Construction innovations are evolving at lightning speed, with technology funding for the industry hitting a record high of $2.1 billion in 2021. These investments in tech innovation are significantly effective; studies are showing that “digitally savvy” construction companies outperform their contemporaries by as much as 48% in revenue and 15% in net margin.
There are so many ways that tech is influencing the construction industry we can’t fit them all in one article. Here are 4 of the most exciting technology advancements that are transforming the construction industry – and a future blog will address even more.
1. AI and Machine Learning: Optimized workflows are critical for well-run projects. However, due to the complex nature of construction, workflows are often disconnected and manually generated. AI is making it easier for transparency and communication to thrive in construction environments, resulting in greater productivity and higher profits. Machine learning and predictive analytics are rapidly becoming a necessity for the industry’s core stack of technology tools. Predictive analytics and machine learning give companies a precise method for mitigating risks, recognizing opportunities, and preparing for potential challenges.
AI and machine learning can also optimize construction site safety by automating safety monitoring and inspections. AI can identify potential safety hazards or notice when workers aren’t wearing PPE. The possibilities for implementation are vast.
2. Resource and Workforce Management Software: The management of resources and personnel represents a significant expense for construction companies. Effective workforce management can help businesses maintain smooth operations, optimize the allocation of resources, and prevent unexpected delays or expenses. Software platforms specializing in workforce management solutions may include predictive tracking, forecasting, and mobile-first interfaces – eliminating many of the tedious manual processes associated with resource planning. Companies can utilize metrics and forecasting analytics to make sure resources are allocated to the right projects at the right time. Workforce management solutions allow construction firms to be precise and efficient, minimizing wasted resources.
3. Next-Gen 3D Printing: 3D printing has been considered one of the top construction innovations for several years, but it is not resting on its laurels. 3D printing is moving from the realm of “cool novelty” to “required industry standard.” With creative and strategic implementation, 3D printing can accelerate projects, make materials more accessible, and allow for the creation of elegant and beautiful designs. 3D printing can be utilized to print parts, fixtures, and even furniture for your project, especially useful when the industry is facing supply shortages. Rather than waiting weeks or months for materials, even the most remote worksite can print what they need within a few days. Experts believe 3D printing’s applications and usefulness to still be in their infancy and expect it to impact quality control and provide solutions for skilled labor shortages – not to mention allow for ever-more advanced designs.
4. AR, VR, and the Metaverse: Virtual Reality (VR) and Augmented Reality (AR) immerse users into the digital world and bring digital elements to our real-time surroundings (together known as the metaverse). Immersive reality and the metaverse is no longer only the stuff of video games, but it is bringing real benefit to businesses that rely on cross-departmental collaboration to succeed. Via headsets and glasses, teams can “meet” in the metaverse and interact with each other in real-time. While still in its infancy for use in the construction industry, applications for teaching, training, and sharing methods are exciting.
We have barely scratched the surface of how technology is transforming the construction industry, so we will be continuing this series in the very near future. In the meantime, if you are a Sarasota construction firm looking to utilize technology to streamline your business and gain a competitive edge, call Alliance IT today. We have the experience, expertise, and professional team you need to implement the innovative technologies you are looking for.
