Digitisation Trends for the Construction Industry
Ireland's construction industry is expected to grow by 7.2% and reach €24,839 million by the end of 2023. But what technologies are supporting the construction industry's growth?
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In today’s working world, even industries that are based on manual labour such as construction are starting to become more digital, embracing new technologies to help them overcome some key challenges. For those in the construction industry, these challenges might include project delays, labour shortages, lack of visibility, rising costs of building materials, and compliance regulations. According to a 2020 report by IDC InfoBrief and Autodesk, 82% of European construction firms are treating digital transformation as critical, however, 32% of firms spend less than 3% of total turnover on digital technology improvements. With a vast number of solutions available, it can be difficult to know which technologies can deliver maximum benefit. Below we explore some of the key digitisation trends seen in the construction industry.
SaaS Solutions
The move towards cloud software has been seen across many industries in a bid to future-proof operations and allow for growth. This has seen the rise of SaaS (Software as a Service) solutions which allow users to purchase business solutions as a subscription-based model. Another great advantage of this type of solution is that it stays evergreen, with updates and upgrades automatically applied meaning users are always on the latest version of the technology with access to the latest functionality. This means that the company no longer has to manage upgrades themselves or worry about maintaining the infrastructure, ideal for construction companies allowing them to focus on more value-add tasks.
Project Management
Good project management and project planning are critical for success in the construction industry. Ensuring the right employees, contractors, sub-contractors, and equipment will be available at the right time for each construction project can be challenging. Due to this, construction companies often require detailed project management functionality to help ensure a high level of control and the ability to monitor all ongoing projects and the moving parts within them. While good project management is not a new development for the construction industry, project management solutions will continue to advance and form a core part of the business solutions required for the construction industry.
Real-Time Insights
Construction companies today have more data at their fingertips than ever before, and it's important to get value from it. Having access to real-time data insights is critical for many organisations across various industries, but especially in the construction industry where projects are high value and have a lot of dependencies from resources to equipment. Business intelligence software like Microsoft’s Power BI can help organisations visualize data and drill down into data for deeper insights ensuring organisations are always analysing the latest data and can act accordingly. Typically, platforms like this are cloud-based meaning they can be accessed from any location at any time.
Digital Document Management
As we move into a more digital age, many organisations are trying to lower their paper-based and manual processes. However, for many construction firms manual document processes are still a core process for things like project approvals, health and safety reports, risk assessments, onboarding, and much more. However, there is a move towards digital document management to not only reduce manual processes but to become more sustainable and secure. With digital document management systems, documents can be easily accessed and transferred to submit approval or requests allowing for transparency in all document processes.
One solution that is helping construction companies digitise their processes and become more efficient, profitable and productive is 4PS Business Software. 4PS offers a fully integrated software solution built on Microsoft’s Dynamics 365 Business Central tailored to the construction industries with functionality to help manage finances, project management and much more. To learn more, read our client Glenveagh’s case study on 4PS or download the 4PS brochure here.
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