Most contractors don’t consider the impact that their field data has on profitability. Have you taken the time to evaluate your field data collection workflows to see how it could be improved? Take today’s quiz to find out how your field data collection process could be hindering your company’s financial performance. See if your company is as efficient as your competitors and if you’re providing your entire staff the timely insights to manage your projects to greater profitability.
1. According to the Live Field Data Usage Report, what percentage of companies are exclusively using paper and spreadsheets to collect field data?
It's great to see less contractors using paper and spreadsheets to track labor, production, job costing, equipment, safety, and daily log reports. Manual processes using paper and spreadsheets can lead to data entry errors and inaccurate project reporting. A few years ago, 30% of contractors were still using paper and spreadsheets.
2. According to the Live Field Data Usage Report, what percentage of companies collect labor hours by cost code in real time?
19% of survey respondents collect labor hours by cost code in real time and 33% collect it daily, while another 33% collect it weekly. Delayed labor reporting by cost code can increase your budget and schedule risk if you're tracking it less frequently.
3. What % of companies track tools and equipment in real time with an app?
While 52% of companies don’t use any software or apps to track tools and equipment, only 21% track tools and equipment in real time. Without real-time tool and asset tracking in a centralized location accessible by all employees, contractors increase the risk of lost or stolen equipment. It doesn't even consider the budget and schedule risks for reduced productivity when employees have to look for tools and equipment.
4. What percentage of time do a majority of contractors spend on analysis of the field data they collect?
A. Under 20%
According to the Live Field Data Report, over 50% of contractors spend 20% or less off their time analyzing the data they collect. This can increase the budget and schedule risks of a project as labor is typically the biggest line item on construction financials. With live field data, contractors can make labor staffing decisions today across the entire portfolio of the projects to optimize staffing levels and keep the project on budget and meet deadlines.
5. What is the top perceived benefit from live field data to track labor, production, equipment, safety, and daily log reports?
A. Improved accuracy
B. Keep project on time
C. Keep project on budget
D. Improved productivity
E. Improved profitability
Live field data eliminates handwriting errors and keeps data in sync with accounting and ERP systems for more accurate reporting. 35% of respondents selected improved accuracy as the top perceived benefit.
6. Which is NOT one of the top 3 benefits of the cloud for field data collection from the Dodge Smart Market Report: Improving Performance with Project Data?
A. Less expensive than on-premise or third-party hosting
B. Ability to access data from the field while working in the office
C. Ability to access data from the office while on the job site
D. Ability for disparate locations to input and access data
E. More extensive data storage
Though 43% respondents saw that the cloud storage was less expensive than on-premise or third party hosting, the top three benefits to cloud for field data collection were the ability to access data from the field while working in the office at 71%, ability to access data from the office while on the job site at 70%, ability for disparate locations to input and access data at 61%.