The construction industry has been behind the technology wave for a long time – it’s still one of the least digitised industries in the world.
But, after almost two years of COVID-related delays, restrictions and shutdowns, automation, data and cloud technology are revolutionising construction.
According to an article by McKinsey & Company, platform solutions that serve multiple purposes like MYOB Advanced Construction are just what construction businesses are looking for in their technologies.
Above all else, it’s about creating an integrated construction technology ecosystem. What else can we learn about the technology trends? Read more below.
Key trends shifting the construction industry
After years of underinvestment in business technology, it looks like the tide is turning – here are some clues:
1: Optimism is high
A recent survey by Procore found that 52% of industry members felt optimistic about faster adoption of existing tech in construction.
2: Investment is increasing
During COVID lockdowns, a stunning 95% of construction companies invested in new digital technology.
3: Focus on costing
In the same survey, 64% of respondents expressed that they were investing in technology to solve issues with budgets and job costing, showing that this is a major area of concern for the industry.
4: Automation is standard
As technology develops, businesses can automate more and more manual processes, saving time and reducing the risk of error. In the construction industry especially, automation is vital to ensure that projects run smoothly.
5: Contactless services
Because of restrictions and lockdowns, more businesses have accelerated the uptake of contactless solutions like online payments and sign-offs, remote client meetings and collaboration tools.
Keeping up in a changing industry
Learn more about industry trends and what they could mean for your business by downloading our guide here. Once you’re up to speed on these trends, you can also read more about MYOB Advanced Construction.