A Digital Dawn for the Construction Industry
Author – Alf Delli Fiori – CEO Eredox
Currently, the construction industry is staged for tremendous growth, but also the chance for great risk. This is fundamentally the product of the industry’s slow adoption of digital technology, and its integration with their business activities. While prediction models estimate new construction growing just over four percent annually for the near future, today’s cost of construction includes 30% of waste.
Caused mainly by errors or inefficient labour, most companies can quickly boost their productivity with the simple integration of software and technology; the problem is that it’s often difficult to get all engineers, subcontractors, designers, and general contractors on the same page— all parties must collectively embrace the technology at once for any new digital tool to have a significant positive effect.
When existing construction firms are slow to adopt change, smaller or younger companies have a strategic advantage to capitalize on the current growth of the market; which is projected to grow six percent per year in the United States by 2020 alone.
As businesses seek options to foster efficiency, new business models born from the rise of blockchain can enable smaller firms to match or exceed the performance of the giants in the sector, setting them up to disrupt industry incumbents. As large and complex projects continue to exceed original budgets and take longer to complete, enabling your organization to take advantage of new technologies will let you cash in on this growth.
Systems for Your Entire Business
Having your entire organization with all of its departments on the same page will only lead to fewer miscommunications, reduced human error, and proper deployment of labour. The next factor of the equation here is the variables outside of your control; namely the professionals you collaborate with on every project.
As previously mentioned, to truly make a new digital system work for your firm all participating parties like engineers, subcontractors, etc. must collaborate and be able to work seamlessly with you. The best-designed software focuses on this problem by creating a unified and intuitive user interface (UI) and pleasing user experience (UX). In addition to gathering everyone under one intelligent system, each individual user should be able to find the system easy to learn and use, while also enjoying it.
If all of your employees and contractors can work on and share details of a project quickly and clearly, reducing the possibility of miscommunications, and without inconveniencing productivity or the business; integrating a new digital technology can turn your construction firm into a network, with every piece operating at maximum productivity leaving your organization agile so you can focus on out servicing your competition.
Technology is an Asset for Enterprise
As you are likely aware, the current state of the construction industry is already taking matters into its own hand as firms increase reliance on digital or software systems for their project workflow. The rise and heavy use of Microsoft Excel or similar cloud-sharing files like Google Docs that multiple team members can view and edit are all examples of stop-gap solutions to increase productivity while reducing error.
These existing tools weren’t designed specifically for your use, but have the ability to aide your people when they need to get the job done. This perspective is key for understanding how technology can be an asset to your enterprise and not a hindrance. New systems shouldn’t be difficult to learn, labour intensive to operate, and inconvenience your day-to-day.
Rather, new digital systems designed from the ground up with user experience in mind and backed by AI and blockchain can dramatically improve your productivity by getting users on the same page, communicating with each other effectively, and being enjoyable to use. By reducing those waste dollars from errors or poor communication, while simultaneously providing new analytical tools and payment systems, you can position your organization to outperform others in your sector… and be prepared for the future of industry growth.