How big data is transforming the construction industry
Big data analytics is being adopted at a rapid rate across every industry. It enables businesses to manage and analyze vast amounts of data at ultrafast speeds, and obtain valuable insights that can improve their decision-making processes.
One of the industries that are reaping the benefits of this technology is the construction industry. Construction companies are using big data to perform a wide range of tasks, from data management to pre-construction analysis.
Here is a look at how big data is transforming the construction industry…
How Construction Companies are Leveraging Big Data Analytics
Handling Large Amounts of Data
Many construction companies need to juggle many projects at the same time, and they have to collect, produce, organize and analyze a lot of data because of these projects.
Other than creating work reports and progress reports, they also have to manage technical information on various aspects of their projects. All the unstructured data that is collected and generated can burden their databases.
Big data solutions make it possible for construction companies to process massive amounts of data at unprecedented speeds, enabling them to save substantial time and effort, and focus more on the job site instead of IT issues.
Depending on which big data tools they use, they can improve almost every data-related process, from database management to report creation.
According to an article entitled "How Big Data is Transforming the World of Finance", big data can help businesses create reports on their operations more frequently, or in real time, so that they can make well-informed decisions on a consistent basis.
In order to plan and execute projects effectively, construction companies need to be able to predict risks accurately through intelligent use of data.
By implementing big data analytics, they can gain valuable insights that enable them to improve cost certainty, identify and avoid potential problems, and find opportunities for efficiency improvements.
One example of a construction company that is using big data analytics to predict risk is Democrata.
Democrata conducts surveys to gain a better understanding of the impact of new roads, high rail links and other construction projects, and uses big data analytics to perform searches and queries on data sets to obtain insights that can lead to better and faster decision-making.
The ability to solve problems quickly can contribute significantly to the successful completion of construction projects.
Liberty Building Forensics Group is a company that investigates and solves construction and design problems, and it has provided consultation on over 500 projects worldwide, including a Walt Disney project.
According to the company, forensic issues usually occur in major construction projects, and they can cause big problems, such as failure to meet deadlines, if they are not properly assessed.
In order to fix forensic issues efficiently, construction companies have to be able to collect the right data in an organized way and make the data accessible to the right people at the right time. This can be achieved through the implementation of big data solutions.
Presently, big data analytics is relatively immature in terms of functionality and robustness.
As it continues to become more advanced, it will be more widely adopted in the construction industry.
John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to technology.
BT and Microsoft unveil strategic partnership
BT and Microsoft have launched a strategic partnership to accelerate innovation across enterprise voice, cyber security and industry-focused services in sectors from digital manufacturing to health.
BT has already been named one of the first development partners for Microsoft Operator Connect and Operator Connect Conferencing. The renewed agreement will allow BT to build on this relationship and offer its own branded global managed voice services directly through Microsoft Teams, with an approach that further enhances customer experience and creates new opportunities for growth.
The strategic partnership will build on BT’s existing portfolio of cyber security services built on Microsoft technology. It will see the companies push forward with the design and launch of a new generation of managed security services to enable and protect the modern collaborative workplace. BT will work closely with Microsoft to develop distinct security propositions to defend customers’ operations across the cloud as well as its own IT estate.
Sustainability and collaboration on digital skills are integral to the partnership. BT and Microsoft will work together on further enhancing sustainability credentials within their supply chains and join forces on promoting digital skills in the communities.
“BT and Microsoft are at the forefront of innovation in global digital platforms and connectivity that will take technology and communication beyond limits,” said Bas Burger, CEO of Global at BT and executive sponsor of BT’s partnership with Microsoft. “This partnership will ensure all of Microsoft’s solutions work ‘Best on BT’ and support both companies’ commitments to improving digital skills in the community.”
Omar Abbosh, corporate vice president of industry solutions at Microsoft, said: “BT can use Microsoft’s cutting-edge tools to develop new communications services that meet the needs and demands of today’s customers. By aligning our visions for communication, connectivity, security and digital technology, Microsoft and BT will support real growth for businesses across the world.”
Microsoft's vision is to transform construction and built environment businesses with design innovation, a supply chain you can control, and a connected, safer, more productive workforce.
Microsoft recently unveiled strong results for the quarter ending June 30:
- Revenue totalled $46.2 billion, up 21%
- Operating income was $19.1 billion, up 42%
- Net income was $16.5 billion, up 47%
- Diluted earnings per share was $2.17, up 49%
For the year, revenues totalled $168.1 billion (up 18%), operating income hit $69.9 billion (up 32%), net income was $61.3 billion GAAP and $60.7 billion non-GAAP, and increased 38% and 37%, respectively.
“We are innovating across the technology stack to help organizations drive new levels of tech intensity across their business,” said Satya Nadella, chairman and chief executive officer of Microsoft. “Our results show that when we execute well and meet customers’ needs in differentiated ways in large and growing markets, we generate growth, as we’ve seen in our commercial cloud – and in new franchises we’ve built, including gaming, security, and LinkedIn, all of which surpassed $10 billion in annual revenue over the past three years.”
In a trading update last month, BT reported profit after tax £2m, down £446m, due to a "one-off tax charge in the quarter to reflect the remeasurement of deferred tax balances following the enactment of the new UK corporation tax rate of 25% from April 2023".