Innovations in the construction industry are progressing rapidly, and the industry now has a tremendous number of resources to advance construction technology. Construction tech funding hit a record high of $2.1 billion in 2021—a 100% increase from the year before.
Investing in technology is paying off, with research showing that “digitally savvy” firms incorporating these new business ideas are outperforming other companies by as much as 48% on revenue and 15% on net margin.
Having the right technology is now more crucial than ever. This procure ROI video highlights some solutions that are driving results for construction industry leaders all over the world.
There’s never been a more exciting time to be a part of the construction industry. As it continues to change at an accelerated pace, innovations will bring about even more developments and advancements. Here are 3 innovations that may well shape the future of the industry as we know it today.
1. AI and Machine Learning for Construction Workflows
Optimized workflows are essential to well-running projects and teams, but due to the complexity of construction, workflows tend to be disconnected and manual.
Artificial intelligence is making it easier to successfully optimize construction workflows in the areas of communication, data, and transparency, and this results in greater productivity and profits.
Machine learning is also helping optimize workflows and improve decision-making. Predictive analytics uses current and historical data as well as machine learning enabling companies to make predictions about future outcomes. These predictions can be used to make more informed decisions and strategize the next moves.
Predictive analytics and machine learning supply a precise way to mitigate risks, take advantage of opportunities, and prepare for challenges.
This information gives workers the freedom to focus on higher-value activities that are more likely to improve profitability.
AI and machine learning increase safety at construction sites by automating safety observations and inspections.
2. Construction Management Software
Managing resources and employees are massive expenses for construction companies. Effectively managing that workforce can help companies run smoothly, optimize resource allocation, and avoid unexpected expenses and delays.
These software platforms are bringing efficiency and actionable analytics to their workforce, whether they be remote, on-site, large, or small.
Innovations in these construction management solutions include predictive tracking, forecasting, and mobile-first interfaces, removing many of the manual processes that come with resource planning.
Some construction resource management tools integrate optimization and agility into a dynamic planning process.
Worksite intelligence tools ensure workers are deployed where needed at the right time, as well as tracking progress across key areas of projects.
Meanwhile, labor management solutions use technology and connected devices to supply real-time tracking of workers, equipment, and other resources that are on the worksite.
These solutions allow companies to access metrics and forecast analytics to better distribute resources to the right projects at the right time.
3. Advanced Takeoff and Estimating Tools
The days of putting together quantity takeoffs and estimates using spreadsheets are over. Advanced takeoff and estimating software are now helping construction pros implement these processes more efficiently and with greater accuracy.
Modern takeoff and estimating solutions work in the cloud, enabling you to view and manage bids from anywhere.
These tools help teams connect data on one platform, leading to better collaboration. This enables everyone to work faster, produce competitive bids, and ultimately win more work.
These software solutions can create competitive bids from exact estimates and centralize all bidding activity while also offering collaboration tools like shared calendars to help your team stay on top of bids.
This makes it so much easier to stay on top of project files, key dates, and stakeholders so you can ensure that no detail slips through the cracks.
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