5 Ways to Grow Your Construction Business in 2023
2. Commit to Going Digital
Construction companies do not need to take an all-or-nothing approach to digitization. You can start by digitizing records, receipts, and construction accounting processes. Digitalization may also include some of the more innovative digital solutions such as implementing virtual reality, 3D printing, and drones, which are becoming more mainstream—but it doesn’t have to.
Automating and digitizing construction processes is a competitive advantage because it allows companies to grow without relying entirely on additional hiring while still being able to offer greater accuracy.
A recent Forrester survey already shows 75% of respondents in construction, engineering, and infrastructure have already experienced a cyber incident in the last 12 months.
4. Integrate Analytics for More Informed Business Decisions
Construction sites are home to more data than ever before, thanks to the addition of wearables and sensors on equipment that are constantly recording data like air quality, on-site temperature, noise levels, GPS coordinates for vehicles, meteorological data, as well as material and labor costs. However, construction companies must apply digital tools to help process this massive amount of data in order to meaningfully impact their operations and intelligently inform their decisions.
Real time data analytics in construction can identify patterns to improve job site processes that reduce the time it takes to complete a project while also making it safer and more cost-effective. GPS tracking data can be used to optimize the routes of robotic machinery and can even help make predictions to avoid operating issues or slowdowns altogether. Analytics can even be used to determine the best materials to use that are within the project budget and when to order them so they arrive on time.
5. Automate Tasks to Save Time and Avoid Duplication
You don’t have to “boil the ocean”: If you’re just getting started, prioritize the most repetitive tasks, like data entry, that can produce the greatest time savings and return on investment. Automation can be an attractive feature for prospective employees to work for a company that invests in a modern working environment.
Construction companies cannot rely solely on hiring more people to solve the labor shortages looming over the industry that have been set to take place long before the pandemic disrupted labor markets. By embracing even a few modern business processes, contractors can do more with the limited labor resources they already have.Looking for a real-life example? See how UMC Leveraged Payment Automation to Grow 25% Without Adding Headcount