Will Your Construction Company Be Better with New Technology?

KPMG International recently published its 2019 survey results of the global readiness of the construction industry. The data show progress with initiatives that contribute to success—things like a diverse workforce and effective reporting and governance. A good portion of the report addresses the advancement of technology and how it is likely to affect the construction industry.

As with most industries, technology’s rapid growth and numerous applications are disruptive for construction too. Advancements in modeling, design, and analytics are already entrenched in most organizations. But emerging technologies are coming faster than ever—are these disruptors helpful to the construction industry?

That Depends on Your Attitude

Over 70% of the companies surveyed believe that AI and XX will be a significant part of construction operations soon. If you agree, then you will be likely to adopt change faster, and company leaders will drive this shift. Those who are reticent to get on the technology bandwagon are most likely to suffer. These “behind the curve” companies represent about 20% of the industry. Perhaps this is an opportunity for bigger risk-takers to advance their market share by adopting new technology to their advantage.

What’s Next?

Nearly half of the companies consider themselves actively working toward digital and technical transformation. The majority of the remaining are also starting to adopt technical changes to prepare for future operations. Choosing to move forward is critical in maintaining productivity and, hence, profit levels.

The highest adoption rates by the top 20% of “innovative leaders” are in Building Information Modeling (BIM), data analytics, information systems, drone use, and mobile platforms like employee scheduling software. These all provide demonstrable improvements or are easy to adopt based on cost and learning.

What’s Holding You Back?

Less common technologies may not have a proven track record. Low adoption rates for machine engineering and 3D printing, for example, may reflect low levels of understanding. 29% of companies believed that a lack of knowledge reduces adoption of new technology. Other advancements may be too costly. AI and robotics probably don’t come cheaply, after all, and 38% of companies consider budgetary limitations the reason for lack of technological advancements. And over a third of respondents feel that employee resistance hinders their taking bold steps in technology.

Whatever the reason, the majority of the innovative leaders in the top 20% believe that several emerging technologies will be the norm within a few years. By adopting a future-looking operation that melds technology with higher productivity, construction companies will benefit through higher profits and a more sustainable construction organization. A little disruption means a future-ready construction industry for innovators who choose to adopt new technology.

Author Profile Jon Forknell is the Vice President and General Manager of Atlas Business Solutions, Inc., a software marketing company specializing in employee scheduling software, including ScheduleBase employee scheduling software, and other business software solutions. In the past, Jon has been recognized by the U.S. Small Business Administration as a SBA Young Entrepreneur of the Year. Atlas Business Solutions was named as one of Software Magazine’s Top 500 Software Companies in 2004 through 2007, and 2010, 2013, 2014, 2016, 2017, and 2018.