The construction industry isn’t known for its willingness to embrace change, so it’s no surprise that, generally, the industry’s been slow to accept technology. Enter the Covid-19 pandemic and subsequent economic turmoil and labor and material shortages, and many business owners are now looking to technology-based solutions to drive productivity and keep costs low. Below are five examples of how modern construction technology can help control project costs.
Make More Accurate Cost Predictions
Every construction project is unique, and for some projects, budgeting can be vague and inaccurate, rendering cost prediction difficult. Faulty cost prediction can lead to the need for rework. 3D modeling software like BIM allow businesses to shift from the design-bid-build model to a more effective design-build model. Project managers can use the software to:
- Digitize the construction site
- Help make better design decisions
- Improve predictability, productivity, and profitability of workflows
- Share plans and designs with trades and contractors to increase efficiency
- Compare supply and financial needs of different building techniques
Cut Down on Rework with Project Management Software
There are typically at least a few changes that need to be made to the scope of a construction project throughout the course of the job. In fact, approximately 30% of the work done by construction firms is actually rework. Project managers are constantly needing to change course, adjust budgets, and communicate changes to their teams as quickly as possible. When project managers take advantage of project management software, they can increase project visibility, improve communication and respond quickly to project changes, and streamline task management with real-time insights from the field. All of this helps to curtail unnecessary rework.
Stay Informed of Market Fluctuations and Identify Areas of Inefficiency
Construction companies are no strangers to the challenges that come with inflation, shifting labor costs, and irregular supply prices. Though these factors are typically observed during the early planning stages, by the time the project gets rolling, project managers could be working off of outdated market information. AI-based software can help project leaders stay informed of adjustments in regulations or costs, while construction budgeting software can help pinpoint inefficient processes within the project.
Prevent Inefficiencies with Real-Time Jobsite Data
Real-time on-site data is necessary to boost efficiency and improve projects. With construction management software, project leaders can collect real-time jobsite data such as daily reports, production tracking, and safety compliance. Daily data collection helps project managers spot and prevent expensive inefficiencies as they arise.
Communicate Through Digital Technology to Ensure Project Success
Construction companies can shorten turnaround time and operational expenses by strengthening on-site efficiency and output. This is why a large number of construction companies have started to invest in connected technologies, which use sensors and tags to connect job sites, machines, and workers, allowing for real-time visibility and adjustment capabilities for project leaders. Benefits of connected technologies include improved communication and transparency, more accurate timelines, and minimized risk.
