However, there are other new and innovative technologies poised for explosive growth due to their ability to truly transform entire industries and fix previously broken processes. One of these technologies is big data and data analytics. And one of the companies in the National Capital region using big data to create substantial and beneficial change is BuilDATAnalytics, Inc.
Using the incredible amount of data created during massive construction projects, the company’s revolutionary CTBIM SaaS solution helps to eliminate cost and schedule overruns, while empowering construction companies to make better, more data-driven decisions in the future.
Tiffany Hosey, the CEO of BuilDATAnalytics, Inc., will be presenting the company and its CTBIM solution during the Technology Showcase at this year’s Mid-Atlantic Growth Conference. We sat down with Tiffany to learn more about her background, where she got the inspiration for CTBIM and how it can revolutionize an industry that is traditionally slow to embrace new technology.
Here is what she had to say:
CGCS: Can you tell our readers a bit about your background? Where did you get your start, and how did you get into the construction software industry?
Ms. Hosey: I am originally from Jackson, Mississippi but moved to the D.C. metropolitan area to attend Georgetown University. I received a J.D. from The George Washington University Law School and worked as a civil litigator for about 15 years. For seven years after that, I worked as President of a family construction company.
Since I did not have a background in construction and realized it would be prudent to get at least a basic education about what was involved to competently run a construction company, I got a Class A license from the Commonwealth of Virginia and became certified in Quality Control Construction Management from the U.S. Army Corps of Engineers.
On one our company’s first projects – which involved the construction of a 2 million square foot building – I took the opportunity to work on the construction site from the ground up. It was while working on that construction site that the need for CTBIM revealed itself.
I first thought I was creating CTBIM to differentiate my company from others. To my surprise, the need for CTBIM proved to be universal on large projects. Really, CTBIM took on a life of its own once I started using it on the construction site.
CGCS: What is CTBIM? How is it different from construction management software on the market? What are its competitive advantages?
Ms. Hosey: Construction Trade Building Information Management (CTBIM) is a cloud-based, web-accessible software platform created by my company, BuilDATAnalytics, Inc. The goal of BuilDATAnalytics is to become the largest aggregator of construction data through use of CTBIM on projects ranging from renovation to new construction projects.
CTBIM offers real estate developers and building owners a new way to audit their projects and ensure the capture of a digital record of accurate “As-Built” data for complex construction projects. Our software is a SaaS solution that provides timely materials and expense management for improved speed to market and downstream project profitability.
Throughout the lifecycle of any project, CTBIM offers a complete suite of solutions that capture, track and manage information in real-time, to validate percentage completion by subcontractors, improve inventory validation and management, reconcile plan-to-field gaps, and provide streamlined communication for greater efficiencies and revenue capture.
Post-construction, owners of structures and their facilities managers have an accurate record of every component of their buildings, down to the hinges on doors, and can easily, digitally access all manufacturer, warranty, costing information, etc., throughout the building’s 39 year life cycle.
CTBIM is unique from other construction software platforms since the data driving the analytics comes directly and almost exclusively from the subcontractors actually building complex structures. On large, complex construction projects, CTBIM captures millions of data points daily that are then organized by our internal analytics tools. This has never been done before.
Subcontractors’ building activities are logged in near real time and those activities are linked to each subcontractor’s line item budget. CTBIM is then able to provide real time accounting for completed construction activities. The subcontractors’ limited interaction with the CTBIM system (4 interactions) results in the output of significant data that is useful not only while buildings are being built, but also have tremendous value for facilities managers and real estate developers and owners planning state-of-the art building projects of the future.
CGCS: What were the drivers for the creation of CTBIM? What previous challenges were construction companies facing and what holes existed in existing construction software that led you to the creation of this application?
Ms. Hosey: I, like most, have read news reports about government construction projects with cost overruns into the millions and billions of dollars. It always struck me as curious that there were unanswered questions about the reasons for the cost overruns. When I got into construction, I soon learned that cost overruns were a necessary evil that most expected and by all appearances accepted.
CTBIM tracks each iteration of the design plans from the architects.It tracks materials and equipment received on construction sites. It tracks building activities of every subcontractor and the monies earned by those subcontractors in near real time and it also puts a date and time stamp on the entry. All of these features display the project in a very visual, graphically organized way; builders are empowered to make cost overruns a relic of the past. Not only should there be fewer cost overruns when CTBIM is used, the days of not being able to identify the causes of cost overruns will also end with the adoption of our software.
My professional background is in litigation where everything proffered as evidence had to be supported by facts and not subjective opinions. It offended my sensibilities as a litigator that my company’s pay requests and validation of percentage of contract completion was based solely on the subjective opinions of others. No science was involved in the validation process. Whether our company’s claimed percentage of completion was accurate was determined solely by the opinions of others. Additionally, a series of embarrassing confrontations with site superintendents who requested information I should have had – but did not have at my fingertips – proved to be a bit disconcerting and motivating.
These things, namely being at the mercy of subjective opinions when seeking payment and my inability to track with accuracy, at all times, our company’s construction progress, served as catalysts for the creation of CTBIM. I was driven to create an evidenced based approach to construction. I truly believe in the old adage that necessity is the mother of invention. That was indeed the case with the invention of CTBIM.
CGCS: What new technologies and advances have enabled the creation of CTBIM?
Ms. Hosey: Mobile computing is the key to the power of CTBIM. The use of a smart phones, tablets, or wearable devices aids in our ability to have a software platform accessible enough for construction field crew to capture the millions of data points created daily on complex projects.
CGCS: What has the reception been like for CTBIM? Is it currently implemented in any large construction companies in the National Capital Region? Is it being implemented in others?
Ms. Hosey: Construction is one of the last industries to embrace new technologies. Our target clients are owners and developers of complex construction projects as they benefit a great deal from the transparency and accountability that our tool offers. CTBIM is also a risk mitigation tool that positively impacts many of the challenges often experienced by stakeholders, including general contractors, subcontractors, owner’s agents, construction managers, bonders, tax accountants and bankers, during complex construction projects.
CTBIM is currently being used during the renovation of the headquarters of the Association of the United States Army, in Arlington, Virginia. CTBIM will also be used during the construction of the National Museum for the United States Army at Fort Belvoir in Virginia.
CGCS: You’re going to be attending the 2016 Mid-Atlantic Growth Conference and participating in the event’s annual Technology Showcase. What made you choose to participate at this year’s conference? What can attendees expect from your presentation at the event?
Ms. Hosey: Last year’s conference was such a wonderful success and I feel privileged to have been asked to be a participant this year. I participated in the Ballston BID’s Launchpad Challenge in 2013 whose goal was like minded – to demonstrate the depth of talent and innovation outside of Silicon Valley.
Since starting BuilDATAnalytics, I have had the opportunity to meet dozens of CEOs of innovative tech companies in the area that receive little exposure. This conference takes a positive step forward in promoting the D.C. metropolitan area as a center of innovation, which will hopefully help attract investors, talent and clients.