Alternative Data for Construction is one of the most important industries in the world. It is responsible for the creation of buildings, bridges, and other structures that are essential to modern life. The construction industry is also one of the most data-intensive industries, with a huge amount of information generated during the design, building, and maintenance of structures. However, the industry has traditionally relied on traditional data sources such as blueprints and surveys to make critical decisions. This is changing with the advent of alternative data sources.
What is Alternative Data?
Alternative data can come from a variety of sources, including social media, satellite imagery, and public records. Alternative data is often unstructured and requires advanced analytics to extract meaningful insights.
Why Alternative Data is Important to the Construction Industry
Alternative data has several benefits for the construction industry. By analyzing sources, construction companies can gain insights into the financial health of companies involved in construction projects, potential risks associated with a project, and the preferences of potential homebuyers.
By analyzing data from social media and other non-traditional sources, construction companies can get early warning signals about potential problems with a project. This can help companies take action before a problem becomes a major issue.
Potential Providers of Alternative Data for Construction
There are several potential providers of alternative data for the construction industry. Here are two examples:
inFilings
inFilings is a technology solution that structures and normalizes abstract text from US SEC filings data. This data can be used to gain insights into construction projects, such as the financial health of companies involved in construction projects.
QuestMobile
QuestMobile is a Chinese app data aggregator with more than 700 million mobile devices. It provides data on user behavior, app usage, and mobile internet trends.
Conclusion
Alternative data is a valuable resource for the construction industry. It can provide insights into the financial health of companies involved in construction projects, potential risks associated with a project, and the preferences of potential homebuyers.
Finally, alternative data can be used to increase efficiency. By analyzing data from mobile devices and other sources, construction companies can identify areas where processes can be streamlined and made more efficient. This can lead to cost savings and improve the overall profitability of a project.