When done correctly, implementing innovative technologies in construction can help drive business performance. And a byproduct of driving business performance is unquestionably increasing return on investment (ROI). In this post, we’ll continue to focus on the benefits of digital innovation as it pertains to improving productivity in the construction field. But we’ll also show you how ROI can also be enhanced from doing so. Here’s a closer look:
Digital Innovation and ROI
Leaders in the construction industry have several things in common, but among the most notable is their commitment to implementing technology and innovation into their operations to help resolve many of the points of pain typically associated with the industry. In fact, according to KPMG’s 2019 Future-Ready Index, the most “future-ready” construction organizations are embracing disruptive technologies to further increase their competitive advantages. This isn’t true for every company, however. In fact, it’s estimated that only about 10 percent of CEOs believe a company’s success is contingent on investing in the right technologies.
However, according to a survey from PlanGrid, construction companies spend an estimated $177.5 billion in labor costs each year on the likes of non-optimal activities like fixing mistakes, searching for project data and managing conflicts. Furthermore, construction firms spend more than $30 million on rework caused by miscommunication, and inaccurate and inaccessible information on projects.
While these numbers are significant, it’s hardly all the survey revealed. For instance, the report states that construction workers lose nearly two full working days each week solving avoidable issues and searching for project information – valuable time that could potentially derail a project’s schedule and put it over time and over budget. Furthermore, project team members spend 14 hours per week managing conflicts, rework and other issues that take them away from high-priority activities. In fact, miscommunication and poor project data account for nearly half of all necessary rework on construction project sites.
The bottom line: innovation is key in order to prevent these costly errors from consistently occurring. While the majority of construction leaders believe digital innovation is not necessary to drive business performance and ROI, the ones that do implement innovation, are those who are reaping the competitive benefits.
Innovation in Construction: Why You Need it
If the above data isn’t enough to convince you of the importance of implementing digital innovation and mobile solutions into your firm’s operations, then we don’t know what is. It’s where a program like Anvl can pay big dividends for your company, helping transform the site into a safer, more productive operation. What’s more is that adopting such technology can help resolve the pain points that most job sites face. Nearly sixty percent of respondents want any technological adoption to be able to provide better access to data. About fifty-seven percent want any new solution to improve project productivity. Fifty-six percent reported a desire for enhancing the accuracy of project information. Here’s a closer look at what implementing a technological solution such as Anvl can help accomplish:
- Reduce rework: Faster access to information can provide more streamlined answers to the questions and challenges that may arise on a job site. While some amount of rework is often inevitable, a significant reduction of it will only go to make a project run more successfully and increase owner satisfaction.
- Bridging gaps in communication: Questions and issues are bound to arise on job sites. When they do, the right answer – and determining the right answer – in a prompt manner is crucial. Such platforms empower workers to find these correct answers or enable them to quickly reach out to their peers or superiors that do.
- Streamlined workflow: Technology empowers workers to do so much more than they used to. Mobile solutions like Anvl, for instance, can put inspections, assessments, checklists, observations, audits, permits, procedures and more into the palm of your hand to increase efficiency and collaboration. These documents are also easy to share with site leaders and owners.
Contact Anvl Today
If you’re serious about improving productivity on the job site and driving ROI in your construction firm, then it’s time to get serious about integrating digital innovation into your project sites. For more information and to see Anvl’s solution in action, contact one of our experts today.
