The devil’s in the details is a phrase that certainly applies to the construction industry. The success or failure of construction projects can be determined by communication, collaboration, and overall efficiency. All of the small details that go into a project. Data management is all about the details. Entire businesses run off of data, but each small piece is another detail to keep track of. Keeping track of those communications, allowing for free collaboration, and increasing efficiency along the way can be done through proper data management and integration.
Integrating your application and providing critical reporting for your business will help construction companies thrive because the numbers just can’t stand alone. When trends develop, it is critical to analyze them to ascertain insights. Here are four guiding rules to data management:
1. Data Can’t Stand Alone
Like ingredients for a cake, the data from business-critical applications cannot stand alone. A jar of ground cinnamon can make dozens of dishes wonderful, but on its own, it’s pretty terrible. The same goes for single data sources. Dozens of sources are needed to provide numbers and metrics so this data can be transformed into meaningful insights for a construction company.
2. Great Data doesn’t always give you a great outcome
Like great ingredients don’t ensure a great meal (they must be combined correctly first) as does good data not always mean a great outcome. The context and interpretation are everything. The data must be current, correct, and complete before it can be applied in a meaningful way.
3. Timing is everything
If data is old, a firm could be reacting to outdated issues. Having the right data at the right time is powerful. The insights gained will aid a construction firm in staying on track and accomplishing goals. If the data used is not current, it’s like getting gravy on a salad and raspberry vinaigrette on potatoes. It’s good stuff, but at the right time, it won’t do any good.
4. The Recipe Matters
Comparing numbers from different platforms which are not set up to measure the correct metrics is like comparing apples and oranges. Unfortunately, these two are not interchangeable, just as metrics from the wrong sources are not interchangeable.