How top AEC firms use their data to stay ahead

Unanet recently released its 2024 AEC Inspire Report. In this blog series, we’ll explore the topics and themes it covers and how your AEC firm can use this information to gain a competitive advantage.

Data can tell us which projects are on track and which ones need attention. It can even predict project outcomes before they start. In the 2024 AEC Inspire Report, over half of the AEC firms surveyed described their approach to using data as “very data-driven” or optimized. Midsize and larger firms frequently use data to run the business, assess performance, and make decisions.

But how exactly do they use their data, and how do they ensure they’re getting the most out of it?

The importance of trustworthy data

Trustworthy data is essential for forecasting, decision-making, and leveraging new technologies like AI. Despite several firms being data-driven, less than half of the respondents are very confident in their data.

Without reliable data, it becomes impossible to extract meaningful value from advanced technology. Encouragingly, data engagement is growing, with fewer AEC firms reporting that they don’t utilize their company’s data compared to previous years.

Overcoming data accessibility and management challenges

A significant barrier to effective data use is the lack of data availability or accessibility. Many firms report that the biggest data-related hurdle continues to be the absence of appropriate tools for data management. These challenges suggest that although there is a growing recognition of the importance of data stewardship, firms struggle with its practical implementation.

The role of AI in data utilization

AI-mature firms more frequently cite data availability as a hurdle compared to their less AI-advanced counterparts. This likely stems from the understanding that AI effectiveness hinges on the quality and quantity of available data. AI-advanced firms are more sensitive to gaps in data quality due to their frequent use of data in operations and decision-making.

Data readiness is essential

Data readiness – or rather, the lack thereof – remains one of the biggest deficits in the AEC industry. Before embarking on new strategic innovations or implementing AI, firms must ask themselves critical questions about the accuracy, accessibility, and trustworthiness of their data.

Strategies for effective data use in AEC firms

To unlock the full potential of their data, AEC firms must consider the following strategies:

• Invest in quality data management tools: Ensure your firm has the right tools to collect, store, and analyze data efficiently.
• Foster a data-driven culture: Encourage employees at all levels to engage with data and understand its importance in decision-making.
• Ensure data accuracy and accessibility: Implement robust data governance practices to maintain the quality and accessibility of data across the organization.
• Leverage AI and advanced analytics: Use AI and machine learning to gain deeper insights and make more informed decisions.

The 2024 AEC Inspire Report highlights the critical need for AEC firms to prioritize data excellence and integrate advanced data practices to ensure survival and growth. By fostering a culture of innovation, investing in quality data management tools, and leveraging AI, firms can enhance their operational efficiency, make better decisions, and remain competitive in an evolving industry.

In our next post, we’ll look at how the AEC industry views AI. Until then, download the entire 2024 AEC Inspire Report here. 

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