What Does The Future Of The Construction Industry Look Like Post- 2020?
Prior to COVID-19, experts forecasted increasing growth in the global construction industry for 2020. However, because of the pandemic, the forecast has now been revised down from 3.1% to 0.5%. This significant drop reflects the impact all along the supply chain from contracts with customers, suppliers, and subcontractors, etc. So what does this mean then for the construction industry and associated businesses?
Not only did the pandemic result in disruption of project works and financial commitments, it also caused issues with managing contractual obligations as well as in managing the workforce. Fear of spreading the virus has stopped people from working in close contact and has made it impossible for any work to be done in construction sites during the isolation period.
We might think this is only temporary because of the pandemic –but we don’t actually know how long the pandemic will last. Moreover, with social distancing becoming the norm, we can be sure that the future is bound to look different. So, how can the construction industry future- proof themselves and prepare for the future post-2020?
New technology in a contactless society
The post Covid-19 era will reveal technological reshaping and a foundational shift towards business models that will survive in a “contactless” society especially with social distancing becoming the new norm.
The previous business model which required physical participation of workers and manual handling of with paperwork will be obsolete with a shift to digitalizing operations in order to sustain their business and follow new health and safety regulations.
This is where opportunities can arise for businesses to explore and choose the right technology for them. For example: the use of Artificial Intelligence (AI), Robotic Process Automation (RPA) or simply digitalizing their systems to a mobile application or cloud-based solution in order to be more agile and serve customers more efficiently, remotely.
Overcoming Construction Management Challenges with Technology
The construction industry is continually transforming, but the fundamentals remain the same i.e. construction projects require a lot of coordination of people and resources in the field which makes communication and the sharing of information key to success.
Main contractors have a list of items to track and manage including their workers, subcontractors, suppliers, customers, daily progress, schedules, plant and equipment, financials, regulations etc. Traditionally, this information is recorded on pieces of paper, in tabs of spreadsheets or buried in piles of emails in someone’s inbox. This causes bottlenecks in the process or masks problems – both of which hurt productivity.
To manage this, we see a move towards mobile applications to allow construction professionals to communicate, coordinate and manage their projects anytime, anywhere – resulting in improved efficiency, reducing costs and speeding up project timelines.
This is where ContractX, a mobile cloud-based solution plays an important role to help construction businesses achieve seamless project delivery in all aspects including supplier management, subcontract management, materials, P&M and revenue management.
ContractX helps to fast track project delivery times and improve communication with clients and other project stakeholders. It also offers superior back-office capabilities, with real-time information sharing and simplified financial management functionality. The best part is that the ContractX app is user friendly, easy to navigate and secure. With ContractX, construction businesses can position themselves for success post-2020.
Embracing the New Norm with Technology – “Business as Usual”
Using the right technology helps speed up the recovery process and get construction businesses back on their feet after the pandemic. This is why embracing the new norm of today with the right technology is essential for construction businesses to continue to operate effectively even if history repeats itself in the future.