Three Reasons Why Construction Companies Fail When Trying to Predict Injuries A study in collaboration with a group of Carnegie Mellon University researchers found that future workplace injuries can be predicted with accuracy rates as high as 80-97 percent. By applying these predictive analytics practices in the real world, construction companies are successfully predicting and preventing workplace injuries, resulting in millions of dollars in savings, stronger safety cultures, and increased workplace productivity. Hard to believe? Why? Predictive analytics has been used successfully for years in other business functions, such as sales, marketing, and finance. A recent study by Ventana Research claims that predictive analytics has entered the mainstream. Bain and Company found that companies who adopt big data analytics are twice as likely to be in the top quartile of financial performance within their industries. Predictive analytics works, and now its being used to save lives on construction job sites around the globe. Nonetheless, when contractors try to implement predictive analytics, they often struggle with three main challenges.
Posted on: Fri, 24 Oct 2014 16:14:36 +0000
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