Construction project data is the gift that keeps on giving. In the short term we all know its uses, which include:
- Substantiating works complete
- Explaining differences between planned and actual works
- Monitoring budgets and schedules
- Workforce and subcontractor management
But what about the long term? We’re here to argue that you should keep your project data around. And that doesn’t mean just locking it away in a dusty lever arch file, never to be seen again and with no organisation to speak of. Your data should be stored digitally, securely and be accessible when you need it.
- Legal Requirements
- Track KPIs & Identify Business Priorities
- Estimate Future Projects More Accurately
1. Legal Requirements
On most projects, you are legally required to keep your project data for a minimum of seven years. This is because your project records contain sensitive information about income, expenditure and staff.
Within this period you could be asked to access that data for a number of reasons: a financial audit for one, or an employee lawsuit for another. For your own protection this data should be easy to search through and find information regarding specific events, down to the details of a client meeting or on-site near miss.
But beyond that, there are benefits to keeping your project data that can bolster your business, not just protect it.
2. Track KPIs & Identify Business Priorities
Your previous project records can be used to monitor key business metrics:
- The number of close calls reported helps assess the success of your HSQE strategy.
- Your resource allocation averages could identify particular tasks that are taking more time than they should and could benefit from new processes or equipment.
- Your labour, plant and materials use can highlight wastage, providing a new way to reduce costs.
With a bank of real project data at your fingertips, analyse business performance and strategise future priorities more effectively. Your previous projects are the most valuable source of information you have when it comes to learning, evaluation and performance.
3. Estimate Future Projects More Accurately
With the cost, length and requirements of similar jobs in front of you, estimating for future works becomes a lot easier and more accurate. Experience counts for a lot but having quantifiable figures to back it up can only be a good thing.
- Calculate labour, plant and material requirements based on actual works.
- Forecast project length and expenditure.
- Identify potential obstacles and plan for them before the project even begins.
In conclusion, the benefits of keeping your construction project data for the long term go far beyond legal requirements.
Storing your data digitally and securely can provide valuable insights into your business performance and priorities.
With a bank of real project data at your fingertips, you can track KPIs, identify areas of improvement, and estimate future projects more accurately.
By using your previous project records to evaluate and strategize, you can enhance your business and reduce costs. Therefore, it is important to organize and maintain your project data to leverage its full potential and gain a competitive edge in the construction industry.