How Construction Technology is Shaping the Infrastructure Sector
The construction fraternity is observing a comprehensive shift on a global scale. Despite the massive challenges put up by the pandemic in 2020, the construction industry has shown signs of recovery and is ready to pursue better opportunities in the future.
However, the recovery process encompasses unprecedented challenges on the construction fraternity, such as competitive bids and deficiency of professionals, compelling engineers to run projects with lesser resources and constricted deadlines. As a result, engineering, construction & infrastructure enterprises (EC&O) are implementing advanced construction management technology to find practical yet economical solutions to these hurdles.
Technology & Construction –
As a facilitator of the construction industry’s progress, technology supports the infrastructure fraternity to improve their productivity and legacy practices in more than one way. Industry-leading technological trends such as digitization, cloud-based software solutions, drones etc., are extensively pursued considering their capability to enhance efficiency, coordination and management across their staff and customers.
However, some construction players are still restricted to traditional operation models, limiting their potential in the new reality. But the pandemic has pushed even those developers to come to terms with technologies like IoT, RPA, geo-fencing and more to ensure seamless business continuity.
The Role of Construction Technology in accelerating the Global Economy –
The global construction industry observed expansion from USD 7,200 billion in 2010 to USD 11,217.4 billion in 2019 and then dropped to USD 10,566.8 billion in 2020. Shortly after the pandemic, the sector emerged as one of the most resilient industries worldwide.
In the past decade, the construction and infrastructure industry contributed a sizeable share in the nation’s GDP across all phases dwindling from global recession to pandemic, creating jobs to inflation and more. Over the years, construction players have made dynamic attempts to embrace technology to help the economy expand. The implementation of advanced construction project management softwares over the years has bolstered construction firms to stimulate productivity by systematizing everything to create more employment and wealth for the country.
How Technology is Transforming Construction Functions –
Technology has enabled the infrastructure sector on multiple levels, both on-premise and off-premise operations of a project –
Cost Management & Reporting –
Infrastructure players benefit from advanced management and accounting tools for better cost management while ensuring a proper cash flow for the enterprise. In addition, a robust and simplified reporting structure with real-time updates adds effectiveness to the above-earned efficiency.
Estimation and Budgeting –
ERP solutions provide a firm command over all financial data, expenses, and other resources to make budgeting and planning smoother and more insightful.
Project Management –
Effective time-tracking, communicating, documenting, and field productivity management solutions like ERP systems, BIM etc., help construction firms to achieve their goals with ease.
Human Resources –
Contractors are implementing advanced software solutions to duck overpayments, time theft and other human resource management issues. An ERP solution assists them to oversee work hours to ensure no cost buildups undergo on labour resources.
Real-Time Insights and Proactive communication –
Implementation of technology in construction premises has effectively improved the flow of communication with access to real-time information anytime, anywhere from any device. Also, the management can initiate a seamless exchange of information for ongoing and upcoming projects with clients while working from home.
The Future – The legacy practices of construction firms are more guesswork than data-driven. Adopting new age technology will support managing all assets effectively with emphasis on sustainable productivity. Therefore, it is predictable that advanced hyper-automation solutions will gain a unique position in the infrastructure industry in the upcoming period by laying a foundation and helping the economy to recuperate and transform the industry even more.