Technology Adoption: Is it Worth the Pain?
The question of why commercial real estate construction contractors and developers should be adopting advanced, user-friendly technologies and enterprise resource planning (ERP) systems is easy to answer. Today’s robust platforms provide employees companywide with “anytime, anywhere” information ranging from budgeting detail, permits, invoices and billing statements, to change orders, time sheets and blueprints from just about any mobile device or PC. Studies show the interest is there. According to FMI, 55% of engineering and construction firms reported they were “actively seeking new technology solutions” in 2018, while also using technology to more strategically manage organizational risks in areas like resource allocation, productivity and efficiency, safety, financials, design, and information security. Yet Dodge Data & Analytics in its 2019 study Using Technology to Improve Risk Management in Construction, found that 90% of the contractors surveyed “do not specifically budget for innovation,” although nearly all said “they’d like to be able to digitally collect and analyze risk data,” Construction Dive reported.