Minimize Costs with New Construction Technology
According to Gregg Corley, Associate Professor in the Department of Construction Science and Management at Clemson University, The National Institute of Standards and Technology published a study in 2004 and found 15.8 billion was lost due to the communication between all the players in the EPCM process. Imagine the amount of money that can improve the bottom line of owners, contractors, and designers if only 1% is saved through the use of technology.
Although new construction technology can be a great tool for improving the efficiency of companies in the construction industry, it is only as good as the processes it is supporting. The process should be established first and then technology should be used to improve the process.
Through new construction technologies processes can become more efficient and costs can be reduced. Companies can capture information about a project in a virtual environment, before it is even built and it can help anticipate what problems will be faced and better predict what on-site resources will be needed. Integrating accounting, estimating, timesheet, and all the other various systems used in the EPCM process, eliminates the double entry of information, where the majority of mistakes are made, and saves a lot of time.
Some small companies in the construction industry cannot afford to hire the internal IT support needed to maintain new construction technology. Such companies need advice on making smart IT investments and have consulted firms who specialize in the construction industry to create an IT utilization plan. An IT utilization plan can help companies look ahead and plan for where they want to be in the next five years.
What IT systems and new processes does your company want to be using 5 years from now?
Source: Gregg Corley. New Construction Strategies. “Profits and Productivity Through Technology”. 2008