The Tech Treadmill: How Rapidly Is the Construction Industry Treading Towards Innovation?
The new era of the construction industry, where innovative technology is leveraged as a pure-play notion, is just around the horizon
The construction industry, which is renowned for cost and schedule overruns, is achieving enormous efficiency by gradually embracing modern technology. While many construction companies are steadily realizing the promise of new technology, they are typically hesitant to undertake large-scale projects with applications that they view as experimental. To obtain better utility from public and private investment in large and small construction projects, governments and concerned authorities should assist in implementing innovative technology within the industry to help it enter a new age.
In India, construction technology startup investments soared to unprecedented levels in 2021. According to Tracxn statistics, the sector received a total of $104.2 million in investment as of June 15, 2021, the most in the last seven years. Today, the construction sector is being braced by the presence of advanced technologies and methodologies that are crucial for seamless construction project execution. The upgrade in processes is being carried out by organizations that are consistently developing apps and equipment for better execution. Many such organizations are enabling the most innovative technologies such as 3D printing, task automation, and prefabricated components to gain significance in the sector. Construction technology is indisputably one of the most prominent industries for investors globally, with $28.1 billion invested in over 1,400 entities. It is also noteworthy that almost a third of the funding has been raised in the last three years (2019–2021).
Stepping into the new era of construction industry
The fine thread existing between evolution from one era to the next is subtle in most cases, but the advent of innovative technological solutions has made this change more noticeable. COVID has accelerated application cases for remote monitoring, auditing, progress, material ordering, and tracking in large-scale construction. In residential construction, the inclination has shifted from high-touch human engagement to pure-play digital interaction from the design phase until the handover. The very substances that make up the core of contemporary construction convenience are the software solutions that provide a digital DNA to construction project management.
Utilizing technology-enabled systems, construction companies and stakeholders can efficiently track and monitor on-site activities for any project size. The program enables users to estimate the cost of construction resources, execute activities, and track progress quickly. Eighteen billion dollars were spent on building innovative technologies for the construction industry between 2013 and the beginning of 2018. However, according to McKinsey research, executives struggle to implement these technologies in a manner that they would have liked, not due to cost concerns or lack of enthusiasm, but due to inefficient operating rules and cautiousness. These different technologies are assisting in the improvement of the complex end-to-end workflow structures that are manifested by the construction industry at different stages. However, as a whole, the construction industry can only be successful if the whole framework is streamlined and carried out efficiently, and that can only be achieved with digitized construction project management apps.
Construction project management apps the sun that is causing the new dawn
Conventional ways of construction project management have impeded the expansion of the sector as a whole. According to India's Ministry of Statistics and Programme Implementation, the rescheduling of 504 projects has resulted in cost hikes of more than 19 per cent! Construction project management apps can seamlessly monitor project development, site attendance, material inventories, and invoices; automate reporting; identify problems; and manage finances. It is a powerful and intuitive software solution. It has the capacity to effectively manage project operations and streamline teamwork and communication on the job site. The construction management software gives the construction project ecosystem a triple advantage by strengthening and integrating the three Os of the construction project workflow: the construction teams on-site, the office staff, and the owners of the project.
The application evaluates daily progress, labor, and machinery reports for on-site management teams. It produces a work list and a goal schedule. All purchase orders and material requests are encrypted on a central server. The office team may handle the main construction management tasks from their location through the software's embedded digital tools. The back-end reviews and all invoices are duly received on site through the centralized system, thus avoiding the danger of losing papers in the chain of command. The innovative technology tracks all building operations for project owners, making it a simple and powerful tool for modern-day remote and mobile-first construction management needs.
The new era of the construction industry, where innovative technology is leveraged as a pure-play notion, is just around the horizon. Emerging innovations like analytics, digitization, machine learning, and the Internet of Things, for example, have given enormous advantages to construction businesses at the forefront of adoption. The issues that are still present in the construction industry can be solved if pioneering construction companies take the initiative to be the leaders in the adoption of a new and innovative approach by adopting digital DNA.