Caterpillar Inc.’s recent announcement that it is investing in Chicago-based technology startup Uptake is a strong signal of the construction industry’s current appetite for data analytics.

Contractors, rental companies and others who use heavy equipment have for years had the ability to collect data from their fleets. But much of that data is based on history—things that have already happened on a construction project. A new digital age is on the horizon that will allow equipment users to get out in front of their projects and more accurately forecast costs, failures and operational inefficiencies before problems occur.