Data-Driven Decision-Making: real-time construction market monitoring to enhance operational efficiency
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The construction industry is facing increasing pressure as it experiences the repercussions of the ongoing housing crisis. This forces companies within this industry to make cost-cutting efforts, which, to begin with, necessitates clear financial insight, a challenge for contractor firm VORM 2050. We examined how internal and public data can be leveraged for the employees to gain real-time economic insight to be able to assess incoming quotations, ultimately enhancing informed decision-making. Public construction market data resources were combined into a pooled cost index, in which weights were calculated based on internal quotations from manufacturer partners. Using R’s ‘shiny’ package, we integrated the pooled index into a dashboard that enables users to benchmark a quotation against another quotation of choice. Also, it enables users to recalculate a quotation to a different point in time to assess its price under the market’s condition at that particular moment. To obtain economic insights, the dashboard incorporates a customisable visualisation of real-time market volatilities relevant to construction.