Autodesk, IMF Study Says Better Data Strategies Could Save Global Construction $ 1.85 Billion
Autodesk and management consulting firm FMI Corporation surveyed more than 3,900 construction professionals around the world about their 2020 data practices for a new study, “Harnessing the Data Advantage in Construction.”
Research has allowed Autodesk and FMI to estimate that the “bad data” – inaccurate, incomplete, inaccessible, inconsistent or inappropriate data, and which cannot be used to obtain actionable insights – may have cost the industry. $ 1.85 trillion in construction in 2020. However, survey respondents who had strategies in place to collect, manage and analyze usable data reported benefits such as fewer project delays and budget overruns, fewer rework, fewer change orders and fewer security incidents, suggesting that implementing formal data strategies could enable construction teams to prevent future losses and gain competitive advantages.
Autodesk“Companies are embracing technology, but our research shows they have the potential to reap even more benefits from their investments,” said Jay Bowman, head of research and analysis at IMF. “Without data strategies in place, the construction industry leaves significant sums and opportunities for more positive project outcomes on the table. The good news is that the implementation of data strategies is entirely in the control of an organization, and our research has identified a few ways that some teams successfully collect, manage, and use their data to support decision making.
The main findings of the study include:
- Bad data leads to poor decision making and poor results. Thirty percent of respondents indicated that more than half of their project data is “bad” and results in poor decision making more than 50% of the time. It is estimated that decisions made using “bad data” cost the industry $ 88.69 billion in rework alone, representing 14% of all rework done in 2020. These results suggest that construction teams and organizations need relevant, accurate and complete datasets to achieve a high level of consistency. -quality decisions based on data.
- Intentional data strategies support more consistent, data-driven decision making. Respondents who said they always integrate project data into their decision-making (12%) use intentional data strategies to enable this, including regularly reviewing data quality (40%); standardization of data collection, reporting and monitoring practices (38%); and structuring data in a common data environment for centralized access (38%).
- Data management and analysis skills are seen as critical to the success of the team. Most respondents (60%) said the presence of data management and analysis skills is important for construction teams to work effectively. When asked which project management and analytical skills will be most important for the future in the construction industry, respondents ranked workflow optimization (57%), the strategy of data management (51%), data analytics (47%), data visualization (40%) and data security (39%) as their top five skills.
“As the construction industry continues its rapid digitization, it is important to remember that the usefulness of technology extends beyond its immediate functions to identify risks and opportunities with information-based information. data, ”said Allison Scott, Director of Construction Thought Leadership, Autodesk Construction Solutions. “This study quantifies the immense value of setting up frameworks to capture and manage data. Organizations that implement formal data strategies are likely to get the most ROI from their technology investments, so it’s important to collaborate with vendors and determine how to get the most out of the data collected.