Socrates is alleged to have asked the possibly rhetorical question, “Is the unexamined life worth living?” One might ask the same question of data — Is unexamined data worth storing?

Procore, purveyors of fine construction software, recently touched on the topic of the value of data analysis on their Jobsite blog. Duane Craig identifies “5 ways your data gives you value:”

  1. “Data captures detail. Data can tell you the who, what, when, and wheres of a construction project and bring anything else important to your attention.”
  2. “Using data to draw comparisons applies to nearly every business function and every aspect of a construction project.”
  3. “An important way to get value from your data is by distinguishing what is important from what isn’t. Weigh the value of different pieces of data. This is an ongoing process because sometimes what is unimportant today, becomes very important tomorrow.”
  4. “Your data holds the answers to many pressing business and project problems. These are all problems that require decisions to resolve them. Data supplies the necessary raw material for making better decisions that work well and quickly.”
  5. “The data that you collect, compare, assess, and use to make better decisions ultimately helps you understand. It helps you to understand the business world you operate in, as well as the project world where you spend so much time.”