Industry Trends7 min

Why You Should Rely On Data Rather Than Instinct

Data-driven Construction Helps Builders Mitigate Risk and Strengthen Profitability

For many years, construction pros have relied on experience and gut instinct more than on data, but that’s rapidly changing. Many banks, investment groups and insurance companies now need a construction data analysis to help identify potential risks before okaying a construction deal. And in the field, builders need easy access to actionable information – both at the lot level and company-wide – to help boost quality, control costs and manage trade partners.

LP helps customers, in part, by sharing data and industry insights. This is particularly helpful for smaller builders trying to compete with bigger builders in their market.

LP views itself as more than simply a manufacturer; rather, it values the depth of the relationships it forms with customers. It is an example of a building solutions company using data in transformative ways to help customers. “We’re leveraging data to better understand how we can bring value to contractors and homeowners,” says Liz Hunt, an LP marketing automation specialist. “A great example is the LP BuildSmart® app, which allows our preferred contractors to manage their homeowner leads. Not only are we helping connect homeowners with qualified remodelers, we can also identify which areas of the country have the most demand for LP® SmartSide® products.”

The LP BuildSmart Program rewards your hard work with access to proven product training, marketing support and priority lead generation. Ready to apply now?

But LP doesn’t work alone in this endeavor to support customers. They turn to other industry resources, like IBACOS, to understand and address industry challenges.

“Our company is really a knowledge provider that leverages technology, not a software company in the homebuilding space,” says Glenn Cottrell, managing director of Builder Solutions at Pittsburgh-based IBACOS, makers of the PERFORM® lot-level quality inspection platform that offers on-site installation tips for hundreds of building products (including several LP solutions). Cottrell’s team recently helped create a digital guidebook and library of installation illustrations to support in-field technical standards for Toll Brothers, America’s fourth largest homebuilder.

Using PERFORM on a smartphone or tablet, a field manager can quickly validate that the job site complies with Toll technical standards. It’s also an excellent on-site training tool. “If supervisors are inspecting a shaft liner installation and want to make sure it’s done right, they can pull up a side-by-side checklist and illustration. If improvements are needed, a supervisor can show the trade contractor exactly what’s expected.”

Like most other industries, homebuilding is getting too complex to rely solely on experience and instinct. Homebuilder data analysis is an inextricable part of everything from project financing and risk management to quality assurance and customer satisfaction.

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Business Advice6 min

5 Tips to Conquer Cash Flow Challenges

If you’re feeling the pinch in cash flow this month, you’re not alone. In fact, 84% of all construction companies face tough cash flow challenges, enough that it stalls company growth. Without good cash-on-hand, companies find they are unable to hire more employees or take on additional projects.

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