SAN FRANCISCO, Sept. 14, 2021 /PRNewswire/ -- Autodesk, Inc.
(NASDAQ: ADSK) and management consulting firm FMI Corporation today
released the results from a new study, "Harnessing the Data
Advantage in Construction," which surveyed over 3,900 professionals
across the global construction industry on their data practices in
2020. In the study, Autodesk and FMI estimate that "bad data" –
data that is inaccurate, incomplete, inaccessible, inconsistent or
untimely, and can't be used to derive actionable insights – may
have cost the global construction industry $1.85 trillion in 2020. However, survey
respondents who had strategies in place to collect, manage and
analyze usable data reported benefits such as fewer project delays
and budget overruns, less rework, fewer change orders and reduced
safety incidents, suggesting implementing formal data strategies
could enable construction teams to prevent future losses and gain
competitive advantages.
"Organizations are adopting technology, but our study shows
there is opportunity for them to gain even more from their
investments," said Jay Bowman,
research and analytics lead at FMI. "Without data strategies in
place, the construction industry is leaving significant amounts of
money and opportunities for more positive project outcomes on the
table. The good news is that implementing data strategies is
entirely within an organization's control, and our research
identified a few ways some teams are successfully collecting,
managing and using their data to support decision making."
Key findings from the study include:
- Bad data is leading to poor decision-making and
outcomes. Thirty percent of respondents indicated that more
than half of their project data is "bad" and results in poor
decision making more than 50 percent of the time. Decisions made
using "bad data" are estimated to have cost the industry
$88.69 million in rework alone,
accounting for 14 percent of all rework performed in 2020. These
findings suggest construction teams and organizations need
relevant, accurate and complete data sets to make consistently
high-quality data-driven decisions.
- Intentional data strategies support more consistent,
data-driven decision-making. The respondents who said they
always incorporate project data into their decision-making (12
percent) are employing intentional data strategies to enable this,
including regularly reviewing data for quality (40 percent);
standardizing data collection, reporting and monitoring practices
(38 percent); and structuring data in a common data environment for
centralized access (38 percent).
- Data management and analysis skills are seen as critical for
team success. Most respondents (60 percent) stated the presence
of data management and analysis skills are important for
construction teams to work effectively. When asked what project
management and analysis skills will be most important for the
future in the construction industry, respondents ranked workflow
optimization (57 percent), data management strategy (51 percent),
data analytics (47 percent), data visualization (40 percent) and
data security (39 percent) as their top five skills.
"As the construction industry continues its rapid digitization,
it's important to remember that the utility of technology extends
beyond its immediate functions to identifying risks and
opportunities with data-driven insights," said Allison Scott, director of construction thought
leadership, Autodesk Construction Solutions. "This study quantifies
the immense value of putting frameworks in place to capture and
manage data. Organizations that implement formal data strategies
stand to gain the most ROI from their technology investments, so it
is important to collaborate with vendors and determine how to make
the best use of the data being collected."
More materials:
- Download the full report with region-specific insights:
Harnessing the Data Advantage in Construction
- Check out the Digital Builder blog for more details and an
infographic
- Listen to the findings in audiobook format
- View the Europe report
here
About Autodesk
Autodesk is changing how the world is
designed and made. Our technology spans architecture, engineering,
construction, product design, manufacturing, media and
entertainment, empowering innovators everywhere to solve challenges
big and small. From greener buildings to smarter products to more
mesmerizing blockbusters, Autodesk software helps our customers to
design and make a better world for all. For more information visit
autodesk.com or follow @autodesk.
Autodesk and the Autodesk logo are registered trademarks or
trademarks of Autodesk, Inc., and/or its subsidiaries and/or
affiliates in the USA and/or other
countries. All other brand names, product names or trademarks
belong to their respective holders. Autodesk reserves the right to
alter product and services offerings, and specifications and
pricing at any time without notice, and is not responsible for
typographical or graphical errors that may appear in this document.
© 2021 Autodesk, Inc. All rights reserved.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/study-from-autodesk-and-fmi-finds-better-data-strategies-could-save-the-global-construction-industry-1-85-trillion-301376278.html
SOURCE Autodesk, Inc.