While the construction industry has been slow to embrace technology innovations, the stakes are at an all time high for many contractors and construction companies. With modern construction technology redefining the way that business is conducted, companies have to take a strategic, holistic approach to adopt and leverage technology to improve bottom-line growth and operational efficiency.
Learn how companies are taking advantage of newer construction-centric technologies that are easy to use, easy to deploy or access on a job site, and improve productivity almost immediately.
Evaluating The Costs and ROI on Construction Technology
Oftentimes, an organization’s reluctance towards new technology adoption derives from the need to adapt their current processes and workflows in order to utilize these advanced technologies, rather than the technology itself.
Regardless of whether this mentality stems from the sunk cost fallacy revolving around current processes or from the initial financial implications of adoption, the fact is these construction technologies have continuously proven to not only save time and money, but enable organizations to increase contracts and profits.
For example, construction technology such as BIM (Building Information Modeling) software offers organizations the ability to create digital representations of buildings or structures in real-time, streamlining the collaboration process between architects, engineers, contractors, and other construction professionals.
This efficient method of collaboration between various departments decreases the time needed to spend during the planning, design, and construction phases. BIM also improves decision making capabilities, thereby reducing unnecessary costs associated with inaccurate material acquisitions, logistical planning, permit-related delays, and much more.
Fueling Effective Project Execution Through Advanced Data-Driven Insights, Communication Capabilities, & Automations
Akin to the different set of tasks and responsibilities required within each phase of a construction project’s lifecycle, various construction technologies play an equally beneficial role in improving the efficiency and effectiveness of project completion.
Data that is properly disseminated out of silos can track project history, suggest competitive bids based on past projects and competitors’ choices and even speed up communication between departments.
Flexibility And Scalability To Meet Equipment, Materials And Supply Chain Needs
By implementing an enterprise-grade ERP software solution, construction organizations are able to use real-time data insights throughout the entire supply chain to make decisions more effectively and efficiently. For instance, cloud-based ERP systems offer the ability to remotely access and input information related to equipment and material needs, real-time site updates, and project progression status.
This geographically unrestricted access to information and data provides decision makers the resources needed to effectively scale and bid on new projects, while offering the flexibility to adjust current project’s priorities or meet various needs at a moment’s notice.
Reduction Of Accidents & Improvement To On-Site Safety Protocols
According to a study by OSHA, 4,764 construction workers were killed in 2020, five times more death related incidents than laborers within any other industry.
In response, a Boston-based construction technology company created an algorithm using Artificial Intelligence (AI) to capture images from job sites, then analyze and review the images to identify safety hazards and match them with corresponding accident reports. This particular implementation of Artificial Intelligence has been used by construction organizations to calculate risk ratings to improve safety training and protocols.
In addition, Artificial Intelligence enables organizations with the ability to simultaneously track contractor and equipment interactions, providing automated alerts for errors, safety issues, and inefficiencies.
Open Collaboration Capabilities Across All Project Stakeholders
Due to the number of people involved throughout the various phases of a construction project lifecycle, efficiently collaborating and communicating between teams can often feel like an impossible feat.
By implementing a cloud-based project management platform, teams responsible for various tasks and phases of the project are able to review and input project-related information within a centralized hub.
This increased level of accessibility and sharing capabilities creates a streamlined method of sharing and reviewing project models, designs, and up-to-date decisions made on-site. The collaborative features of BIM improves the rate in which teams are able to successfully complete tasks, ultimately saving costs from reduced project completion times and additional contract bidding opportunities.
Effectively Set & Measure Against Project Benchmarks
In order to accurately forecast the timeline of a construction project during the planning phase, teams must factor in variables which have the potential to cause delays and add unforeseen costs. Big data is able to provide construction organizations with a repository of data collected from both current and past projects, which can be used to identify trends in projects that have historically resulted in delays or additional costs.
This vast repository of data provides an effective method of setting project benchmarks and measuring against previously established project benchmarks. By consistently comparing and contrasting project benchmarks, construction organizations are able to continuously improve budgeting accuracy, enhance labor management capabilities, and reduce the required amount of time needed to successfully complete projects.
Create A Digitized & Connected Construction Management Strategy With Hartman
Implementing new technology can be a challenge in any industry, but construction in particular struggles in this area; barely half of all firms are utilizing up-to-date technologies to improve their decisions and processes.
While it may seem prohibitively expensive—in both time and material cost—to attempt any changes within the existing structure of a construction company, the benefits that modern construction technology can offer may pay for themselves sooner than industry leaders may think.
Advancing digital and AI solutions can help construction companies complete projects faster than before and win more contracts, converting directly into enhanced profits. This, coupled with a streamlined process approach reduces unnecessary expenditure and bolsters construction company success.
The professionals at Hartman Executive Advisors help construction leaders to identify areas where their existing technology may not sufficiently handle modern issues and implement newer assets that integrate with current systems. Reach out to learn more or to schedule an appointment to get started.
