Adoption of digital tools in the construction industry is accelerating, and for good reason. Learn why a growing majority of industry leaders are leaving paper-based processes behind—with technology investment spending to match. In fact, recent reports show that construction technology funding reached an all-time high of more than $20 billion in 2021—double the spend from the year before. Why? Because early adopters are already reaping the rewards of their digital investments, establishing a competitive edge that’s increasingly hard to beat.
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35% of construction professionals’ time is spent looking for project information, resolving conflicts and addressing mistakes and rework, according to Plan Grid. That’s the kind of unproductive activity that costs contractors time and money.
How technology can help: A purpose-built technology platform gives contractors a single, centralized digital hub for project data and documentation, eliminating the risk of missing, incomplete and inconsistent information-- and significantly improving workflows.
Over 65% of construction project estimating errors are a result of manual processes, according to an industry source, including calculation mistakes and the need to re-enter data in multiple systems.
How technology can help: By replacing error-prone pencil-and-paper calculations and generic spreadsheets with a construction-specific estimating solution that integrates seamlessly with other productivity solutions, contractors can expect a dramatic rise in data accuracy.
33% of typical construction projects go over budget, says Autodesk, and it’s not hard to see how that can wreak havoc with profits. The culprits? Calculation and communication errors, avoidable rework and scheduling delays are at the root of most cost overruns.
How technology can help: Optimized cost management is based on communication, transparency and sophisticated forecasting. Cloud-based digital tools that are connected in the cloud give multiple teams real-time visibility into financials, helping to reduce risk and protect profits.
Recent research reported by CNBC shows that firms rated as “digitally savvy” outperform
Others by as much as 48% on revenue and 15% on net margin-- and that includes construction companies.
How technology can help: If you’re not in it, you can’t win it. Construction companies that fail to make a significant investment in digital technology can’t expect to compete with those that do—and may even risk obsolescence as the industry moves toward a fully digitized future. Moving without delay from paper-dependent process to digital platforms will increase the competitive edge.
150,000 site accidents and injuries occur each year in the construction industry, according to a recent industry blog. But while on-site field personnel are understandably at greater risk than desk-bound office workers, many of these job-related incidents can be avoided with safety-focused protocols in place. How technology can help. Construction drones can be used to safely conduct jobsite inspections, monitor progress on projects, and identify potential hazards each day, mitigating risk for human workers. Drones and other autonomous vehicles can also be used to monitor workers throughout the day to help ensure safer site conditions.