Project Management—An Area for Improvement in the Construction Industry
As project volumes increase, so too does the level of business risk, with innovative technology solutions offering greater levels of control across construction projects.
Despite the benefits offered by digital solutions, KPMG’s Global Construction Survey shows that much remains to be done in terms of process and system modernisation.
Manual Processes Still Dominate
Every year, KPMG carries out a Global Construction Survey featuring insights from over 200 global leaders in the construction sector. Findings show that 67% of all respondents think that risk levels are increasing on construction projects. Add that to the 60% who also say that production volumes are growing. That makes it clear that the industry has to find a better way to handle project complexity to minimise the risk of mistakes, delays, and burned budgets. Improving how they work with data and analyses can provide construction companies with a real-time overview of how projects are progressing – something that could increase flexibility and make it possible to address any problems that arise quickly.
However, the same study also reveals that less than 8% of companies are considered “cutting edge” when it comes to using and adapting to new, innovative technology. Almost half of the companies surveyed use separate systems for reporting and monitoring project progress. At the same time, most of the respondents state that their companies remain heavily reliant on manual processes.
No Strategy for How to Benefit from Innovative Solutions
For organisations within this sector, the adoption of innovative solutions can still offer a considerable competitive advantage. Take, for example, the integration of building information modelling (BIM) solutions with project management systems. This connection makes it possible for your BIM solution to assign actual costs for labour and materials or other unique data to the project, ensuring greater accuracy and control for project cost management.
Less than half of the companies report that they have a strategy to use and benefit from innovative technological solutions. This is a shame, given that the construction industry is an industry where innovation can streamline and speed up the work. With an integrated project management system, you can improve project planning. Improved control of every step of your projects also makes the project result more predictable. Access to better information will give you more control over your projects and thereby also more control over your entire operations.
Optimise Operations with an ERP System for Construction and Project Management
4PS Construct is an integrated project management system for construction companies, with a built-in bridge to new technology. For example, a BIM integration has been developed for 4PS that seamlessly connects BIM with accurate data from your operations. Data collected with IoT devices can be used in 4PS to automatically create a service order, for example, when the temperature in a room rises above a specific limit. That way, a service technician is already on the way by the customer notices a problem.
4PS Construct will give you a complete system for implementation, with its portals, apps, applications for IoT, and BIM integration. This makes it possible for you to benefit from the new technology today!
Request a demo to see how Storm Technology can help your business minimise risks as project volume grows with 4PS Construct.