Are construction companies deploying technology fast enough?

Building technologies should be a top priority for building owners and businesses, and changing trends make it easy and efficient to build, maintain and operate with more benefits and less cost. While the industry only emphasizes the benefits of construction technologies, it is imperative that companies first understand how to easily invest.

The first step is evaluation. Assessing technology investments is essential because most companies may not have the funds to invest. Businesses should take the time to understand the costs associated with the different types of technology available.

There are limited short-term gains in technology investments, and it poses a challenge for some companies to justify making financial commitments if they are operating at a tight margin. In this case, keeping track of the expenses for the various assets of a project is essential. This would help businesses understand what to invest in.

For example, it is more profitable for a company to spend on AI and robotics that can replace labor rather than having to pay daily wages. An added benefit is the reduced cost of risk management and work safety, as automation facilitates the efficient use of resources.

The emergence of AI and robotics has made construction processes simpler and more efficient. These autonomous technologies offer methods that reduce costs and time, and also ensure a safe working environment. Deployment can also help reduce waste, which improves raw material management. This is crucial in these times when the cost of raw materials is not always stable.

Simultaneously, the architecture, engineering and construction sector is witnessing a transformation with Building Information Modeling (BIM), which helps companies visualize the entire project using 3D images and space use simulations.

Leveraging this technology reduces unit cost, increases profitability, maintains quality, optimizes fleet size, manages resources efficiently, speeds job completion with less fuel and rework, reduce excessive use of materials, attract tech-savvy employees, provide optimized training opportunities, prevent theft and misuse of equipment, and reduce time and maintenance and repair costs. Once a company fully recognizes the value, it can easily allocate the spend.

Companies should also use the return on investment (RoI) metric to measure and analyze the amount needed to invest in order to better understand the profitability of the project. While these options can be helpful, there is still a need to better manage budgets, especially for new start-ups, small businesses, and companies that rely primarily on software technology for construction projects.

Growing demand in the real estate sector and the increase in new large-scale projects have led digital construction solution providers to move to a subscription-based model, so that companies are encouraged to invest and increase their profits. and their operational budgets.

Investing in innovative technology has proven beneficial, but companies need to understand usage and whether it fits into their day-to-day operations. Investing in technology that adds nothing to the operation of the business, or if it lacks the skills to operate the product, will cause the investment to stagnate. Finally, research and cost know-how are key to making the right technology investment.

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