News Summary
A recent study reveals that capital construction project owners adopting data-centric practices achieve significant benefits from digital tools. The report, based on insights from nearly 200 U.S. project owners, highlights trends in data-driven strategies that enhance efficiency and effectiveness through technologies like BIM and AI. Key findings emphasize the importance of establishing robust data practices to improve project outcomes, reduce cost inefficiencies, and foster collaboration among stakeholders in the evolving construction management landscape.
Construction Owners Reap Benefits by Adopting Data-Centric Practices
A new study reveals that capital construction project owners who embrace data-centric practices significantly enhance the benefits they gain from digital tools. This shift towards data-focused strategies is evident as project leaders join the digital revolution in an increasingly competitive industry landscape.
The findings are detailed in the Data-Centric Owner SmartMarket Report, a comprehensive piece of research conducted by Dodge Construction Network in collaboration with the National Institute of Building Sciences (NIBS). This study, funded by digital solutions leaders, highlights a growing trend among owners managing construction projects valued at $5 million or more.
Surveying nearly 200 U.S. project owners, the research found that those who develop and implement robust data strategies see marked improvements across various metrics, including cost, scheduling, quality, and collaboration. The evidence indicates a clear correlation: organizations that are more focused on data are better equipped to extract maximum value from advanced technologies.
Increasing Digital Adoption
The construction industry is witnessing a surge in the adoption of digital technologies, with nearly 28% of owners currently using artificial intelligence (AI). Furthermore, almost 50% of them are planning to integrate AI into their operations within the next two years, marking the technology’s highest growth rate among those surveyed. Additionally, 18% of the respondents report the use of digital twins, which rely heavily on consistent and reliable data streams.
Implementing Consistent Data Practices
To fully leverage the capabilities of these digital tools, the study emphasizes the importance of maintaining consistent data practices. This includes adhering to industry data standards, formalizing data-related policies, and providing necessary training to staff members. The research outlines seven distinct categories of effective data practices specifically tailored for construction owners.
Having a strong data foundation not only enhances the utility of innovative technologies but also serves to minimize operational inefficiencies, reducing costs in project coordination and management.
The Impact of High-Quality Data
The study’s findings indicate that structured and high-quality data is shifting expectations among project stakeholders. As the reliance on digital technologies grows, so too does the need for industry professionals to enhance their data proficiency to stay competitive. Owners are poised to set new benchmarks for the roles of designers, contractors, and technology providers, resulting in a ripple effect throughout the construction ecosystem.
Additionally, the research seeks to educate industry participants on the significance of adopting robust data standards. Establishing uniform standards across projects is crucial for minimizing confusion and enhancing collaboration amongst various parties involved in construction projects.
The comprehensive report is available for those looking to gain further insights, industry benchmarks, and tools pertinent to modern construction ownership and effective data strategies. As the construction landscape continues to evolve, those willing to prioritize data-centric approaches will likely find themselves at the forefront of innovation and efficiency.
Deeper Dive: News & Info About This Topic
Additional Resources
- Business Wire: Data-Centric Practices in Construction
- Construction.com: The Rise of the Data-Centric Owner
- ScienceDirect: Study on Data in Construction
- Business Insider: AI in Customer Experience
- Wikipedia: Construction Management
- Google Scholar: Data-Centric Construction
- Encyclopedia Britannica: Data
- Google Search: Data Driven Technologies in Construction
- AInvest: Data-Driven Opportunities
- Architosh: Graphisoft Design Intelligence Strategy
