The Cost of Doing Nothing by Stack Construction Technologies
Posted: August 2, 2023 | Project Management
Complacency is a killer in the construction industry. Does this sound like you? Your ways have been “fine.” Your systems have always worked this way. You have a process for your workflows. You know where things are. What you may not know is there is a high cost to doing nothing, and that it could cost you your business.
The longer you wait to adopt technology and advance your business, the more money you’re sinking into the costs associated with outdated or manual processes. We’ll guide you through what happens when you do nothing to advance and how your business gains when you adapt.
Do Nothing, Lose More
Tech laggards of the world are averse to innovation. Change isn’t in their vocabulary but failure to adopt technology can cause your business model to become obsolete. Keeping things the same can cause issues like:
Time wasted searching for documents.
The average construction professional spends 5.5 hours a week searching for the right information. When documents are scattered – on a desktop computer, in a job trailer, in the Project Manager’s truck – it’s impossible to keep track of what you need.
When only select people, devices, or systems have the data you need, tracking and sharing data is impossible.
Working off old documents.
It’s the #1 way to lose money in construction. Building from an old document will cost you ten times more in rework.
Risk of litigation.
Where is the centralized source of your data trail if a dispute arises? The average cost of disputes in 2020 for North America was $37.9 million. Do you have that kind of money to spend?
Printing paper plans, hiring additional Estimators, the rework and litigation mentioned above… doing nothing adds up.
Do Something, Stay Competitive
The great technology acceleration DOES apply to construction. According to a recent survey by McKinsey & Company, top-performing organizations have invested heavily in cloud-based infrastructures, cybersecurity, and hiring new talent to fill the talent gap in technology.
Better tech capabilities are directly linked to better economic yield, no matter what industry you’re in. Research solutions that cater to your business needs, are cloud-based, and offer integrations so you can streamline workflows.
Just Keep Bidding.
Never stop building the pipeline of new project opportunities so you can build your margin. Nurture relationships with GCs, expand on financing, and make your precon precise.
No more driving from the jobsite to the office or the job trailer to access your documents. Find a software solution that gives you – and your team – access to data anytime, anywhere.
Reprinted by permission from STACK Construction Technologies.
About STACK Construction Technologies:
From project evaluation to completion, contractors use STACK’s cloud-based software to help run their business and maximize their profits. Our preconstruction solutions enable fast and accurate takeoff and estimating while our construction solutions power real-time field and project collaboration.
For more information on how STACK software is helping teams gain visibility, insight, and alignment throughout the bid process and in the field, sign up for a free account today!
Image by Gerd Altmann from Pixabay