So what should we look for in a Construction Data Analytics Provider? To learn more lets get back to the basics.
Introduction
As construction is a highly collaborative industry; Building Material Companies, Contractors, Consultants and other entities use construction Data Analytics to identify business opportunities, forecast demand for their product or service, understand industry relations and get actionable sales leads without wasting any time in research.
For example on Biltrax Data Insights and Analytics platform, clients can see all the relevant data such as project name, project type, location, construction area, building use, height, floors, Public or Private sector undertaking, construction start date-finish date along with construction cost.
Not only this, but you can also retrieve up-to-date information of who are the developers, contractors and consultants of which projects along with their contact details, who are the most busiest architects, engineers and other consultants in a particular geography, which are the largest projects by area, which are the key companies and they are involved in which projects, etc. giving you a competitive edge.
It becomes easy for the sales professional to filter required information as per his choice in seconds and dedicate most of his time in sales pitch rather than research to increase sales. A Data Analytics platform can perform various operations such as ‘filter’ option to slice and dice the huge data into preferred data. You can browse through projects territory wise, state wise, based on current status, building use, construction area, floors above and below the ground, etc.
Most importantly, we use Construction Data Analytics for:
- Appropriate decision making for streamlining sales and growth of the company.
- Buying a subscription for this data is an investment for the companies and expecting good results and returns is but obvious the main reason to invest in the subscription.
Hence, it is very important for the company to find the best Construction Data Analytics Provider who understands their business and the complexities of the construction industry.
Following points are necessary to be considered while looking for a Construction Data Provider:
Technical background to understand your product or service:
The Construction Data & Analytics provider must have significant experience in:
- Civil engineering,
- Project management or
- Real-estate background to understand your business.
He must have knowledge about:
- Which product is required for which type of project
- What information about the project is required by which building material manufacturer
- Which player (e.g. Plumbing pipe manufacturer) is looking for which other players (e.g. Mep consultants) in the industry
The construction data analytics provider must be able to give you specific information that you are looking for. He himself must understand your product well and where will it be utilized for what projects.
Wide Coverage:
The players in the construction industry target specific geography to sell their products or services. In certain Geographies, the demand for the product in the construction of the project could be more.
- The provider must be able to cover all the projects and opportunities in that target geography.
- The provider must show a wide coverage of projects across all the states and cities of India as well as the type of projects such as commercial, residential, etc.
- The data coverage must not only be good in terms of quantity but also quality.
- The construction status must be as per the requirement of the company.
- For example; the construction chemical companies need to pitch to the architects, contractors, consultants or developers before the construction starts i.e. in pre-construction stage wherein construction chemical decisions have not been taken.
Factual and Quantified Data:
The Data & Analytics provided should be true and updated. The platform must contain all the valuable information such as:
- Project name,
- Project type,
- Location,
- Building use,
- Public or private sector undertaking,
- Construction start and finish date,
- Building height,
- Floor plan,
- Construction area & Cost
- Current status of the projects &
- Contact details of the project owners.
The platform should be easy to use and the data should be presented in such a way that it is easy for the Salesperson to filter the required information as per his choice from the collective data. The data should be deep enough to quantify specific product opportunity and decision making. The data should be able to forecast the consumption of that product in the market.
Forecasting Demand:
The Data and Analytics must provide an option to forecast demand (predicting the future demand for the product) which plays a vital role in decision making. The data should be presented in such a way that it becomes possible for you to decide how much volume of the product you need to produce, how much to sell, etc.
Forecast on the Analytics platform provides a detailed view of the construction industry, including historical data, current-year projections, and a five-year forecast.
Analyst Support:
The research analyst who is feeding the data into the Data & Analytics platform:
- Should be competent to understand what information is required for what type of business,
- Must handhold the clients throughout the subscription,
- Follow up with the clients,
- Find more relevant projects for them to increase sales,
- He/she must also educate the customer by giving them knowledge about the industry trends for their benefit.
Free Demonstration:
The Data & Analytics provider must provide free demonstration of how to use their platform and see the required information. In this way, you can be confident about the quality and value of the data they are providing whether they are trustworthy or not.
Utilizing the power of Data & Analytics, the Building Material Companies, Contractors, Consultants and other entities can stay informed about the projects, people, companies, and other resources in the market which allows capitalizing on every opportunity.
Conclusion
Thus, because of the quality of data provided by a good Data & Analytics Company, the construction companies can spend less time doing research and more time connecting with key contacts to close sales and win work.
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