How construction companies can use business analytics to boost margins
Using data analytics and business intelligence to improve business outcomes is among the hottest trends in technology. Particularly in the world of construction, the results of using business intelligence, predictive analytics and benchmarking tools can be significant.
Whether a construction company is deciding to lease or purchase capital equipment, figuring out what wage will boost staff retention or weighing how best to improve overall profit margins, data analytics can help. Heavy highway firms with so many moving parts can benefit greatly by implementing business intelligence practices to monitor bid/hit ratios, bid spread, revenue/margin per employee or daily materials put in place per job. Those are just a small sample of what is possible.