Most firms in the AEC industry have invested in some type of customer relationship management (CRM) system. Whether simple programs like Goldmine or more robust software like Deltek?s Vision?or even cloud-based software as a service (SAAS) offerings like Salesforce or Cosential?gathering, analyzing and leveraging the firm?s historic data is becoming increasingly important.
At a time when ?big data? is the new hot topic, understanding and investing in predictive analytics can yield more than just an informed look-back at what is already known; it can provide real and usable business intelligence.
According to futurist and author Dan Burris, ?Big data in and of itself doesn?t do a company much good. The key is to couple that data with high-speed data analytics in order to be able to make real-time decision,? says author and futurist Dan Burris. ?You need to leverage your internal big data by looking at real-time chatter on social media and on websites. This gives you a better idea of what?s happening and helps you move forward.?
In an informal survey of?25 leading AEC firms? marketing leadership, it was clear that while ?big data? is of great interest, there is not a lot of real anecdotal information on applications or results. Where the finance, insurance, manufacturing and retail industries have been exploring and effectively gaining business intelligence through predicative analytics for several years, the AEC world is lagging in implementation.
Most firms in the AEC space may be too small for big data. IBM, Microsoft, Oracle and SAP hold more than half of the total big data analytics market. Their solutions are typically bigger and more expensive than the average design, engineering or construction firm can afford or use effectively.
However, smaller companies and independent consultants are entering the market. They focus on the needs of small and mid-sized businesses with advanced data visualization and self-service predictive analytics that requires minimal IT support. This approach may be more applicable to the needs of the average AEC firm.
Industry resources like Reed Construction Data?s ?c?bus? and RSMeans? ?Business Solutions? offer?in varying degrees?services that help firms forecast market trends, product demands, purchasing influence and other data analytics to help inform marketing and business development decisions. Expect to see others enter this market soon. Accurately predicting a specific project need in advance of its announcement is an AEC big data/predictive analytic service still on the horizon.
Business intelligence tools will continue to become more prevalent and relevant. Using advanced analytics will give management, operations and marketing the ability to spot business trends. The additional information from analysis of data sets across many industry resources?compared to the limited data analysis typically found in a firm?s customer relationship management system?will allow new intelligence in the pursuit and support of clients and projects.
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