The range of applications for the IoT and Industrial Internet of Things (IIoT) is huge but is only now starting to change the way the construction industry operates, and one creative way connected things are being integrated into operational efficiency is through project management software designed to support large building projects.
BuilDATAnalyticsis a business intelligence company for owners of complex commercial construction projects.
Their cloud-based SAAS solution, CTBIM, is the first and only proprietary tool that provides owners actionable data at their fingertips, that is targeted to help them meet their desired ROI. CTBIM allows owners to access, from any location in the world, near real-time information about inventory received, completed construction activities, schedule status and contracting dollars earned through an integrated platform.
Owners are empowered to make smarter, faster and more impactful decisions that stave off financial losses through self-generated analytics from any location in the world.
Last year, the company was selected by Smart City Works, a non-profit organization with a vision to improve urban living through smart community solutions, including IoT, given its potential to improve performance through automation.
“We chose BuilDATAnalytics as one of our winners given that they are not just a software company but are providing business intelligence that improves proactive decision making, which can speed up construction projects with tighter monitoring and transparency,” said Bob Mazer, Smart City Works. “We are helping the company prove dramatic reductions of time, and therefore cost, and improvement in final outcomes.”
The main element of this intelligence is the customized CTBIM database that controls the flow of information from the field to the Owner throughout the lifecycle of construction projects. This database setup is the most critical phase of the contract implementation. Additionally, before construction activities begin, each contractor’s accounting information is loaded into the CTBIM system for micro-budget tracking, which makes it easier to track impacts that can affect an owner’s anticipated ROI.
“Actionable, near real-time integrated data that provides an instant analysis of project status is unheard of in the world of complex construction. Access to real-time documentation like design plans, submittals, RFIs, timesheets, etc. is common, but unfortunately this kind of information fails to concentrate on those activities that can negatively impact an Owner’s expected ROI. We are the first company lasered focused on providing Owners the business intelligence and professional services that empowers them to make decisions about construction activities that can prevent losses throughout the construction lifecycle,” Tiffany Hosey, CEO of BuilDATAnalytics.
CTBIM offers several benefits to Owners including real-time actionable insights into project schedule status, on-site inventory tracking, crew needs for schedule recovery, real-time status of percentage of project completion by construction trade, real-time calculation of contracting dollars earned by construction trade, trend data, more accurate assessment of project schedule compliance, decrease in waste, errors and inefficiencies, data mining for project analysis, data for reference class forecasting and production of best practice reports.
Moreover, post-construction, a digitized record of data collected in the CTBIM system throughout the lifecycle of projects is stored and archived in their servers. They can also offer 3D Visualization to the workers to help them with installs of complicated or unfamiliar new technologies, maintenance procedures, and assembly or disassembly of equipment or materials.
Implementation of CTBIM on large construction projects can lead to the creation of the auditable, contemporaneous documentation tax professionals need to support Owner’s cost segregation studies. Insurers and Owners receive a real-time and retrospective understanding of all details of the build to mitigate claims disputes, accelerate claims resolution and reduce litigation. Data stored in CTBIM can also support the timing of a subcontractor’s material revenue recognition under the new ASC 606 guidelines.
In short, BuilDATAnalytics and its service professionals provide actionable intelligence that is most relevant to an owner’s desired outcome – a return on its’ investment.
For more visit http://ctbim.com/#sec-home and www.smartcityworks.io
Edited by Maurice Nagle