AUSTIN, Texas, Oct. 27, 2021 /PRNewswire/ -- A new survey
shows that most architecture, engineering, and construction (AEC)
firms are looking to predictive analytics to improve project
outcomes and mitigate risks. According a new IDC InfoBrief,
sponsored by Oracle Construction and Engineering, 29% of
respondents are currently utilizing a predictive analytics tool,
while another 60% plan to invest in a solution within the next 24
months. AEC companies see having a predictive view across projects
as key to anticipating and lessening delays, reducing change
orders, creating more accurate budget forecasts, and better
managing health and safety risks.
More than three-quarters (77%) of respondents have had a formal
data strategy in place for three or more years, with 63% noting
that their data strategy is primarily driven by the C-suite. Most
organizations (85%) say they are using at least one-quarter of
their project data to inform current-decision making or future
initiatives – showing there is lots of room for improvement in
fully utilizing the data available.
The top three areas of focus for AEC organizations when it comes
to their data strategy are quality (45%), productivity (41%), and
budget/financial improvements (38%) as they look to sharpen
decision-making and enhance their operations and project outcomes.
The use of predictive analytics tools is seen as key to these
efforts.
The Oracle Construction and Engineering sponsored
IDC InfoBrief, "The State of Data Strategies in
Construction,*" surveyed 405 business, project, and IT
executives at AEC companies in March
2021. Respondents included general contractors,
subcontractors, and engineering, procurement, and construction
(EPC) service companies in the United
States, United Kingdom,
United Arab Emirates, Australia, and New
Zealand. Read the full analysis to learn why the
construction industry is looking to implement predictive analytics
to improve project outcomes.
Bringing data together
Organizations face challenges in their to efforts use data to
improve current and future projects. In particular, the large
amount of data created across the project lifecycle is often
trapped within different systems and is not effectively used to
manage or plan projects today. To help address this, 81% of
respondents say their data strategy includes bringing together data
silos for reporting and analytics in one project and portfolio
management system. Another 60% are seeking to integrate multiple
disconnected systems for seamless workflows.
Mitigating risk
Using data to improve construction risk management is
increasing in importance among AEC organizations. Respondents
identified health and safety (29%), supply chain health (28%),
material availability (27%), worker availability (27%), and cost
overruns (25%) as the top five areas where a better data strategy
could help mitigate risk.
In terms of leading indicators of project performance―those used
to predict outcomes, rather than measure what happened on past
projects―organizations said they see reducing changes and
variations (41%) and forecasting budget blowouts (37%) as the most
valuable.
"Engineering and construction firms increasingly recognize that
making better use of all of their data is the key to taking
the next big step forward in performance," said Mark Webster, senior vice president and general
manager, Oracle Construction and Engineering. "We're encouraged
that so many organizations are focused on data as a critical
strategic priority and are working to empower smarter and more
proactive decision-making across their operations."
Learn more about how Oracle Construction and Engineering is
helping organizations put their data to work to manage risks and
accelerate performance today and tomorrow.
*Doc. #US48269621, October
2021
About Oracle Construction and Engineering
Asset
owners and project delivery teams rely on Oracle Construction and
Engineering solutions for the visibility and control, connected
supply chain, and data security needed to drive performance and
mitigate risk across their processes, projects, and organization.
Our scalable cloud construction management software solutions
enable digital transformation for teams that plan, build, and
operate critical assets, improving efficiency, collaboration, and
change control across the project lifecycle.
www.oracle.com/construction-and-engineering.
About Oracle
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applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL), please visit
us at www.oracle.com.
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