The real value of data to your business
If you can’t measure it – you can’t manage it! An old adage but one that’s no less true today. Technology is our greatest enabler to acquiring data from which we can make decisions about how to run our business, but how many of us actually use it?
Those high performing organisations understand the value of data and make it a core element in learning and planning – how to avoid repeating the same mistakes – how to identify opportunity – how to harness knowledge. It’s a data world we live in and those who understand this are those who will prosper.
Well defined problems lead to better decisions
You can’t (or shouldn’t) attempt to make a decision without first defining the problem or goal. Too many business leaders use ‘intuition’ alone to make their decisions and it’s a risky way to manage a business. Collecting and analysing data doesn’t have to be complicated or expensive – but would you plan to engage the same contractor on your next site if you knew that their workmanship was poor? No, you wouldn’t, any more than you would purchase a particular brand of heating controller if you knew it had a high failure rate.
Information – feedback – knowledge
DATA is the label we give to all of these things – it’s the collective name for working knowledge; it can tell us all sorts of useful things that will assist in making better decisions – because we are better informed.
Data is neutral
Data is necessary in making effective decisions and solving problems specifically because it has no personal agenda. Data is neutral; it simply tells a factual story. Human beings are the ones that hold differing opinions that often shape decisions which could lead to lesser results (credit: Erin Palmer from University Alliance).
After Build’s data
Generated from the management of defects, we now have over a decade of unique information that illustrates how the industry is performing and how it has changed. This facility supports the ongoing provision of reports and updates for our client base today, but can be accessed on an ‘anonymised’ basis to assist with research and commercial development. As an After Build client you may have free access to this information and we hope that you find it useful in the better running of your company. If you’re not an After Build client you may have limited access.
Our data is structured by five main headings:
This is an overview of output by developer volumes, providing a perspective on defects arising and defects per plot. Further analysis looks at …
- Trades – problem categories including largest, smallest and recurring trends?
- Timing – when are jobs reported relevant to legal completion? Split between first and second year?
- Financial – how much work is paid for by the developer? What is the true cost of defect management?
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