Between Chat GPT and Bard the world has been abuzz with talk about generative AI. What it means for different industries, job security and the future of how organizations will be structured. Despite all the hype, in construction, things still move slowly. Yet it’s a reminder that new technologies are changing the business landscape and leaders need to keep up with developments to remain competitive.
It’s both a challenge and opportunity. From one perspective in an industry where margins and cashflow are under pressure, investing in new technologies is a bit of a stretch. On the other hand, if these technologies can help create efficiencies that can reduce costs and boost margins, then it may well be well worth the investments.
We share three ways to leverage new technologies:
Upskill through graduates:
While this may seem like an oxymoron, compared to senior professionals, most graduates are digital natives. They’ve grown up in a world with rapidly changing technology and have instinctive understanding of it. While they may be short of specific industry knowledge due to a lack of work experience, they do have an innate ability to understand and be able to get up to speed on technology very quickly. They are also often able to identify opportunities for applying technology to gain efficiency. Hiring graduates and inviting them into discussions regarding how best to leverage technology can help organizations in their digital transformation journey.
Focus on efficiency:
It’s well known that project delays are a major reason why construction projects struggle to be profitable. Deviations and errors in siteworks are often difficult to spot when they happen which results in delays later on when remediation work needs to take place. There are numerous technologies available that can monitor work and immediately identify deviations. This information can be linked to BIM and help project managers keep things on track.
Hire interims who are tech experts:
Construction technology is a specialism that key professionals are leveraging to advance their careers. Hiring a specialist interim to oversee digital transformation is a way for organizations to quickly implement so that they can gain a return on investment. Someone with a keen understanding of the industry and what technology can deliver is ideally positioned to oversee such projects.
Technology continues to evolve rapidly. Having knowledgeable people within the organization can help it to keep abreast of developments and be able to leverage technology to improve margins and project outcomes.