Is there a financial crisis in construction?

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In this e-book, The Access Group examines whether there is a financial crisis in construction and how integrated, cloud-based construction software solutions can help alleviate the economic pressures faced by many industry players.

Construction is a busy industry. The pressure has been building for some time and, for many, the breaking point is uncomfortably close.

For many companies, the strains the pandemic has placed on the economy and society as a whole have added to long-standing industry-wide issues that meant there was already little headroom. of maneuver.

Low productivity, skills shortages, tight supply chains and tight margins have become all too familiar themes.

Digitization and modern construction methods can certainly provide a wealth of opportunities to increase efficiency and productivity, but they are not, on their own, a magic bullet for all industry ills.

The problem of the centuries-old operation of the silo

For too long, construction has been guilty of siled work – and thinking – both within and between organizations.

Working in silos can result in wasted time and effort on unnecessary duplicate work, teams relying on incomplete or outdated information, and a lack of clear lines of communication and accountability. It also means that inefficient or flawed processes persist because there is no opportunity for a pair of fresh eyes to spot where changes can be made.

Silos are an age-old problem with no overnight solution, but with construction companies collapsing at such alarming rates, it is arguably more important than ever that the industry make the effort to break down the barriers that inhibit change, allowing companies to win projects and build faster, on time and on budget.

Much of the change will be cultural, with buy-in from the top, to promote communication and collaboration, information sharing to realize the value of data, and a focus on investment, learning and development .

How can integrated cloud-based software solutions help tackle the financial crisis in construction?

Technology also has a role to play. Integrated cloud-based construction software solutions from companies such as The Access Group enable companies to budget, track, bid, manage projects and manage on-site and back-office personnel via mobile apps at from a single dashboard.

This facilitates communication and collaboration between teams and the client, ensuring the right people have access to the right information, ultimately enabling project teams to leverage data to design smarter and deliver buildings more efficiently and sustainably. .

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