Construction profit margins are amongst the lowest, and tightest, of all industries. Time, supply costs, and unexpected delays are all risk factors that play a role in this reality. And there is another factor undermining margins...data. Construction is plagued by data lag, stemming from one persistent challenge: The industry has been slow to implement digital technologies that equip companies with live-field data—that is data collected in the field on labor hours, safety, daily progress, equipment tracking, production, and job cost allocations, to name a few—that are synced across a company’s entire workforce and systems.
Project overages and delays cost money and time to correct, which can lead to additional revenues being lost. Working against already tight margins, construction companies cannot afford these setbacks. Herein lies the importance of live-field data.