Where Is Your Company on the Technology Maturity Curve?
By Patrick Nord and
It’s time to determine where your company is—and where it needs to be—on the technology maturity curve.
Without a strong technological backbone, no organization is going to go far in today’s business world. In fact, it’s hard to imagine a company these days that hasn’t made at least some progress on the path to digital transformation.
“Today, no company can make, deliver or market its product efficiently without technology,” M+W Group’s Stephenie Stone writes in Forbes. “Companies that adapt quickly to new technologies gain a foothold on the market. But companies that wait for a second or third wave stay at the back of the pack and never get the leading edge.”
Access to Better Information, Please
Through its ongoing field research, FMI has pinpointed some clear E&C technology adoption trends. When investing in field technology, 58% of E&C companies are looking for improved access to project data/information, 57% want to improve project productivity, and 56% are looking for better project data/information accuracy.
According to 23% of companies, the most common time stealer was poor communication among project stakeholders. With 48% of all rework caused by poor data and miscommunication, the need for effective communication and easily accessible project data is critical at every stage of the construction life cycle. With time spent on non-optimal activities costing the industry more than $177 billion annually, technology can help companies streamline project coordination, interact with external stakeholders, organize job sites and gain faster access to project data.
Providing construction teams with better access to project information and the ability to capture data from the field more accurately not only has short-term benefits, but also will benefit the contractor/owner relationship and reduce long-term costs. The problem is that over 15% of construction leaders don’t know whether or not they have software in place—including programs for project financials, project management, safety risk management and equipment management.
As the construction industry continues on its path toward digital transformation, those who adopt equipment management and field labor management programs now can take advantage of a timely opportunity to get ahead of the curve.