Learn the Three Steps Contractors Must Take to Benefit from the Data Analytics Available with Fund Control Software
Posted on November 12, 2019
There is no question that construction firms are overcome with information in this day and age – and much of it is related to increasing their data analytics. It is true that, if used correctly, data can advance their business – but at Fund Control we know how hard it can be to figure out where to start.
The bottom line is that no matter how beautiful the charges are, or how impressive the graphs are, if the data is full of holes or inaccuracies then it cannot be helpful. This is what’s known in the industry as poor data hygiene and it can be more than a pain – it can lead to serious problems. It is often caused by one simple thing: The need for staff to repeatedly enter the same information into numerous fields.
Small Mistakes Can Have Big Consequences
One small mistake may seem like no big deal, but as you continue moving forward with inaccurate data, and inaccurate reports created from the data, you can end up with a serious issue. Even something as inconsistently labeling data can be an issue when it results in the data not all being picked up in a query.
Contractors need accurate data on which to base their decisions. Despite how important this is, many contractors are hesitant to get started – often because they do not know how to get started. The good news is that Fund Control is just the answer they need – for three specific reasons.
- Focus on Only Entering Information
- Find Out Where Your Data is Dirty
- Combine Best Practices with the New Data Collection Method You Choose
One of the easiest and most effective ways to significantly reduce errors is to reduce the number of times data must be entered. If you find that you have to repeated enter company names, project numbers, and other necessary markers, then you should assume that others in the company are doing the same thing. Each time data is entered, your chances of having errors is increased.
Fund Control software allows you – and all others you designate part of the project – to access data in real-time from anywhere. This means that once the data is input, it will not need to be re-entered time and time again.
A data hygiene test will show you how clean your data is and can locate errors that were made with old data collection methods. Choose a tool that scores factors like data accuracy, completeness, and consistency.
If you determine that your current data collection method is not working well, then you will need to choose a new option. You will find that the benefits of Fund Control are likely a good fit for your needs – but this does not mean you have to start over. Contact Fund Control at 800-625-5972 to find out how we can help you combined your current best practices with our software options.