Have you ever ordered too many or too few supplies for a project or over or underbid a job? Have you ever failed to account for contingencies? What about when you made a poor decision based on your gut or “how you’ve always done it”? We won’t even get into what it looked like when you had to pull out your colorful spreadsheet and rely on the perhaps new or perhaps outdated information on it.
Every day, you must rely on the data at hand to make decisions affecting your construction business. Keeping the Spooky Data away allows you to avoid Haunting Errors.
Spooky Data – Results in Haunting Errors
Improperly managing your construction company’s data has a variety of ramifications.
Making inaccurate decisions
Losing the trust of customers
Having inefficient operations
Missing opportunities
Wasting resources
Risking regulatory compliance
Losing revenue
Reducing customer experience
Delivering incomplete or misinterpreted project scopes
Creating inaccurate estimates
Producing inaccurate project prioritization lists
Growing employee frustration
Following is a list of the different categories of Spooky Data you may encounter and what is entailed in the Haunting Error that accompanies it.
Spooky Data – Inconsistent data standards
Data entry inconsistencies may include multiple spellings or a variety of punctuation marks for the same person or company. They can be found in emails, customer relationship management, and other spreadsheet data sources.
Haunting Error – Everything is in a mess
The lack of proper data entry standards leads to confusion, turbulence, and demoralization.
The Fix – Establish Standards
A few of the items to consider when establishing standards include:
Remove inconsistencies like corporation vs. corp., company vs. co., incorporated vs. inc., etc.
Determine capitalization, abbreviation, number format, and required field issues.
Decide if first or last names will be used for sorting purposes.
Include information like preferred contact names. For example, does Andrew Smith want to be called Andrew, Andy, or Drew?
Provide templates or forms to streamline the data entry process.
Spooky Data – Unidentified inefficiencies
Multiple unidentified inefficiencies exist, from failed data migration, process disorganization, and a lack of discernment concerning project history.
Haunting Error – Repeating past mistakes
When unidentified inefficiencies ripple along in the daily workflow, they can cause minor snags or, left unattended long enough, create an impenetrable dam.
The Fix – Identify inefficiencies
Make use of accessible, accurate, and easy-to-find historical data. Review last month, last year, or the last project to figure out more about how your construction business can:
Avoid previous pitfalls
Avert scheduling problems
Pivot workforces
Spooky Data – Haphazard data collection
With poor data governance comes arbitrary, careless, and erratic data input, which inevitably leads to inconsistent outcomes. Some examples of this type of data collection include:
Asking only satisfied customers for feedback.
Inquiring of employees who happen to be around at the time.
Relying on anecdotal evidence alone.
Haunting Error – No one is truly informed
This method leads to skewed data that does not accurately represent the facts and can cause misleading interpretations and poor decision-making.
The Fix – Collect data from reliable sources
Systematic data collection gives you a benchmark for comparison. Collecting data from reliable sources in various ways allows you to apply systematically the information for planning purposes and problem-solving endeavors. However, the data you collect is only valuable if it is consistent, standardized, and high-quality. One basic process you can follow concerning collecting data is:
Decide what data you need to collect.
Choose the timeframe for when the data collection will take place.
Establish your data collection method – surveys, interviews, social media monitoring, or other methods.
Collect the data.
Analyze the data and implement your findings.
Spooky Data – Inadequate data
There are multiple ways in which data can be inadequate. Some of the noticeable ways are:
Outdated information
Missing details
Incorrect pricing
Duplicate entries in a database
Typos in customer or employee names
Inconsistent data formatting
Incomplete customer demographics
These and other problems arise, leading to data decay (also known as data degradation.)
Haunting Error – Lack of data management
Data is not a one-time and forget-it proposition. Without understanding that continual management of incoming data, sources, and upkeep is part of the process, data degrades to useless over time.
The Fix – Create a data management strategy
When creating a data management strategy, look for ways to automate as much as possible. Then, use the following steps.
Involve the entire team in determining what data is missing or has become degraded.
Develop a data management plan using the proper technological solutions that allow you to collect, manage, and analyze data.
Based on the type of data, determine the means for collecting, preparing, storing, and distributing it.
Establish data reporting and monitoring practices.
Regularly review data at set intervals for quality purposes.
Tip: Assign data management tasks by title (not by a person’s name.) That way, if a person changes positions or leaves the company, everyone will still know the proper data management channels.
Spooky Data – Conclusion
Spooky Data includes any data that is missing, mishandled, or misaligned. Further, Spooky Data creates havoc in your construction business by creating Haunting Errors. The most crucial step to counteract the problems associated with Spooky Data is to foster a culture of data accuracy across your construction contracting business.
Final Note: If you looked at the information provided above and thought it to be overwhelming or considerably more than you have time or talent to tackle, rest assured, you’re not the only one who has felt that way. Because The Profit Constructors specializes in providing advisory services to individual construction companies based on their unique data sets, dealing with Spooky Data and removing Haunting Errors is one step we take in helping our clients Run With the Big Dogs.
Our goal is to help clients properly utilize data to make informed decisions and gain performance insights. By doing so, our clients emerge as healthy, productive, and profitable businesses in the construction industry.
Ambitious Construction Contractors look to The Profit Constructors to provide advocacy in dealing with:
Clients and customers
Employees and subcontractors
Vendors and service providers
Governmental entities
Working with The Profit Constructors gives Construction Contractors the means to organize their operations in ways that help them:
Remain informed
Avoid hassles
Reduce risks
Be future-ready
Ready for action? Or want to know more? Get in touch today to schedule a complimentary discovery call. 866-629-7735
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