Current Intelligence: BI for Electrical Contracting and Construction

For the uninitiated Business Intelligence (BI) sounds like a scoring metric for an MBA entrance exam. However, running to the bookstore, and cramming on practice tests is not required.

Webster's dictionary defines BI as "the use of software to help business executives, managers, and other end-users make more informed business decisions." Coming from an 25+ years of experiential Electrical Engineering and Design background, but with a Computer Science and Technology degree education, lets talk Business Intelligence (BI) in Electrical Construction.

Shocking Results: BI for Electrical Contractors

For Electrical Contracting and Construction (ECC), BI can provide valuable views into their day to day operations. BI tools can track the status of projects, keep abreast of financial performance, and point out opportunities for improvement. It provide real-time data to help EC’s make data driven decisions about staffing and equipment allocation.

Electrical contractors, using BI, provides the ability to identify areas of inefficiency. BI tools can help track expenses, analyze financial performance, and identify potential cost saving avenues. By streamlining their operations, ECC’s can increase profitability and improve the bottom line.

BI also lets ECC’s track their projects' progress in real-time. BI gives them up-to-date information about project milestones, budgets, and man power levels. ECC’s with this information can make informed decisions about resource allocation and their projects on track.

Powering Up KPIs: How BI can improve Key Performance Indicators for Electrical Construction Firms

BI can also work on an ECC’s key performance indicators (KPIs). To spell it out, KPIs are metrics that measure a company's performance and progress towards its fiscal goals. In using BI tools to track and analyze data, ECC firms can pinpoint areas where they are falling short of their KPIs and make corrective actions.

In example, BI tools can assist ECC firms track their labor productivity. BI tools can work with the firm’s BI Analyst, or individual tasked with the role, ?analyze data on labor rates, man hours worked, and project schedules, these tools can identify areas where productivity might be increased. This can then be used to address productivity and increase profit.

BI can also track equipment utilization performance. By analyzing data on equipment usage, downtime, and maintenance, opportunities to optimize equipment utilization and reduce costs, maybe observed.

When presenting KPI’s to different organizational levels within a larger Electrical organization, visualizations can provide high level information, with reduced detail, to match the audience intended.

Amping Up Your BI: Top Software for Electrical Construction Business Intelligence

Numerous BI tools are available for electrical contracting and construction firms. Here are some of the top software solutions in the sphere: [5]

1. Mode: “Mode helps you get data into every business decision, with an unmatched flexibility that scales with your organization as you grow”. (Mode.com)
2. Tableau: “Tableau helps people see and understand data.” (Tableau.com)
3. Microsoft Power BI: “Share insights. Show results. Be the hero.” (PowerBI.microsoft.com)
4. Other BI Tools make up approximately 50% of the market

Final Impressions

(BI) Business Intelligence is forever changing the electrical contracting and construction industry. By utilizing BI tools, electrical firms can keep easy eyeballs their projects' progress in real-time, monitor financial status, notice areas for improvement, and improve KPIs.

With the right BI tools and planning in place, ECC’s can make data driven decisions, optimize their available resources, and achieve their financial and overall performance goals.

References:

1)??????"The Rise of Business Intelligence in Construction - Part I" - https://constructionexec.com/article/the-rise-of-business-intelligence-in-construction--part-i

2)??????"The Rise of Business Intelligence in Construction - Part II" - https://constructionexec.com/article/the-rise-of-business-intelligence-in-construction--part-ii

3)??????"The Top 10 Benefits of Good Business Intelligence for the Construction Industry" - https://ribccs.com/the-top-10-benefits-of-good-business-intelligence-for-the-construction-industry/

4)??????"How Business Intelligence Enables Construction Professionals to Work Smarter" - https://www.datashapa.com/insights/how-business-intelligence-enables-construction-professionals-to-work-smarter/

5)??????"Top Business Intelligence Tools for Construction Companies in 2022" - https://buildops.com/resources/top-business-intelligence-tools-for-construction-companies-in-2022/

"Note: All blog opinions are my own"

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