After decades of lagging technical adoption, the construction industry is working hard to forge a new digital identity. Over the last 2 years, a combination of internal and external forces has driven contractors to experiment with and embrace technology like never before, including increased demand spurred by a growing population and skilled labor shortage. Following this period of examination, the coming year will see contractors focusing on the most effective ways to implement technology and leverage data analytics across their organizations.
A Transforming Industry
The journey to digitization is not without challenges. This year, as technology adoption and innovation in the industry moved from a few early adopters to the growing majority, it became clear that not all tech strategies and solutions are created equal. It also became apparent that technological transformation isn’t only about the products, but the people and processes as well. When new data sets or tools are implemented, organizational change must follow.
While some technologies solely streamline or digitize existing processes, internet-of-things (IoT)-based technologies create entirely new processes and data sets. The question for construction companies then becomes how to best prepare for and manage change while ensuring that new tech solutions deliver results and create real value for their organizations.
Over the last year, construction business owners and solutions providers have begun to wrestle with finding the right answer to this question. The valuable lessons learned provide a roadmap for the next 12 months. As a result, in 2019 construction business owners can expect to see an increased focus in the following areas.
1. Internal Processes & Infrastructure
Record investment in construction technology companies over the last 7 years has given rise to an emerging construction technology ecosystem comprised of wearable devices, sensors and drones. These devices collect and transmit real-time location, activity and utilization data from workers, equipment, tools and the environment.
The industry’s ability to leverage this new groundswell of IoT data continues to evolve. Business owners are beginning to realize the strategic value that data and technology have to offer organizations. However, in 2019, the most successful contractors will be the ones who tie technology adoption, implementation and action to defined business problems, allowing for faster arrival at a solution.
Previously, contractors might have used internal technology (IT) and/or innovation budgets to test the latest tech solutions on the market, all in hopes of developing a specific use-case and achieving great return on investment (ROI) along the way.
If you would like to learn more, feel free to check out Pete Schermerhorn’s original article on ConstructionBusinessOwner.com. Click here to continue reading…