Forward-thinking organizations across industries are seizing opportunities to adopt new technologies to enable digital transformation and improve business operations, but the construction industry has been notably slower in adopting digital technologies compared with other industries.
In its 2016 construction technology report, JBKnowledge, a Texas-based IT consulting firm, notes that despite the proliferation and improvement of technology, companies in the building trades still only allocate a minimal amount of budget for it. The report goes on to say that 70 percent of construction companies spend less than 1 percent of annual sales on IT, a figure that increased 25 percentage points year-over-year.
Those are concerning stats, given that the construction and building industries, while gaining more digital traction in adopting such tools as 3D printing and drones, rely so heavily on timely documentation and require just as much — if not more — data management, transfer, and integration technology as any other industry.
But it’s not just about budget. Organizations are finding creative ways to pay for technology investments, including bankrolling IT as part of their operational expenditure (instead of its capital expenditure) budgets and leveraging more subscription models. It’s also about understanding the strategy of integrating new and existing technologies to drive business gains.
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