The digital transformation has led to a new construction era. Some companies are driving the change. Others are playing catch-up. Our new construction era is a lot of things, but it isn’t a spectator sport. To become or continue to be a thriving construction company, you need to become a part of the digital transformation.
3 Business Plan Elements for the New Construction Era
Do you remember the popularity of the 5-year business plan? Every organization worth its salt had to have one.
If you wanted to make a 5-year business plan for the new construction era you would include anticipated:
- Cash flow
…for the next five years, even though you can’t predict supply chain crises and employee turnover for the next 5 days. Instead of focusing on the duration, focus on embracing the technology.
Here are 3 elements you need for your digital transformation business plan:
Every employee must be included in your digital transformation process. “Unfortunately, when going digital, many construction firms neglect to seek…buy-in from their key stakeholders. This leads to a major disconnect between the initial implementation of new technology, and how many workers actually use it on a day-to-day basis,” says Construction Dive. Instead of setting timeline goals, patiently focus on getting employees on board with training. Your people are worth it.
While manufacturing productivity has averaged a 3.6% increase, construction productivity has grown a measly 1 percent a year. A digital transformation could increase our productivity by as much as 15% and reduce financial loss by as much as 5% per project.
Do you know where the bottlenecks are in your productivity? You should. Correcting unnecessary time- and money-wasting will contribute to growth. And your digital solutions will overcome the bottlenecks to your business that are holding you back.
Construction continues to be among the least digitized industries, but we’re improving. Digital transformation can streamline and minimize process and project issues in the new construction era.
New technology should be implemented to fix pain points that are actually hindering growth. For best results, tech solutions must be delivered as fully integrated, cohesive systems… –Briq
We Digitize. You Analyze.
For the marketing professionals at Construction Monitor, the new construction era is proving to be an exciting time. After all these years – we saw the future of data analytics as early as 1989 – we are finally “preaching to the choir.” The construction industry is moving much faster to embrace technology, including ours.
To find out what our building permit datasorts can do for you, call 800.925.6085 (International/435.586.1205) or contact Construction Monitor.