Success in construction isn’t just about building faster; it’s about building smarter. With worries about the economy and how recent changes might affect commercial construction costs, there are simple strategies you can use to stay ahead of the competition and protect your profits. Let’s look at some.
Use “Predictive Analytics” for Better Planning
“Predictive analytics” means using past data to predict what might happen in the future. For construction, this involves looking at recent projects in your area and spotting patterns. Check both your own projects and ones from other companies. Think about these questions:
- How much did the projects cost?
- Were there any problems with workers?
- Did schedules face delays?
If you see any patterns, use them to prepare for similar situations in future projects. While you can get project data from local government sources, tools like ConstructConnect® Project Intelligence make collecting this information easier. The “Companies” tab lets you view projects other firms have worked on and see their bidding history. You can also use the “Watch” button to follow companies and get email updates when they do something new.
Forecast Material Costs to Protect Budgets
Don’t just focus on the past, keep an eye on the future too. Track material and equipment costs often to spot trends early and update your plans before problems come up. Use tools like ConstructConnect Insight or our free Bid/No Bid Calculator to create accurate bids that help you stay competitive. Finding ways to save money in real-time can keep your budget on track and boost your profits.
Monitor Market Trends to Stay Competitive
Stay ahead of the competition by watching market trends. Check for regional growth to find high-demand areas and new project opportunities. Focus on trends like green building or smart technology to adjust your plans and keep an eye on competitors to stay ahead. ConstructConnect can support you with tools like the Economic Resources page, which offers free subscriptions to construction news and exclusive data for North America. Project Intelligence helps you follow projects, Insight tracks materials, and digital estimating tool Quick Bid® gives real-time supplier pricing with eQuotes to keep your costs accurate.
Build Pipelines and Partnerships with Project Intelligence
Project Intelligence makes it easy to grow your network and project pipeline while staying in control. Set reminders and alerts to track updates and review important documents like floor plans and addenda. The tool also includes a directory with thousands of subcontractors and contacts, so you can quickly connect with the right people when needed. Any project or contact you find can be shared instantly with your team.
With targeted data insights and tools like ConstructConnect’s, you can plan, budget, and strategize for a strong and successful future, no matter the state of the economy.
