Construction companies rely on data to inform decisions that lead to business growth and expansion. Having data available at a moment’s notice and in an easily readable format is key to making better business decisions and keeping projects on time and on budget. Business dashboards allow company stakeholders to see where the company stands in real-time, so they can make those key decisions.
A business dashboard is important for construction companies because it allows them to respond to business and project decisions quickly and see the health of the company at a glance. Here are six reasons why a dashboard is important to construction business growth.
1. See the whole picture
The biggest benefit of having a business dashboard is that stakeholders can see the whole picture of a company’s health in one place. Companies rely on data from multiple sources to develop an overall picture of the company’s performance. When these data sources aren’t integrated and don’t talk to each other, there’s no way for stakeholders to see how the data interacts. Data silos can prevent companies from being able to act on trends or issues because they can’t see everything in one place.
A business dashboard that integrates all the aspects of the company in one report provides vital information on the company’s health and the status of its projects. Stakeholders can see key information like:
- Productivity rates
- Safety concerns
- Budget overages
With this information, they can make better business decisions based on a more holistic view of the company’s position.
2. Real-time data
Most companies’ monthly reports aren’t available until several weeks after the end of the month because the information has to be entered, gathered, and formatted. When data comes from different sources that aren’t integrated, there’s a delay in collecting and reporting. Teams have to wait days to get accurate information on their projects. However, a dashboard that is tied to an integrated system allows stakeholders to see where the company stands in real-time.
With an integrated business dashboard, there’s no need to collate information into a report, because the information is always available. Stakeholders can review data at any time of day or night to see where the business is and where their projects stand. The availability of real-time data helps project teams make better decisions when they’re on a tight timeframe.
3. Learn more about operations
By reviewing the overall company dashboard, stakeholders can learn more about how the company operates and spot trends in performance. For example, productivity metrics may show that certain types of work are taking longer than estimated. With this information, the company can learn more about why production is slower for this type of work and adjust as needed.
Trending metrics are easily seen on a dashboard graph, allowing stakeholders to track information about the business over time. Key performance indicators like:
- Productivity per hour
- Safety incidents
- Days of delay
can help companies make better decisions regarding their project management practices and improve performance on future projects.
4. Make quick decisions when needed
Construction is a fast-paced industry and contractors are always looking for ways to react faster. Companies need to be agile and able to pivot in response to project and industry conditions. Look no further than 2020’s pandemic for an example of how companies had to react to an unknown situation quickly.
When project teams have all the information they need at their fingertips, they can make important decisions while being confident that the data they have is accurate and up to date. Dashboards allow project teams to respond quickly to address potential problems, like:
- Safety hazards
- Productivity slowdowns
- Added work
without losing time on the schedule. Teams can’t wait days for data to be analyzed, they need to know what to do now to keep their projects moving.
5. Review metrics
When using a dashboard, teams are able to analyze key business metrics over time to assess their performance. Metrics involving:
- Asset use
are beneficial as they let a company know where they are now and how they can improve in the future. These metrics provide a neutral unbiased measure of the company’s performance. Without this information, companies rely on anecdotal evidence, which isn’t as accurate.
6. Share information with the team
Continual improvement is a goal of all project and business teams. Teams need to know where they are now and where they’ve been before making changes. Sharing data with team members helps them assess their performance and brainstorm ideas to make changes that lead to further success.
Dashboards can be quickly and easily sent to team members on a regular schedule allowing them to review the information before meeting to discuss it. Keeping all team members informed improves cohesiveness and leads to better performance.
Taking it to the next level
With the help of a business dashboard, construction companies can keep better track of their metrics, allowing them to improve their productivity and profitability. Dashboards convey key information that helps teams make decisions for their businesses and their projects. They also allow stakeholders to see the whole picture of a company’s performance, which allows them to see relationships between the data that aren’t visible when the information is siloed. Having an integrated dashboard is key for construction businesses that want to take their business to the next level.