Asset predictive analytics refers to advanced technology that provides actionable insights on any impending breakdowns an asset may face in a site or factory. In data-centric companies, managers rely on this information to make intelligent decisions and enact measures that can curtail and prevent the risk from occurring. This is why asset predictive analytics is an essential technology in different industries.
According to an article by McKinsey, construction companies are far behind other industries in terms of productivity. Hence, while the global economy has increased productivity by an average of 2.8 per cent a year over the past two decades and manufacturing by 3.6 per cent, the construction sector has only improved by 1 per cent annually. One way to address this issue is by leveraging the power of asset predictive analytics. The construction industry holds enormous amounts of data, and companies cannot unlock their maximum potential without the influence of asset predictive analytics.
This article will provide all the information you need to know about predictive analytics being used in construction.
Modernisation in The Construction Industry
Data can transform the construction industry and automate processes, reduce financial expenditures, eliminate waste of resources and enact sustainable practices only if data is processed and read properly. Unlike the manufacturing industry, which tends to follow predictable and repeatable processes, construction firms carry out significantly different projects. Major projects that run for long periods, sometimes extending to five or ten years, make it hard to predict complications upfront. The number of challenges the construction industry faces is unique and prone to be very expensive if not careful. In other words, the construction sector faces high variability. Due to these difficulties, the construction company relies on experience to succeed. Digitally transforming construction companies means companies do not have to hunt for experienced experts to ensure they succeed. By installing a software solution, construction companies that are old or new can have more control of their finances, resources and risks and become an industry leader.
Six Ways Asset Predictive Analytics Help Construction Companies
While predictive analytics offers a range of advantages to construction companies, asset predictive analytics is specialised to ensure all equipment on the construction site is up and running. Other than simply reducing the overall cost and expenditure of a construction project, here are six ways asset predictive analytics help construction companies:
Embrace A Safe Work Environment
Construction sites include multiple types of machinery that, if not maintained well, will release polluted energy. By infusing asset predictive analytics, managers can monitor the number of emissions released into the atmosphere and take action to reduce them. Ensuring maintenance and repairs are done on time further ensures that unnecessary gases are not emitted. Additionally, since asset predictive analytics is a digital solution powered by Artificial Intelligence (AI), it does not require humans to touch machinery. As a result, any accidents that could have occurred in potentially hazardous equipment will no longer happen. In essence, asset predictive analysis guarantees a safe working environment for all employees.
Eliminate Asset Breakdowns
The construction sector is a heavy asset-centric industry. It has multiple machinery used for construction projects, without which employees cannot carry out their responsibilities. Most often, a team has to ensure that they stick to a specific budget and that it is completed in a specified duration. Asset predictive analytics becomes an advantage in achieving these goals. The technology consistently assesses each asset and can notify managers when they require maintenance or repairs. By knowing the exact time, such maintenance is needed, managers can prepare and schedule it for a time that does not hinder the execution of their project. As a result, asset breakdowns can be eliminated, helping the team complete all tasks as scheduled and avoid unnecessary expenses on repairs that could go over the budget.
Detailed Reporting for Smart Decision Making
A significant advantage of asset predictive analytics is its function to produce detailed reports. Previously, an enormous amount of time was spent manually running check-ups for each asset, after which reports are generated to the management. With asset predictive analytics, however, the same report, which used to take at least a month, can now be completed in mere seconds. As data can be processed and read in real-time, receive the most updated statistics and insights this advanced technology offers. Through the information drawn in such reports, managers can examine the reasons for asset maintenance in each machinery on-site. These factors may also help managers assess whether the brand of the equipment used is of standard quality. In simple terms, with asset predictive analytics, construction managers can take the time to understand all its assets comprehensively.
Improve Customer Satisfaction
When customers contract with a construction company for a project, they expect it to be completed on time. Whether the consumer is a civilian who wants a house or is an agent or business that requires an apartment, hotel, or mall to be made, there is an expected timeline. Hence, the only way for a construction company to keep them happy is to guarantee that it is made perfectly the first time. This includes ensuring that no defects are made and that it consistently meets the safety standards of a building. Companies that utilise the power of asset predictive analytics are regarded as taking measures to reduce costs and ensure they uphold quality standards. This can only be done if assets are used in their best condition. Thus, by maintaining and prolonging the life of each asset, customers can rely that the project they contracted for is in perfect condition in addition to being completed on time.
Optimisation of Field Force
The role of asset predictive analytics does not stop from notifying managers of when an asset requires maintenance or repair. While the manager will be responsible for scheduling maintenance, the system helps them decide which assets need prioritisation. Hence, not all assets will go into maintenance at the same time. Instead, according to the construction company’s finances and the criticality of the asset’s health, asset predictive analytics takes a step further to note which ones deserve more attention. The great thing about digital solutions such as this is that no team member requires to be on-site to monitor the assets. Authorised personnel can instead receive all the data they need into a preferred digital device. Hence, whether it is from the comfort of the manager’s home or anywhere else, managers will be notified if an asset is at risk. Once maintenance has been scheduled, the system will automatically remind the team of the planned repair to guarantee it is completed. Afterwards, it will update its records to reflect that maintenance has already been carried out to ensure maintenance is not unnecessarily repeated. All this contributes to the optimisation of filed force.
Optimising Asset Performance from Data Construction Analytics
The integration of predictive analytics in the construction sector is sometimes referred to as data construction analytics. Since projects in this industry are different in the sense that they are much longer in duration, it may be hard to stick to the original financial budget. This is because projects that are set to be completed in five years or more may be subject to dramatic market changes. This leaves not only the consumer uncertain but also the construction company. By incorporating data construction analytics, accurate predictions of market changes can be made. Asset predictive analytics moreover takes this information to assess the feasibility of each machinery on site, providing futuristic insights of assets as long as ten years ahead.
Asset Predictive Analytics As A Drive to Success
In a world where most industries have implemented asset predictive analytics in their relevant industries to succeed, the construction sector has been slow. As construction companies are asset-intensive, asset predictive analytics is a game changer that takes advantage of the large quantity of data in the organisation. Incorporate an asset predictive analytics solution into your construction operations by purchasing it from a reliable vendor such as Tigernix. Enjoy the six benefits mentioned above and many other unique features it has to offer. Companies are guaranteed to drive ahead with a suitable vendor that provides a power asset predictive analytics tool.
