There’s no denying that today’s construction businesses are inundated with data, much of it is connected to improving their data analytics. True, data may help them develop their business if handled appropriately, but we at Fund Control understand how difficult it can be to know where to begin.

The main truth is that no matter how beautiful the charges are or how great the graphs are, if the data is riddled with gaps or errors, it is useless. Poor data hygiene, as it’s known in the business, may be more than an annoyance – it can lead to significant issues. It is frequently caused by one simple factor: the requirement for employees to repeatedly enter the same data into several areas.

Small errors can have major ramifications

One minor error might not seem like a huge concern at first, but if you keep going forward with erroneous data and false reports generated from the data, you could run into major problems. Even something as simple as incorrect data labeling might be a problem if the data isn’t fully picked up in a query.

Contractors want reliable data to make informed decisions. Despite how critical this is, many contractors are afraid to get started – frequently due to a lack of knowledge. The good news is that Fund Control is precisely what they require — for three reasons.

1. Concentrate on only entering data

Reducing the number of times data must be input is one of the easiest and most efficient strategies to dramatically minimize mistakes. If you find yourself entering business names, project numbers, and other essential identifiers over and over again, you should presume that others in the organization are doing the same. Each time you input data, your odds of making a mistake grow.

Fund Control software enables you – and anyone else you designate as a project participant – to view data in real time from any location. This implies that after the data has been entered, it will not need to be re-entered.

2. Figure out where your data is contaminated

A data hygiene test can reveal how clean your data is and help you find mistakes that may have occurred due to outdated data gathering methods. Select a tool that evaluates data correctness, completeness, and consistency.

3. Use best practices in conjunction with the new data collection method you’ve chosen

If you discover that your present data collecting strategy isn’t functioning, you’ll need to find another solution. Fund Control’s advantages are likely to be a suitable fit for your requirements, but that doesn’t mean you have to start again. To learn more about how Fund Control can help you integrate your current best practices with our software solutions, call 800-625-5972.