Using Data To Become More Profitable

Data analysis isn’t just a box to tick or a new-age fad. Done correctly, it can be used to make your rail contracting business more profitable.

Use Previous Project Information For Estimates

Using data from similar projects can help you to create a more accurate estimation of project costs, requirements and outputs. Traditionally, Project and Construction Managers have used their personal experiences to inform these estimates but they are based on memory, not data. Having a verified source of truth ensures that these figures are correct, based on an amalgamation of multiple similar projects.

Activity Pricing

Analyse your typical shift outputs, cost and resource to price your works more accurately. More accurate pricing and scheduling improves project value for you and results in smoother delivery for the client.

Payment Substantiation

On-site reporting using digital shift records creates a fully auditable timeline of your work, complete with embedded photo and video. Quickly and easily substantiate all of your work and, impress your clients with timely and thorough updates.

Using Data to save money, Source: Datafloq

To find out more about using data to improve project management, check out these blogs:

That’s Where Raildiary Comes In…

Raildiary’s rail-specific reporting platform has revolutionised the data collection and analysis process. For a chat about how we could help your business, register your interest today.

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In conclusion, data analytics has significant potential for rail companies looking to generate profits, but it must be approached with caution. By ensuring that data is protected and that its use aligns with business goals, rail companies can gain valuable insights and make informed decisions that drive revenue growth. Ultimately, the effective use of data analytics requires a strategic approach that is aligned with the company's broader goals and objectives, and it is important that rail companies invest the time and resources necessary