Compared with other industries, the construction industry traditionally has been slow to adopt new technology. However, during the past few years, the industry’s investment in technology has increased significantly, according to www.forconstructionpros.com.
During a recent live simulcast, Aaron Toppston, managing director for Walsh Investment Group, offered the following four reasons for why the industry is seeing a more rapid rate of technology adoption.
- The talent pool and technology are changing. New talent is entering the industry and bringing increased willingness and ability to use technology. Additionally, construction technology is being designed to be more accessible and familiar, which makes those on job sites more comfortable using it.
- Projects are becoming more complex. Toppston says: “Ten years ago, a $500 million project was enormous. Today, there are billion dollar and multibillion dollar procurements both in the private sector and the public sector.” Because projects are larger, administrative reporting requirements grow exponentially.
- Traditionally, builders and those in the trades were not always viewed as “professional services,” but that is changing. Everyone on a job site is viewed as a professional service. Project owners expect to be able to trust all stakeholders on the project to do good work, which has led to more collaboration between various project entities, such as builders, architects and engineers.
- Technology costs have dropped. Construction typically is a low margin business, and more affordable technology has played a significant role in its adoption in the industry.
