Construction Technology “could trim operational costs by 17% and capital costs by 21%.”
This finding comes from the World Economic Forum’s latest study which explores technology adoption and labor productivity in the Engineering and Construction industries.
A major finding from the study was that construction is lagging behind other industries when it comes to productivity improvements. In fact, the construction industry is actually declining in productivity, which equates to about $1.6 trillion of lost value for the industry.
Construction Technology was cited as a way to make big strides in unlocking that $1.6T in value.
Trim costs by 17%-21%?
Sign me up now!
Numbers like that make technology seem like a no brainer. Software-as-a-service (SaaS) tools designed specifically for construction are becoming more and more common on job sites, but not all of these technologies are a big success.
So, how do you ensure you’ll get value from a new technology? Here’s the 1 question you HAVE to ask:
Do field teams LOVE the technology you’re putting in their hands?
One of the biggest differentiators among SaaS solutions is the ease of use for field teams.
If construction technology is going to stick on your job site (and actually add value), making sure the people on site LOVE the tools you give them is critical.
The comment I hear all the time when talking to project managers and owners about new technology is: “Garbage in, garbage out.”
And, they’re right.
If you put bad data or no data into technology solutions you’re not going to get anything worthwhile back.
Quality data inputs are key to the success of any technology. Data is what lets you recognize trends and develop learnings overtime. It’s where the value comes from.
If you want new technology to succeed on your construction projects, make sure field teams love what you’re putting in their hands. They are your eyes and ears on-site. Make their life easy.
Construction Dive has a good article that gives an overview of the World Economic Forum’s study and why technology is a game-changer for construction productivity and cost savings. >> Check it out.
One of my colleagues did a great deep dive on Construction Facts about productivity and how to cut waste. >> Construction Companies Are Leaving $1.6 Trillion On The Table.