Data Analytics in the Construction Industry

In the construction industry, tracking job profitability is obviously very important. With data analytics, contractors can track which type of contracts or customers consistently yield higher gross profits. Companies could even track which supervisors have higher profitability or if contracts in certain states produced larger profits due to diversity in local economies or governing agencies.

Not only is data analytics great at bringing to light a company’s financial position, but it also is a great tool for comparison with other businesses in the construction industry. If a contractor is already profitable, it is still important for construction companies to have benchmarks for comparing themselves to others in the industry. This tool gives businesses an edge by identifying strengths and weaknesses of the business relative to its competitors.

Identifying the right analytic tools and software is critical to producing real-time information in a format that is understandable and meaningful. Pairing these tools with insights from the right business advisor can transform your data into a true competitive advantage for your company and can even be predictive of future performance.

Profitability tracking and comparative analysis are just two areas of an extensive list of benefits that can be provided with data analytics. Consider integrating data analytics into your own business plan to ensure your business has a productive future. Reach out to HORNE Construction for additional information on how data analytics can help you achieve success

READ MORE OF OUR LATEST INSIGHTS

SEE AROUND CORNERS.
INDUSTRY EXPERTISE DELIVERED.

More Insights

Mary Clay Morgan to serve as HORNE’s chief operating officer

Mary Clay Morgan has been named as HORNE’s Chief Operating Officer. As she takes on this new role, she will continue serving as the Firm’s...

READ MORE

How To Prepare for a SOC 2 Audit

Preparing for a SOC 2 (System and Organization Controls 2) audit is essential to demonstrate your organization's commitment to information security,...

READ MORE

RECAP: Wrapping Up the Year Workshop

HORNE’s Client Advisory Services team recently hosted their Wrapping Up the Year Workshop, a specialized session tailored for bookkeepers and...

READ MORE

HORNE Seasons of Giving: $100,000 Donated to Local Charities

Five non-profits across the states of Mississippi, Hawaii, Louisiana and Florida will receive support for their community efforts thanks to HORNE’s...

READ MORE

HORNE Board of Directors admits Joe Green as director of assurance

HORNE’s Board of Directors recently appointed Public and Middle Market Partner, Joe Green, to serve as the next firmwide director of assurance. As...

READ MORE

Wrapping Up the Year Workshop

Join our HORNE Managed Accounting Services Team for our Wrapping Up the Year Workshop on Thursday, November 16th! As we approach the end of 2023,...

READ MORE

Talk to an expert today.