Technology innovation

5 proven ways technology can raise the bottom line in construction

Wednesday , December 21, 2022
2 minutes read
5 proven ways technology can raise the bottom line in construction

How to effectively adopt new technologies quickly

Before deciding which technologies to adopt, you should research various available solutions. Then, you can test to determine which options would best help solve your company’s biggest challenges.

After research and testing, you can follow a three-step process with selected technology: adopt, embrace, and invest. After that, you must ensure that all staff embraces it through education and training. Finally, technology adoption requires time and money, such as licensing fees, equipment, implementation, education and training, and maintenance and updates.

What does technology mean for your bottom line?

Technology is changing how construction teams work by increasing efficiency and reducing overall costs. Here are five proven ways that technology can help improve the bottom line.

1. Technology assists stakeholders in the project to collaborate effectively

Technology makes it easier for contractors to communicate and collaborate with architects, owners, and teams. You can collect and share information with others while asking questions and getting real-time input. In addition, valuable technologies help with reporting, document sharing, construction management, and data collection.

Other common examples are building information modeling (BIM), bid management software with integrated response trackers, mobile devices with automated alerts and notifications, online plan rooms and virtual meeting platforms, and GPS tracking.

2. Technology allows contractors and project managers to save more with the right decisions

We can adjust the building model in real-time to see how changes impact cost and labor. Designers and contractors can better visualize how different design scenarios change the look of the building. This helps project teams make more informed decisions. It also increases the chances that the project will stay within budget and timeline.

3. Technology simplifies and automates the working process in real-time

Supervisors can use a mobile device to record employee hours and send them to the field office. This eliminates the need to complete paperwork and streamlines the timesheet-approval process. In addition, it is helpful to decrease the errors and inefficiencies involved in paper-based record keeping.

4. Technology ensures team accurately meets documentation and compliance regulations

Technology allows construction teams to better meet documentation and compliance regulations by allowing everyone to complete required documentation more accurately and promptly. For example, electronic document management solutions can store digital photo, video, and webcam documentation. Then, construction teams can access these systems via a secure online document portal from any mobile device. This way helps to save more time and reduce the potential for penalties.

5. Teams can access real-time project data by utilizing cloud-based technologies.

Mobile technology, like tablets and smartphones, paired with cloud-based data storage and management systems help improve the efficiency of workflows on the job site. For example, contractors can access blueprints, documents, contracts, and other important information from the job site, decreasing wait time and avoiding costly mistakes.


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