When we talk about the construction industry during the past two decades, one trend that has sustained and continued to grow with each day is the introduction of technology. However, the sudden outbreak of pandemic across the global boundaries have pushed all the construction firms even more close to the technology. The need for remote management and overcoming the existing burden of finances, delays, halts, and terminations have made construction firms look for technology solutions that can help overcome the unexpected and sustain the business.
Besides this, there are many other reasons why construction firms and contractors have shown a great interest in construction technology. Being a construction accounting software solution provider firm, we have managed to create a list of the top four trends that have caused the rapid uprising in the construction industry leading to extensive adoption of construction technology.
Talent Pool and Technology
Construction has always been an experience-driven industry that needs only the most proficient people on site to work on specific tasks and ensure quality execution. However, the present-day construction demands more workforces, and this needs the contractors to look into the modern talent pool.
Since the modern talent pool has a greater willingness and aptitude to adapt technology, construction firms that need to overcome the gap between workforce and business practices need access to integrated construction software technology. With technology becoming more accessible than ever, the advanced talent pool is more familiar with the construction project management software like ProjectPro and never resist utilizing technology resources for rapid construction.
If we go back in time, just a decade ago, a $200 million project was a great deal for contractors. However, the rapid expansion of the industry has pushed the expense limits to billions of dollars, making way for projects that are more complex than ever.
With contractors and project owners being more involved in the project lifecycle, the need for expense reporting, project status, labor records, all have become essential parts of quality construction. Since it is not feasible for a single person and even a team to keep track of all such data using excel sheets, switching to a construction ERP software has become a mandate to overcome such complexities.
More Professional Inclination
For years, construction has been seen as a trade of general contractors and architects. Nevertheless, the times have changed as subcontractors from various trades have turned to be professional business assets essential for the success of construction projects.
Also, this change of approach in construction has made the concept of project execution more professional than ever. Project owners these days believe that every stakeholder involved in the development stage of the project lifecycle is a professional service and this style of collaboration encourages better project achievements.
This realization has not only fostered the need for technology but has improved the decision-making process in construction. The use of construction accounting and project management software has helped in streamlining the communication and delivering its benefit in construction.
Last but not least, costs have been the most significant factor that has pushed the contractors and construction firms towards rapid technology adoption. Since construction is a business that offers a very low-profit margin, most contractors initially had a resistance to invest in technology which eventually turned to be the reason why the industry was not able to scale properly even if it was a trillion-dollar business.
Though it took some time, contractors with time get to understand how technology has become a reason why they were not able to secure desired revenue. Talking about the present day, the use of technology in construction has turned to be a must-have for effective decision making. Moreover, the R&D made on technology use in construction has made it more affordable than ever allowing contractors and subcontractors to have a rapid shift from legacy solutions and practices.
Conclusion – Embracing Technology
Even if the construction industry took it longer to understand that technology is more of an investment than an expense, the rapid adoption allowed contractors to practice quicker onboarding, better project planning, and efficient management.
Having access to technology allows contractors and project managers to pilot ideas on projects through centralized decision-making. Though it is not necessary that every technology works well for every project, contractors only need to plan their decisions as per their business requirements. Either it is compliance, monitoring, or any other project lifecycle tasks, having access to the right technology is crucial for the right execution ensuring maximum value of the projects.
And if you are a construction firm that is more on the corporate side of construction, make sure you choose a solution that can help you improve your operations delivering maximum consistency while preventing any volatility. This is quite necessary for construction as, unlike other industries, the construction industry does not have the bandwidth to cater a payback period after spending thousands of dollars on a business solution.
As profits in construction are quite unstable, scoring home runs would need you to have a clear picture of your business requirements in order to achieve the desired ROI through a technology solution. make sure you always invest in a solution that can cut that unpredictability in business by analyzing what can work for you and what not.
Regardless of size, it is necessary that you must aim to create value for your construction business using technology that is adaptive and easy to understand for your teams when they need to drive efficiency.
If you are looking for construction accounting and project management software that is easy to use, meets your business productivity needs and helps you have maximum control over your revenue and cash flow, ProjectPro can be the ultimate assistance your need.
For more information, feel free to reach our experts.