The long-term search to find ways to capture and analyze big data certainly benefits some business segments. However, this complicated process of data extraction and analysis may be more than a construction company needs. Data visualization in the construction industry is providing companies with a way to make accurate, useful predictions and decisions based on smaller amounts of data that are more directly relevant.
What is Data Visualization?
Data visualization is a method of taking important data about your company and presenting it in a way that can be interpreted visually. It removes the need for an individual to make sense of seemingly incomprehensible reams of numbers and presents important information in a way that can be immediately seen and understood. Charts and graphs are two traditional elements of data visualization. Modern technology has allowed this type of visualization to migrate to interactive displays or other visual representations on computers, tablets, and smartphones.
Limited Beginnings
Previous methods of data visualization were often little more than charts and graphs drawn on paper and presented for interpretation. The information in these types usually represented what had already happened. Backward-looking data showed where the company had been — not where it was going or what could be done to help get it there.
Smaller Data
Newer data visualization techniques can show, in real time, how important elements of the company are functioning, what metrics are being met, and where there are shortcomings in the process. The process relies heavily on “small data,” which is a smaller set of information directly relevant to the company and its industry. Real-time data can also allow managers and owners to make immediate decisions on what to do to make progress. Data visualization is more naturally oriented toward the future and the ongoing development of a company’s business activities.
Construction Monitor helps business owners, managers, and clients stay on top of the most recent trends and developments in the construction industry. Contact us today for more information on data visualization in the construction industry and how it can help keep your construction projects efficient.