short term working capital

The Construction Industry’s Digital Transformation: 3 Innovations You Need Now

Tech-Driven Transformation in Construction

Not only are automation, robotics, BIM, and AI changing and revolutionizing work environments and back offices, but they are also reducing project costs.

New technologies are constantly being adopted by society, and the construction sector is no exception. Your top priorities should be cost reduction, increased productivity, and the abolition of human mistake and rework. Digital transformation and automation can help you achieve these objectives. When it comes to construction, not being innovative can mean not surviving.

Some construction companies may find it difficult to survive as the technology gap develops, while others will benefit from a competitive advantage that helps them advance. The cornerstone of this competitive advantage is data, which is also fast emerging as the most important asset for construction companies.

Consider the volume of information that passes through your company, such as drone photos and project contract data. In the upcoming years, it is anticipated that the amount of project data gathered would increase dramatically. If you know where to look and how to use it, operational and financial insights from this data can help you cut expenses, boost output, and do away with needless manual labor.

“There’s an incredible amount of data being generated every single day, but the vast majority of it doesn’t get processed and doesn’t tell us anything,” says executive vice president Jammil Handal of Priority’s newly developed automated lien waiver management solution for the construction industry, MX Build.

“The key is gathering this data more thoroughly and efficiently, then processing it wisely to draw conclusions.” In light of this, how can your construction company set itself apart from the competitors and utilize the information it has obtained effectively to propel forward? This article will examine three emerging technologies that are transforming back offices and work sites to increase productivity and cash flow.