Big Data – Business Intelligence
Big Data and Business Intelligence in Construction
The construction industry is characterized by projects with large budget overruns (5-30% is the norm), schedule overruns (17% on average) and numerous errors and deficiencies. By collecting data, it is possible to get an overview of all risks during the construction case, so that they can be corrected in time. It is also possible to utilize data from previous projects in current and future construction processes.
It minimizes the risk of recurrence of the same overruns as well as errors and deficiencies because using statistics you can take your precautions, anticipate delays as well as overruns of budgets and thereby solve challenges in advance.
Read more about how data for construction can be used for risk management here.
“When the Exigo team introduced their method and tools to us, they met all our requirements and aspirations and even exceeded our expectations. Everything we had asked for was fulfilled, and in a far more sophisticated way than we had imagined. The integration between time, quantities, unit prices and the BIM model was created in the Vico Office program. The same program could cut the 70,000 m2 into smaller chunks that we had been looking for. We could collaborate with the contractor on activities, production times and unit prices and get the data integrated with the schedule. It was far better than what we had expected.
Status registration with Exicute is simple and user-friendly, and due to the integration already made between the 3D BIM model, quantities and economy, Exicute was able to generate a simple and very valuable overview of status and progress in relation to all our KPIs. ”
High Quality of Decisions with big data
Decisions based on data are simply of a higher quality than decisions made without. Companies that leverage data win in the long run. It is possible to compete in completely new ways. The amount of data and the possibilities that come with it has changed radically and this creates i.a. opportunities for development and productivity improvement.
Exigo has developed a completely unique setup, where the owner can log in via web/ tablet/ mobile on an online dashboard (visual analytics) and follow the progress of the construction. Progress is reported every single day so that the owner can get an actual picture that is based on actual data rather than an optimistic gut feeling from the construction management/ client advisor/ contractor.
Scheduled vs. actually performed work
Earned value is calculated and reported on an ongoing basis, as well as analysis of actual progress in relation to what is planned. The follow-up of actually performed work takes place by the professional contractors reporting progress in per cent per. activity per area via our app Exicute. The data is verified by the construction management and imported into the 4D location-based schedule. The project management tool then calculates the earned value that the contractors can invoice on account each month. I.e. invoicing is based on actual data and actual progress instead of loose estimates. Preliminary earned value can then be read in dashboards for financial management.
Free Inspiration Meeting: The Construction Management of the Future
Get updated and inspired with the latest trends in modern construction management
If it interests you, I offer my expertise at a free inspiration meeting. Here I will show you the latest trends in modern construction management, i.a Big Data, Business Intelligence, as well as the latest tools and methods.
One of the trends we are seeing is that we are waving goodbye to “one size fits all”. Tailor-made integrations between tools already in the company in question are one of the trends we are seeing. 100% transparency over status and progress is another. Transparency that extends across all levels – from construction manager to CFO. And last but not least, the self-propelled AI-powered scheduling robots are here to stay.
A lot has happened in digitalisation in recent years, and the possibilities are many. Therefore, it can be difficult to figure out which of the jars at the end of the digital rainbow actually contains gold.
At the meeting, I will therefore also offer my feedback in relation to the company you are in. I can help you sort and show you examples of what works and what does not. I promise you will leave the meeting, confused on a higher level, but also with a clear plan for which way you should go.
My most important task at the meeting is to inspire you, give you an overview and help you get closer to the plan that suits your company exactly.
Kristian Birch Pedersen
Master of Science in Engineering, Master of IT, Ph.D.
+45 53 55 59 19