The growing ability to process big data and use it for analytics into your corporation has delivered many benefits. But Construction Global has brought our attention to something new. “Small data” has changed the construction industry throughout the year and will continue to change it through 2016.
In their article on constructionglobal.com, Construction Global calls “small data: sales data, profit, equipment up time, machinery down time, personnel productivity, asset life cycles, seasonal surges and dips. Small data points can amount to a lot when it comes to monitoring, predicting and optimizing the overall health of the organization.” It is the powerful pieces of data that drive a construction company’s day-to-day.
“Before, companies would display their Big Visual Chart in the lunch room or board room, literally a poster board displaying either goals or targets hit. You may use some form of this today. Although one-dimensional, these charts played a key role in informing, not only management but rank-and-file as well, about the company’s performance metrics.” But these charts only reflected on the past. Now charts are on a large projector or flat screen, with dynamic, customizable graphics. They also offer insight into various aspects of your business. Real-time metrics can be discussed, instead of just past results.
“Taking raw data, converting it into something attainable, then displaying that data to drive meaningful conversations is the difference between storing data and utilizing intelligence. It’s the difference between tracking past outcomes, and optimizing future performance!” Many construction industries are still relying on paper, excel and reporting on past outcomes. Luckily, “smart companies are working to decode data and provide real-time intelligence and analysis.”
It seems normal that small construction companies would ignore words like “Big Data” being thrown out there, but their small data is still useful to them and in growing their business. Data visualization can make a small, run-of-the-mill construction company surpass its competition and pull away from the pack.