Performance management is important in any industry and 360 assessments are a common way for companies to get a snapshot of how their leadership and organizational teams are doing within their roles. Once those assessments are completed and reviewed, improvement plans and growth goals are established ensuring everyone is taking strides towards optimum performance.
The newest trend in the construction industry is based on the 360-assessment concept, except instead of focusing on people improvement, the 360 assessment focuses on improving construction operations. This trend is most likely in response to a 2016 construction industry research study showing that large projects across asset classes often end up 80% over budget and take 20% longer to finish.
According to Mary Shacklett, President of Transworld Data, “This is an enormous cost burden for construction companies and an unhappy outcome for customers. It’s also why there are very serious efforts underway to use data from different sources to make large-scale construction projects easier to manage.”
Knowing whether to use fixed data or unstructured data is important and having access to construction photos and data reports is essential for everyone on a construction project to maintain budget costs and timelines. To offset those challenges, big data, analytics and drones are beginning to work together to form a 360-degree construction project management system allowing for better project management.
Though technology hasn’t quite caught up to the desired 360 oversight, it’s getting closer and closer with 5G phones and better Wi-Fi streams. As more construction companies catch onto the idea, it won’t be long before 360 construction project management becomes mainstream – which is sure to please construction clients across the globe.
If you are interested in reading the entire article Shacklett wrote about how analytics is building up the construction industry, click here.
About Triple Crown Construction:
Founded in 1991, Triple Crown Construction built a reputation for itself as a reliable partner in the hospitality and commercial construction industry by understanding and delivering on its partners’ expectations. Based in Frederick, Maryland, Triple Crown Construction strives to approach each and every project with the goal to deliver quality, service, and value, and is committed to raising the standard of excellence in all areas of its work. The company operates with a family mentality, a commitment to the greater community, and a desire to work with those who aim to improve their customers’ experience.