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Risk is inherent for any construction company, on any project. If there’s one thing we’ve learned over the past year it’s this: some risks are impossible to mitigate. The way construction executives pivot the company after a natural disaster could be the difference between the life and death of their company. They must be versatile and adaptable to change.
We’ve gathered four construction technology strategies the most successful contractors are utilizing to rebuild after hard times:
- Automate - See where your team spends the most time doing low-level tasks. There are many bottlenecks in construction workflows (think data entry into multiple systems) that are now being automated. This enables contractors to save time and freeze G&A costs. It may seem obvious, but getting feedback from your team on process improvements can help mitigate even the most obscure construction risk.
- Predict - With the power of predictive analytics platforms, many contractors have been able to not only survive, but see growth by gaining visibility on unnecessary upcoming costs and highlighting new opportunities to take advantage of. Spending money may seem like the opposite of what you’re trying to accomplish, but in reality, construction businesses across the country have turned to analytics technology to revamp their processes and save money.
- Unify - Contractors have begun to adopt cloud-based construction software to integrate their systems and keep their construction data within reach at all times. Now, whether people are in the field or their home office, they know what’s going on with current and future projects. Unifying the data from all of your different construction software into a cloud-based system also helps keep your information secure, so it’s not just floating around in Excel files, emails, or PDF’s.
- Procure - There is construction-specific search technology available that allows contractors to discover projects in-line with their specialty, resources, and current cash flow forecasts. What better way to recover from loss than building backlog? Some companies are taking this unprecedented time as an opportunity to diversify and find new projects they wouldn’t normally bid on.
Briq helps contractors use their data to drive better outcomes for all phases of construction. Using modern technology such as automation, machine learning, and predictive analytics, Briq helps to stop fee erosion, freeze overhead costs and provide better outcomes for your business. Contact us to see what Briq can do for you.
