Construction
Modern business IS digital.
But despite some of THE most pressing needs for process improvement, and incredible, consistent market growth, construction companies report some of the lowest investment in technology.
These needs and the ferocious increase in activity are set to revolutionise the sector. There will be casualties. From human resources issues and supply chain turbulence to productivity pressures and an ever-increasing compliance burden, construction businesses know they need to adopt digital business if they are to survive and grow.
And whilst there is undoubtedly resistance within the industry, there is also a huge array of low hanging fruit for those construction companies that will lead the way as early adopters.
For example, business analytics can enable a construction business to use data science for predictions and forecasts with single databases creating one version of the truth. These can replace the reliance on ‘best guesses’ and experience that has characterised the industry. And they act as the basis for automated processes that modernise the entire company.
Elsewhere, in a post-Brexit and post-COVID market, the agility that technology can infuse into a supply network has become one of the hottest industry topics. Real time collaboration between network members, suppliers, contractors, and subcontractors is now one of the keenest competitive advantages.
So given such acute concerns, why is the industry so resistant to embracing digital business?
Typically it stems from a legacy of protecting ‘business as usual’. This attempt to maintain the status quo is at the detriment of there being a business in the future.
Also, construction companies are often well protected from global competition. Once they reach a certain size, they can assume a position of dominance or see out entire economic cycles. This effectively cushions them from all but the most ferocious market changes.
But in a market that is now characterised by uncertainty over materials, skills, regulation and a push for productivity, that level of turbulence has increased and forward thinking construction businesses are evaluating how technology can help.
It will be these early leaders that dominate the market and ensure viability. To discuss how to make your construction business one of these next generation leaders, email our sector specialists.