Data is the construction industry’s unappreciated asset. It’s making a huge difference to the way the industry operates, maximising productivity and reducing the likelihood of mistakes.
Even though data has the potential to be a strong instrument that can proactively mitigate risk, it is often misunderstood. Edocuments data management team explains how data can be better understood so you can unlock its value.
Good vs. bad data
Late last year, construction technology firm Autodesk released a study that showcased the effects of ‘bad data’. Defined as inaccurate, incomplete, inconsistent or late. Bad data or data errors were responsible for companies making $1.8 trillion in losses worldwide. The survey gathered results from 3,900 construction professionals across the world, with 30% of the respondents saying that more than half of their data was bad and thus unable to offer usable insights.
In highlighting the effects of bad data, the study put into focus the need for good data. There is a huge appetite for this type of data in the industry. The Autodesk study found that construction managers highly value data skills. A whopping 60% of respondents said that the presence of data management and analysis skills were important for construction teams to work effectively.
The focus of this study was to stress the importance of good data. It further pinpointed the demand for quality software and systems that ensure data is captured, collected, collated, and managed accurately, as Allison Scott, director of construction thought leadership for Autodesk, articulated in a press release that announced the study.
High-quality, accurate data is golden, offering construction companies numerous benefits. Data is the hero on many construction projects, but in order to ensure you have good data, it’s essential to work with a provider that has the skill and expertise to get the data you need.
Here at Edocuments, we believe that good data can lead to future cost savings. There is a reduction in data entry which reduces the likelihood of information being repeated and mistakes being made. Information is updated at a single source so it is easier to find, audit and validate.
We also believe in the importance of good data – data which increases accuracy and improves efficiency. Too often information is delivered as a collection of multipage, poorly indexed documents (.pdf, .docx) uploaded to folders on a file sharing site. Data is ‘locked’ into the format making it difficult to update and share easily.
The data that we help our clients collect is form based and open format, making it more accurate, relevant, high-quality, useful and highly discoverable. We have over 20 years’ experience in the creation of auditable data for the built environment, assisting clients, professional teams, and supply chains to provide quality handover information. We are a data company that is interested in data assurance: exploding documents into their data parts for maximum accuracy and value.
Edocuments automate the production of manuals and documents to almost any template. We are super focused on the atomic accuracy – i.e., the chunks of data that create information including the intricate attributes of a water-booster-set. We build information atomically from data to ensure that any decisions made during the lifecycle of a building are done with the right data available.
As a result of our workflows, process monitoring and all the transparency we have, at Edocuments we can create reports that deliver an in-depth view of the progress of data, projects and processes.
Utilising our online platform Springboard, Edocuments helps clients to identify what data requirements they need to ensure they have access to the right data that will make their days easier. We can give them guidance and then build those specific requirements into the application. This can help remove misunderstanding and clarify data accuracy.
With this application, clients can track performance, project delivery and identify whether inaccurate information is being provided. The more relevant data that is collected, the better decision-making will be in the future.