ConTech: The Game-Changer for Profitable Construction
Construction technology, or ConTech, is transforming the construction industry by leveraging new technological advancements to improve how construction companies plan, manage, and execute projects. By reducing costs, improving productivity, and mitigating risks, ConTech is making it possible for construction companies of all sizes to increase profitability and build a strong foundation for growth. So, what exactly is ConTech?
What is ConTech?
ConTech refers to the collection of advanced construction technology — e.g. software, tools, machinery — that enables advancement in field construction methods, from management, planning and design to manufacturing and building.
One of the most influential advancements in the space is construction management technology, which aims to improve construction management processes even where traditional methods are used. Cloud-based construction management software, for example, digitalizes construction workflow processes and provides a single unified environment for document management and more.
How can ConTech Help to Reduce Costs?
One of the most significant benefits of construction technology is its ability to help construction companies reduce costs. Construction management technology allows companies to digitize and streamline processes, improve team communication, simplify project management, reduce reliance on manual processes, and increase project visibility.
This construction technology alone can help reduce costs by decreasing errors and costly rework caused by version confusion; reducing labour hours spent on manual processes and non-optimal activities; improving planning and scheduling, dispatch, and estimating; and capturing historical data that can be used to guide decisions.
How can ConTech Help to Improve Productivity?
Construction technology is helping contractors complete projects more quickly and with fewer resources than ever. By leveraging technology to automate tasks, construction companies can improve efficiency and deliver more projects on time and within budget.
Even simple cloud-based construction software can provide real-time updates and visibility into the status of each project, enabling general contractors and project managers to track progress, identify roadblocks, and make informed decisions to keep the project on track. Project managers can also easily share information with the entire team, from subcontractors to suppliers, ensuring that everyone is working from the same set of data.
How can ConTech Help to Mitigate Risks?
Construction projects are inherently risky, with weather, labour availability, material and equipment availability, and design flaws all potentially impacting a project's success. Construction technology is helping construction companies mitigate risks and reduce the likelihood of project delays or failures.
Cloud-based construction management software provides real-time project updates. Both construction tech solutions provide unprecedented visibility into a project, which means better, more informed decisions, reduced risk, and more agility.
Choosing the Right Construction Technology
The construction industry was long overdue for a technological transformation — and it's finally here. Construction technology can solve many of the biggest challenges in the industry today, from labour shortages to project estimation in a volatile market, and widespread adoption may boost sector productivity by up to 40 percent.
Embracing digital solutions will soon become an essential requirement for participation in the industry. But, with so many different construction tech solutions on the market, choosing the right one for your business may feel like an overwhelming task — which is the last thing a busy contractor wants to hear.
The good news is that you don't have to make these decisions alone or spend hours researching different software and tools and how they could be incorporated into your operations. The Net Effect can do that for you.
What’s the Net Effect?
We are software consultants to the construction industry that help small to medium-sized construction businesses choose and implement the right construction technology for their operations, and position themselves for stable, long-term growth. We've researched and tested hundreds of ConTech solutions, so you don't have to.
Learn more about how we can help your construction business.