Today we celebrate Star Wars Day - to mark the occasion, I'm sharing a few thoughts on the importance of the invisible force that surrounds everything and plays a key role in the success of our projects: Data.
Just like the battle between the dark and light sides of the Force in Star Wars, the AECO industry faces a similar constellation of good and bad data. The costs caused by bad data amounted to a staggering 1.84 trillion dollars in 2020 - a figure that would have made even Emperor Palpatine cringe. (Source: FMI Report, see Data Advantage in Construction (autodesk.com))
On the bright side, good data is comparable to the power of the Jedi - it's essential to making the right project decisions. As a basis for the FMI report mentioned above, a survey was conducted which found that 43% of respondents cited time pressure or urgency of decisions as the biggest risk to project decision making. This means that the quality of project data needs to be improved to enable faster decision making - much like Jedi making critical decisions in the heat of a lightsaber duel.
But as Yoda would say: "Quantity does not mean quality". The report underlines that the sheer volume of data does not always equate to its usefulness. More than 80% of respondents report a rapid increase in project data, with the majority reporting a 50% increase. However, the mere accumulation of data is no guarantee of useful insights or improved decision-making.
Just as Luke Skywalker had to learn to use the Force on his way to becoming a Jedi, managers in the construction industry need to focus on data quality in order to actually use it as a competitive advantage. A sound approach to data management and analysis, and processes built around it, will be a key competitive advantage in the future. In fact, 39% of respondents stated that these skills will be extremely or very important for project management and site managers to be effective in the future.
Data, much like the mysterious force that holds the Star Wars galaxy together, is the driving force in the AECO industry. It's not just about collecting data, but ensuring that this data is reliable, actionable and used effectively. To achieve this, we need the understanding and the right tools to analyze this data quickly and reliably.
In this context, digital transformation is not an option, but a must.
May the data be with you!