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For more than a few years industry experts have been suggesting that technology is going to come, and revolutionize, the construction industry.
And, to some degree, it has. Over the last few years, the market for technology in construction has inched up; sitting at $450 million globally in 2018, it crept to $467 million in 2020 and continues to climb. But industry watchers expect it to reach more than $2 trillion — yep, trillion — in the next four years.
Why? Because the construction industry is in sore need of the help technology can offer. In a world of impossibly tight margins, frequent inefficiencies and broken budgets, construction needs an infusion of everything cloud-based tech offers.
Let’s look at a few things it provides construction companies, and why smart construction businesses are increasingly turning to intelligent, online tools.
Better protection – cloud-based technology is already used by many cybersecurity companies to create tools to safeguard precious digital assets. This is because technology can look at massive amounts of data, like that generated by the continuous, relentless sophisticated cyber-attacks, and make sense of it. The bad guys are using these tools too; it’s a vicious cycle.
Better planning – Construction is a very unpredictable business. But that doesn’t mean business leaders can’t take historical and current information and make good predictions of outcomes if they have the tools. You guessed it, those tools are online, again because the technology can sort and analyze copious amounts of historical data faster than several human minds could. For example, tools like Briq can help construction companies make more accurate, predictable estimates by seeing the real picture buried in financials.
Early warning – Because of its ability to review massive amounts of information at once, cloud-connected financial software is an amazing tool for recognizing anomalies and things that aren’t going along as expected. Anyone can look at a happening after the fact and decide it was a mistake, but technology can help see things going off the rails in time to change tracks.
Of course, these technologies aren’t a human mind. They can collect, consume, and analyze data lightning fast, but it’s no substitute for a human mind when it comes to strategy. Briq can automate workflows to collect information from across different silos in the organization, can help provide decision-makers with the information to make better decisions, but at the end of the day, a human being needs to make those decisions.
The good news is the more often the industry takes advantage of the technology at hand, the smarter those decisions will be.
Delve deeper into the benefits of modern construction finance technology in our eBook The Argument for More Technology in Construction. Or, to find out firsthand how Briq can help you make better data-driven decisions around your company’s financials, visit briq.com/demo.
