For better or worse, the building industry is typically one of tradition. Like a fine art, many favored techniques have been passed through the ages, although occasionally updated with the latest engineering methods or material introductions. Today, however, a wave of technological advancements is – quite literally – transforming the industry at warp speed.
In short, construction and development professionals currently have access to a growing field of cloud-based software and systems that can systematically improve workflow and building efficiencies with enhanced data and analytical capabilities.
Yet according to KPMG’s Global Construction Survey, most construction firms are approaching today’s software solutions with a wait-and see attitude. Among the findings was that two-thirds of the 200-plus construction, engineering and major project owners surveyed said that they don’t use advanced data and analytics to monitor project-related estimation and performances. The study also found that fewer than 20 percent of respondents said they are rethinking their business models to incorporate new technology.
In an industry dependent on speed and competency, this is a surefire method for falling behind, losing bids, and missing out on the opportunity to better manage costs and increase profits. Additionally, with so many project variables in play and the shadow of liability hiding behind every error and omission, you would think the construction industry would be among the first to embrace the latest solutions for providing real-time visibility into project specifics.
According to the World Economic Forum, “Wherever the new technologies have properly permeated this fragmented industry, the outlook is an almost 20 percent reduction in total life cycle costs of a project, as well as substantial improvements in completion time, quality and safety.”
Not taking action eliminates the ability to turn data into useful details that better control budgets and tasks, while providing real-time access to jobsite information. These are key to establishing leadership in a highly competitive field, turning profits when margins are exceptionally tight, and creating efficiencies that extend from the office to the field.
So why are so many building professionals sitting back while their more tech-savvy competitors take the first step?
Sure, the cost and time of implementing new technology can be daunting. Similarly, realizing the benefits afforded by today’s cutting-edge technology products involves carefully choosing and implementing the right systems supported by partners that truly understand the construction business.
As you begin to explore your options, our partner Acumatica’s FREE Construction Management System Evaluation Checklist is a great resource. It is available here, featuring a grid that lets you display and compare from seven to 10 product features and benefits across five categories for two of the vendors of your choice, and Acumatica Construction Edition.
Just remember: there is no better way to stay on top than to embrace the future.