What is the real value of data to your business?
If you can’t measure it, you can’t manage it! An old adage that’s no less true today. Technology is our greatest enabler to acquiring data. Developers can make decisions like ‘how to run their business’, but most importantly, how developers actually do this?
High performing organisations understand the value of data. Therefore they make it a core element in their learning and planning. Smart businesses learn how to avoid repeating the same mistakes, identify a business opportunity and harness knowledge. Because it’s a data world we live in, those developers who understand this, will prosper.
Well defined problems lead to better decisions
You shouldn’t make a decision without first defining the problem. Too many business leaders use ‘intuition’ alone to make their decisions. This is a risky way to manage a business. Collecting and analysing data doesn’t have to be complicated. Would you plan to engage the same contractor on your next site if you knew their workmanship was poor?
Information, feedback and knowledge
Data is the label we give to all of these things. It’s the collective name for working knowledge. Besides that, it can tell a developer all sorts of useful things to assist them in making better decisions.
Data is neutral
Data is necessary in making effective decisions and solving problems. Because it has no personal agenda, data is neutral. It simply tells a factual story. Human beings hold differing opinions that often shape decisions which lead to lesser results (credit: Erin Palmer from University Alliance).
After Build’s data
Generated from the management of defects, After Build posses a decade of information. This data helps provide reports and updates for developers. It can be accessed on an ‘anonymised’ basis to assist with research and commercial development. As an After Build client you may have free access. If you’re not an After Build client access may be limited. Our data is structured under four headings:
This is an overview of output by developer property volumes. It provides a perspective on defects arising and defects per plot. Further analysis looks at …
- Trades – problem categories – the largest, smallest and recurring trends
- Timing – when jobs are reported relevant to legal completion
- Financial – how much work the developer pays for
This section reviews the occupants outlook and in particular reviews …
- Time – occupant time sacrificed to work being done
- Appointment – what is the average waiting time
- Resolution – what is the average waiting time
This takes a look at the potential financial consequences to a developer’s business …
- Cost – identified cost savings
- Distraction – adverse impact on business
- Reputation – tarnished brand through damaged relationships
How to benefit from the knowledge available …
- Contractual – relevant and specific
- Management – tighter controls
- Quality – importance of control
- System – record and manage data
- Process – efficient control of each situation
- Policy – complaints and compensation
- People – attitude, training and management