After the pandemic hit, digital adoption accelerated and construction firms embraced a new era of technology designed to drive operational efficiencies and increase performance.
The good news is the technology works and simplifies complex everyday processes, including filling on-the-job positions, bidding on projects and networking with others working in the area. While word-of-mouth and handshakes are still the norm in business, contractors who also embrace technology can facilitate networking and make it easier to find jobs in today’s market.
Here are four reasons why technology is essential in today’s construction market:
1) Increased Networking
Similar to how LinkedIn searches replaced the old way of looking for jobs in the corporate world, technology has reinvented the ways the construction industry operates. Not only does technology allow firms to offload administrative tasks and operate more efficiently, but digital tools also enable companies to network more effectively and cast a wider net for recruiting.
Today, firms can connect with the right general contractors, subcontractors, owners, architects and suppliers in just a few clicks. Businesses can easily expand their networks and virtually meet relevant leads to grow their business faster. What’s more, the latest digital solutions simplify searching for high-quality jobs and allow users to search a hub of commercial leads by locations and project specifics.
2) Enhanced Project Visibility
Digital solutions empower construction firms to make the most out of every hour and every resource with real-time technology. High-tech tools allow firms to post projects, manage bids and amplify their team’s productivity—from their smartphone or tablet—onto a cloud-based platform accessible from anywhere.
The latest technology makes it easy to access on-demand data to inform decisions throughout the bid process and aggregate insights based on specific search terms relevant to different projects. Additionally, digital solutions simplify tracking and managing projects with advanced analytics and machine learning technology.
3) Detailed Competitive Insights
Crunching numbers and comparing the competitive landscape in the construction industry takes time. Technology can remove the lift and accelerate learning by automating searches and offering an in-depth understanding of the numbers (e.g., graphics, charts) at your fingertips.
With the power of an end-to-end digital solution, firms gain insights with real-time analytics and performance data and unlock the power of AI and machine learning. This allows for planning with predictive modeling and forecasting tools designed to be proactive in the volatile construction market.
4) Simplified Bid Management
With an advanced suite of bid management tools, firms can expedite the bidding process while increasing productivity, identifying relevant projects and managing bids throughout the entire process.
From start to finish, bid management tools help create efficient, consistent bids and make it easier to manage contractors from one centralized location. This streamlines processes and reduces busy work.
With all that is happening in the construction industry today, project management technology has proven to be a make-or-break solution to achieve in the volatile market. Firms need to focus on what they do best—planning, designing and building—and leave the day-to-day admin to technology platforms designed for the industry, by industry experts.
Ro Bhatia, CEO of PlanHub, is passionate about simplifying preconstruction for everyone to help businesses of all sizes increase productivity and efficiency. With over 500,000+ contractors in our nationwide network, PlanHub is the cloud software platform that empowers commercial construction professionals to expand their businesses by optimizing workflows, improving collaboration, and offering data-driven insights for more intelligent choices.