Fortunately for the AEC market, the amount of historical cost data is much smaller for even the largest companies. But what would you do if you had access to all of your historical project data? Would you go back five years? Ten years? Fifty years? Regardless of how far back you want to go, everyone wants to explore their data, to look for patterns and trends and discover relationships and correlations that drive key metrics and help them make better decisions.
That’s why we built Eos Cortex. It captures historical estimate and actual cost data. It lets you browse structured data and search for unstructured data.
For example, you can search for all the data centers built in the last five years in the Midwest or find all the wind turbine projects awarded through a Guaranteed Maximum Price (GMP) contract. You might study characteristics (attributes) like the ratio of structural steel tonnage to the floor area. You might search for all the multi-family projects with three-bedroom units between 1,200 and 1,400 square feet so you can study the gross vs. net residential area of these types of projects. Maybe you want to study the parking efficiency ratio (sqft/space) of urban vs. suburban parking structures.
Enter a specific code (e.g., A1010.10) or some text (e.g., Wall Foundations) and Cortex will locate all the elements across all your projects. (Spoiler alert: a Wall Foundation doesn’t care if it’s supporting an industrial process facility or a school.) Now you can study the relative ratio of Wall Foundations to the cost of the overall project, or the ratio of Wall Foundation cubic yards to the floor plate size across buildings between five and eight floors.
Search for Centrifugal Horizontal Pump and filter the results by motor horsepower and pump capacity. Then you can study the installation rates (i.e., show me the average man-hours to install one of these pumps) or identify the high, low, average, and median material prices. Or maybe you want to study the average number of elevator stops vs. students in higher education facilities.
The examples are limitless. The type of data you need will change on every project. But with data at your fingertips, you have the freedom to roam. To learn about your data and make better decisions every day. To use the data to inform design (e.g., they have way too much steel in this building) or validate proposals and third-party estimates (e.g., that subcontract number is 300% higher than the historical average).
Explore your data and transform your firm into a data-driven market leader. Shift your decision-making strategy from qualitative to quantitative. Facts over guesses. Information becomes insight.
With Cortex, you have the freedom to roam.
Click here to watch our most recent video about how to search for elements in Eos Cortex.