The construction industry in Australia generates nearly 360 billion in revenue. That’s nearly 9% of total Gross Domestic Product (GDP). It also employs around one in ten workers or 8.7% of the total workforce.
Construction companies can face lots of pressures. These include inflation pressures and rising wages. A shortage of skilled labour and materials has also led to increased costs. As a result, construction companies are considering what success looks like and how they can adjust. Or gain a competitive edge.
Previously, construction companies measured success by finishing projects on time and under budget. But now, success for a construction company means much more than that. Construction companies are finding new ways to measure success. This helps them to keep growing. For example:
Several other trends are also driving change in the industry. These include:
Completing projects on time is important. Construction companies are looking for ways to make their processes more efficient. This will let them finish projects faster. It also helps keep customers satisfied and ensures budgets don’t overrun.
The construction industry has faced a shortage of skilled workers for some time. This is especially true for jobs that need special skills. Companies are looking for new ways to attract and retain the best workers.
To make a project successful, it's important for everyone to work well together. This includes architects, engineers, contractors and subcontractors. Everyone needs to be able to talk to each other and share information.
Learn more about how to achieve collaboration in the workplace.
Construction companies have complex regulations to follow. These include building codes, safety standards and environmental regulations. If they don’t, it may result in financial penalties and reputational damage.
Construction companies can work smarter using technology like BIM (Building Information Modelling) or even drones. They can also use software to manage projects and help data analysis. This helps them do things more accurately and work together better. A construction company that knows how to use technology can stay ahead of competitors.
Other tech advances in data, analytics and artificial intelligence (AI) can help with project management and risk assessment. They can also help with predictive maintenance and resource optimisation. This can help with better decision-making and ultimately, cost savings.
How technology is supported is also important. Fast internet might be crucial to help ensure your software runs smoothly. Choosing the right nbn plan for your business will help you connect to the business internet with confidence. And not just in the office. Connectivity onsite is fundamental for many construction companies. This is where a reliable and fast internet connection helps. For example, when people need to access building plans or adjust on the move.
It can also help to have reliable mobile phone connectivity. Construction firms often work across multiple sites. Being able to reach people quickly via mobile phone can help ensure projects keep moving and are run efficiently.
In response to both challenges and opportunities, construction companies are making greater use of technology. This helps improve business operations, be more efficient and successful. Below we explore some tools to help empower forward-thinking construction companies.
BIM lets people make virtual 3D models of buildings and other big projects. This technology helps people on a project work together better. They can uncover problems early and help figure out how much things will cost. This leads to better outcomes for the project.
Project management software can help construction companies plan, track and control their projects. They also help with scheduling, resources and budgets. They ensure that they complete the projects well and on time.
Mobile phones and apps can help construction workers immensely - particularly onsite. They can use their mobile phone to send reports, download site plans and talk to their team right away. This saves time going back to the main office, making them more productive and with less downtime.
Drones and aerial imagery provide a bird's-eye view of construction sites. This helps with better site monitoring, progress tracking and safety inspections.
Wearable gadgets, like smart glasses and robotic suits, can make construction sites safer. They also make them more productive. They help workers stay comfortable and do their jobs better.
Special sensors and gadgets can help collect information from construction equipment and buildings as it happens. This helps people keep an eye on things from afar, fix things before they break and make the workplace safer.
3D printing makes custom building pieces, models and even whole structures. It helps make things faster and cheaper.
In construction, AR and VR technologies are used to help make designs come to life. With these technologies, you can take a virtual walk through a building before it's built. This helps builders plan and carry out construction projects in a better way.
Learn more about how to choose the right technology solutions for your business.
The construction industry is in the middle of managing change. Success is now measured by more than just finishing projects on time and under budget.
New technologies are emerging, and there are new challenges to face. But these changes also present opportunities for construction firms.
By leveraging these tools, they can improve efficiency, reduce costs, enhance safety and ultimately achieve better outcomes. Importantly, construction companies can set themselves up for long-term growth and competitiveness.
To learn more about tech trends shaping businesses in industries like construction, download our Tech State of Play reports. In this series we uncover insights to help propel your business further through technology.
Businesses that rely on mobile internet for their phones, tablets and other devices can benefit from the rollout of the enhanced 5G network.
Download your Tech State of Play report to help propel your business further through technology.
