As companies in the construction and real estate industry continue to grow and navigate through the uncertain and unprecedented times created by the COVID-19 pandemic, there is an increased need and desire for more accurate, detailed and timely reporting of data in an easily digestible format to aid decision-makers in proactively managing their business. By incorporating data analytics capabilities with streaming analytics and visualization dashboards, companies can adopt a future-focused approach to improve business intelligence and engage in data-driven decision-making.
Streaming analytics is a highly effective tool that allows data to be presented in real-time to aid in decision-making and improving overall business operations. Construction and real estate companies can employ streaming analytics to create customized dashboards that monitor the progress on construction projects, return on investment portfolios, changes in leasing trends, subcontract performance, and geographical economic trends. These dashboards can provide immediate and accurate status updates on key performance indicators and measure them against established performance thresholds to aid key decision-makers in effectively driving the business forward.
Better Executive Decision-Making
Data analytics is becoming essential to construction and real estate business executives as they make strategic business decisions. These business executives can customize dashboards to analyze company performance, budgeting and forecasting. This is especially impactful for construction and real estate companies as they navigate trends in 2021 perpetuated by the COVID-19 pandemic. Analytical dashboards may also be customized to gather and analyze vital information on a local, national and global scale to help executives gather insights and develop their strategy based not only on key performance indicators within their companies, but also on industry trends that can be categorized by geographic locations.
Talent and Personnel
Companies can also use data analytics to enhance how they source, hire and retain top talent in a competitive market. Artificial intelligence (AI) and machine learning (ML) can improve time efficiency when collecting and organizing resumes for new hires and provide more real-time reporting on personnel performance once on the job, including relevant coaching and feedback. Dashboards may also be used to assess individual employee and subcontractor performances as they seek to manage project costs and adhere to project timelines, or for real estate companies looking to assess factors in the local market that would impact listings and sales.
How DHG Can Help
DHG’s construction and real estate practice understands that strategic thinking on operational improvement and risk management combined with financial reporting are essential for construction and real estate companies, especially as they seek ways to better manage their project loads while remaining profitable. We combine our industry intelligence with the technical knowledge required to help you be better positioned for a future-focused approach – as such, our team is ready to discuss how data analytics can best serve the performance goals of your business.