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Analytics in Construction Business: Scope and uses.

Business Intelligence and Business Analytics are being used interchangeably nowadays in almost every field of businesses worldwide involving, in particular, leveraging the data of a company in order to evolve and grow. In addition to other sectors, predictive analytics greatly benefit the construction business categorizing information with relevance and accuracy. Predictive Analytics assists in the following ways:

1)      Leveraging work packages: Predictive Analytics helps in task breakdown matching the right people for the right job, scans past project documents, including the Work Breakdown Structure (WBS), and assess the fallacies in project execution. With such technical know-how, businesses can scientifically cut on resourcing costs without compromising on potential.

2)      Prescribe, Predict and Describe: Descriptive Analytics creates a database containing the failures and their severity which is followed by predictive analytics analyzing their recurrence. Finally, prescriptive analytics explores options that can prevent such fallacies in future work.

3)      Scanning risks: The construction space advocates vociferously for the health and safety of the crew and this purpose could be served by predictive analysis in conjunction with prescriptive analytics. Pinpointing disaster zones to nth degree accuracy and using pedometer analytics to measure the distance the crew covers, predictive analysis places heavy-duty equipments at various access points improving visibility in low lying areas and also alerts about the resources that demand servicing. It ensures both the project’s progress and the business’s adherence to the crew’s safety standards.

4)      Lowered production costs: Manual monitoring methods are laborious and entail a cost on the business’s profits. GE’s Kimberlite Survey reported that businesses using predictive approach using retrofit sensors and cloud computing experienced approximately 40% less unplanned downtime.

5)      Immersive Insight: Predictive analysis converts dormant data into actionable analysis and prevents any information from lying unanalyzed.

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