Bad Data Strategies Cost Construction Industry Over $1.8 trillion
The use of data in construction is increasing, but the cost of “bad” data could be in the trillions
In 2020, incorrect, insufficient, inaccessible, inconsistent, or untimely data is predicted to have cost the global construction industry $1.8 trillion, according to a new study from Autodesk and FMI Corporation. Over 3,900 professionals across the global construction industry were surveyed on their data practices in 2020 for the report, “Harnessing the Data Advantage in Construction”.
Participants who had strategies in place to collect, manage and analyze data reported fewer project delays and budget overruns, fewer change orders, fewer safety incidents, and less rework. Over 30% of those surveyed reported that more than half of their project data is faulty and results in inefficient decision-making more than 50% of the time.
It is estimated that “bad” data decisions have cost the industry US$88.69 billion in rework alone, accounting for 14% of all rework in 2020.
When asked what project management and analysis skills the industry needs for the future, respondents ranked workflow optimization (57%), data management strategy (51%), data analytics (47%), data visualization (40%), and data security (39%) as their top five skills.
“Organizations are adopting technology, but our study shows there is opportunity for them to gain even more from their investments,” said Jay Bowman, research and analytics lead at FMI.
“Without data strategies in place, the construction industry is leaving significant amounts of money and opportunities for more positive project outcomes on the table. The good news is that implementing data strategies is entirely within an organization’s control, and our research identified a few ways some teams are successfully collecting, managing, and using their data to support decision making.”
Link to original article by Andy Brown
