18 April 2019
Resistance to Change: The Construction Industry
92% of construction companies declare that technology will transform business and will close the productivity gap. (KPMG, 2017)
There are many challenges facing construction companies as they strive for competitive advantage. There is a lack of clear visibility on the status of each project, as well as issues with communication flow and insufficient real-time risk management. These issues cause the performance gap for companies as they result in costly delays to project deliveries and affect every stakeholder involved.
The performance gap refers to the absence of digital efficiencies at each stage of the building process in the industry that can be profited from by using an adaptable digital ecosystem. What makes the construction industry a victim to the performance gap is that in comparison to other industries, it still relies heavily on manual paper-based processing. Business Intelligence has been found to be a key contributor to preventing the performance gap. Reports are generated in real-time and time lags that are produced by manual processing are eliminated. BI also removes key concerns such as lack of project visibility, poor communication flow and risk analysis. Using a platform that captures, automates and offers analysis on all data across all your construction projects ensures that the most accurate, up-to-date information is available as and when you need it.
To put this in perspective, 72% of U.S. construction executives claim the industry is not functioning at a rate of productivity. (KPMG, 2017)
The idea of business intelligence is to improve the relevance, timeliness, and flexibility of reports in order turn a presumption into a confident decision. For this reason, the future success of construction companies lies with taking action to the missing link between traditional processing and digital strategies. Quite simply, business intelligence can make the difference between effectively capturing and storing construction data versus putting it to work as a strategic advantage for your business.
While several other sectors have succeeded in raising productivity over the past decades, construction has largely remained stagnant. The findings highlight that ultimately construction companies need to and have the power to take a closer look at agile governance and digital communication flow.
With Glantus, each phase can be seamlessly transformed through BI and Automation- defeating the most common hurdles to high performance. Read the case study to see how Glantus worked with Gannon Homes to gain competitive advantage, become top innovators in the construction industry and ultimately prevent the construction gap.