Adoption of Construction Technology, A Blueprint Of The Modern Project Profit Center
As the economy booms, ambitious construction companies are beginning to take notice of the increased project profit margins brought about by adopting modern construction technology. What firms once considered a “cost center” is now clearly defined as a “reliable profit center,” as a resource that can and does provide reliable control over the inherent complexities of construction project operations and management.
Construction Tech, A Core Component For Keeping Up In An Expanding Market
According to a 2015 report from PR Newswire, by the year 2020 the global construction market should reach a net worth that exceeds $10 Trillion. In all combined advanced economies, the 2016 to 2020 construction industry forecast expects a 2.2% per year increase in average market share. Predictions indicate the fastest growth in the Middle East and Africa but the predicted growth is universal, touching countries the likes of Austria, Belgium, Canada, the US and more.
Yet, the ultimate measure of worth is not limited to worth, for worth is often determined by growth in performance productivity. So to add that aspect into the framework of growth, we look now at a 2018 US Bureau of Labor report, “Measuring Productivity Growth in Construction,” wherein we see major productivity growth in:
- Industrial construction
- Residential construction
- AND The industry of bridges, highways and roads.
It’s all around us, touching every sector within the construction industry. But along with such rapid change comes a new problem: How do contractors keep up in this fast-paced demand for increased productivity, integrated operations and an ever-expanding mix of new players even within the construction industry? To be successful in this world of instant communications and responses, one factor must change: Every construction company must embrace the power of modern construction technology. Reliance on manual documentation, tracking and analysis is no longer sufficient. Not when the competition is making use of:
- Real-time jobsite communications
- On the spot readjustments for workforce deployment
- Instantaneous and synchronized mobile data collection and exchange
- Automated safety reporting and auditing processes
- Precision workforce and asset allocation and planning
- The skill-sets of the modern tech savvy workforce
- AND the power of a unified software platform that supports construction operations from the office to the field and back again, all in real-time.
Adoption of Construction Technology Mitigates Routine Risk Factors
Requirements for daily reporting will never vanish. Yet, both contractors and subcontractors continue to battle with an antique system of documentation. Use of spreadsheets, PDF files and seldom-completed journals is an obsolete pen-to-paper solution to an ever-expanding challenge. Failure to maintain accurate and up-to-date project documentation can lead to company disaster. Illegible or incomplete project documentation can result in:
- Loss of government contracts
- Excessive costs in project productivity
- Legal expenses due to a decade old lawsuit
- Damaged machinery
- Fines related to shortcomings in safety and health reporting
- Idle work crews
Do not get caught in the riddle of misplaced safety reports. Stop loosing bids due to inaccurate costing records. Eliminate waste due to poor project performance productivity. Take hold to the Assignar construction operations management solution. It’s quick, accurate construction technology at its best.
Take a FREE Assignar test drive today.