The 2024 Election’s Potential Impact on Tax Policy–Post-Election Version
With the election behind us, and Republican control in the White House, Senate, and House of Representatives ensured, the direction that anticipated...
For decades, the construction industry lacked technological advancements for work planning and execution. That’s no longer the case. New digital tools offer a competitive advantage to those companies willing to invest and embrace change.
Most people think of buzzwords like artificial intelligence, virtual reality, and machine learning when they hear advancements in technology. However, technology can be used in much simpler ways for construction needs. It’s not just “nice to have” access to real time data for construction business planning, it’s an expectation to remain competitive.
Bid margins remain extremely competitive, and companies must incorporate planned efficiencies on projects from newer technology into their estimating processes.
Advancements in technology have accelerated the project execution process while offering significant benefits to safety, invoicing and cash collection, and other back-office support.
Contractors gather data through their day-to-day tasks, including bidding and estimating, project planning, job site execution, invoicing, and project close out. Historically, this data lived in disparate systems, or worse yet, only on paper in a job trailer.
Digital tools, like business intelligence (BI) reporting software, provide immediate data access and analysis to support decision-making.
Contractors have multiple reasons to use digital tools both on the job site and in the back office. This list is not comprehensive but provides some key impacts for organizations who embrace new technology.
It can be intimidating to implement new technology. It’s hard to know where to start, but alignment within leadership is important when embracing change. This can be very manageable if a business focuses on a systematic approach.
In general, a contractor who follows the above process should have an effective implementation of any new technology or digital tool. Challenges can arise if a step is missed:
Exploring digital technologies for construction is just one example of building a more future-proof business strategy. Whether you are a contractor, subcontractor, developer, architecture, or engineering firm, it helps to work with partners who understand the construction industry. Contact our construction advisory team for help with your business goals.
With the election behind us, and Republican control in the White House, Senate, and House of Representatives ensured, the direction that anticipated...
Editor's note: This piece was originally published in 2020 and has been updated to reference new changes in Illinois state law.
For decades, the construction industry lacked technological advancements for work planning and execution. That’s no longer the case. New digital...