you have the right data to execute against. Standardized data is less prone to errors and inconsistencies, more reliable, and gives your teams more accurate project information.

We’ll explore the downfalls of operating with bad data, types of data you need to collect, why data hygiene is crucial for your business, and steps to clean up the mess!

The Effects of Bad Data on Your Business

Inaccurate or incomplete data can lead to costly budgeting, scheduling, and resource allocation mistakes. It undermines decision-making, damages client trust, and can result in non-compliance with regulations. You and your team may not understand the value in data, leading to: 
 
Remote data siloes – They hinder collaboration and communication among team members, leading to inefficiencies and delays in project execution. 
 
Poor data quality – Results in inaccurate project estimates, flawed decision-making, and increased project risks, ultimately compromising profitability. 

High-risk and poor data security – Exposes you to potential data breaches, legal liabilities, and loss of sensitive information, damaging reputation and financial stability. 
 
Costly rework – Inaccurate or incomplete data leads to costly rework, driving up project costs and timelines, and eroding margins and client trust. 
 
Obstacles to recruiting top talent – Poor data management systems and processes can deter top talent who prioritize organizations with efficient, modern, and transparent operations.

Why Good Data Hygiene is Crucial for Your Business

It’s time to be proactive about your data and where you stand on the leader vs laggard spectrum. Companies classified as data leaders can expect a 50% increase in average profit growth rate each year compared with beginners (Deloitte). When you start with good data, you will gain: 

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Types of Data You Should be Collecting Right Now

  • Financial data: Monitor budgets, track expenditures, and ensure profitability throughout the project lifecycle. 
  • Takeoffs and estimating: Accurate takeoffs and estimating data are essential for contractors to predict project costs and resource requirements, aiding in competitive and precise estimates. 
  • Supplier data: Manage procurement processes efficiently, track material deliveries, and ensure timely project progress. 
  • Safety and incident data: Identify risks, implement preventive measures, and comply with health and safety regulations. 
  • Change orders and RFIs: Manage project scope changes, ensure proper documentation, and maintain clear communication with clients. 
  • Client information: Understand client needs, maintain strong relationships, and ensure client satisfaction throughout the project. 
  • Equipment data: Optimize equipment usage, schedule maintenance, and manage asset lifecycles efficiently. 
  • Communication data: Ensure all project stakeholders are informed, facilitate transparent decision-making, and support effective project management.

DIY Data Clean Up

By implementing standardized data, you’re investing in future-proofing business growth. Reliable data will support operational efficiency and streamline processes. Start by: 

  1. Developing a business-wide strategy – evaluate essential data vs noise. Reduce non-critical reporting or data entry and focus on the rich data points your company will leverage to thrive
  2. Upskilling teams with data literacy. You’ll be developing ‘data talent’ that is cultivated through training relevant to their roles.
  3. Finding your Data Champions. Seek out employees who encourage using valuable digital tools and use them to the fullest potential to help lead the way for any data beginners.
  4. Building procedures. Your data code book will standardize all inputs across the organization.
  5. Empowering a culture of innovation. Create a supportive environment that drives creative thinking, allows people to take risks with guidance, and inspires collaboration.
  6. Centralizing your data. With a single source of truth, everyone can collaborate, share, and store critical project information that is accessible anywhere, anytime.
  7. Connecting your data. An integrated tech stack will power your single source of truth system, keeping all data streamlined and organized.

A Hot Tip Tool for Data Success

Some contractors may need help navigating data challenges, and many companies are increasingly turning to tech solutions to improve their data strategy. Trunk Tools offers an AI-powered solution called trunk.text that ingests all your project data allowing you to view, access, and ask it questions! You can inquire “How many RFIs are late today?” or “What types of outlets are required on the first floor?

How STACK Can Help Boost Your Data Strategy

When you start with good data in STACK, you improve your ability to bid more projects, increase profitability, and strengthen business operations. STACK’s comprehensive platform empowers you with:

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