A recent report found that 92% of construction project owners and 96% of contractors across the globe have a digital transformation strategy in place. Essentially, this means they’re transforming their businesses into “digital enterprises.”
A digital enterprise is simply one that does as much as possible electronically — from administrative tasks such as payroll and invoicing to collecting data in the field to managing and closing out projects. The goal is to make information easily accessible and readily usable to any authorized party who needs it.
With the tide turning for technology adoption in the construction industry, it’s time for contractors still wading through paper or struggling with old tech to catch up before they fall behind the competition.
What are the results?
The report, Global Capital Projects Outlook 2021, is based on a survey of 300 large-enterprise, capital project owners and construction professionals across the globe. Commissioned by construction software company In Eight, the survey was conducted online during February and March 2021.
It found that nearly two-thirds (63%) of contractors in the Americas say project management software and artificial intelligence/machine learning are critical to their success in the next one to three years. Half also list building information modeling as critical to success.
About 96% of those surveyed say technology can improve productivity, while 71% think it already has led to improvements.
Why transform?
When you replace paper processes with digital methods, you can eliminate the messy inefficiencies that come with manually logging and filing information and, later, having to hunt down hard copies in filing cabinets or storage rooms.
Plus, when you use integrated digital tools that can “speak” to each other — such as cloud-based software and mobile apps — project team members can more easily share and update information in real time. Thus, they can make informed decisions faster.
The report encourages widespread rollout of enterprise-level mobile software across construction company operations to improve productivity and collect and distribute data more holistically.
In addition, the right digital tools enable project partners to collaborate while remaining physically distanced, which became necessary when the COVID-19 pandemic hit and, in many cases, remains important during ongoing efforts to prevent the spread.
Are you ready?
The construction industry is in a tech boom right now, with innovative providers offering à la carte solutions applicable throughout a project’s lifecycle. Of course, that doesn’t mean you should throw money at IT products and services without careful forethought. Every contractor’s approach to digital transformation should suit its size, budget and distinctive needs. It’s okay to start small.
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