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Trailblazing Strategies to Quantify Return on Investments in Construction Technologies

Michael Rosario, Construction Tech Review | Monday, December 14, 2020

New technologies have permeated into the construction industry. Anybody looking to invest in a project has to understand the nuances of finances related to these technologies. Contractors offer the technologies in abundance, but the owner must take a cautious approach and decide whether or not a particular technology is valuable and worth investing in. A few strategies that can help owners get value for adopted technologies in their construction projects are listed here.

• Pick tools carefully

High-end technologies might entice one to opt for them. Contractors also do an excellent job of marketing for all the technology in their possession. Clients, however, must understand their requirements and indulge in only those tools that have the potential to impact their projects.

• Consistency of data  

Contractors can capture the progress of projects very well, but it needs flexibility in data collection. Tracking progress is essential to keep the project on track for timely completion. Clients must check if contractors are doing a good job with automated data collection through sensors.

• Efficient communication and effective collaboration

The various members involved in the construction process must be able to collaborate well. Technologies that facilitate effective collaboration and communication ensure that data regarding the progress of the project as well as the issues are shared among all at the earliest so that construction is glitch-free.

• Optimizing processes with the help of collected data

The data is of value only when it is put to use. Contractors must act based on data to improve the efficiency of projects. Construction management is vital, and proactive management can improve speed and reduce wastage in construction. Interconnected processes smartly managed with the software are a great advantage.

• Technological expertise

Purchasing power will allow one to buy any technology available in the market, but their practical use depends on the talent present with the teams. Technologically qualified staff and workers who understand the systems are essential to help contractors deliver high-quality work. If a contractor has all the tools but no one to operate them, it can be a problem.

Owners should evaluate service providers thoroughly and do background checks to ensure that contractors and their technologies can deliver on the promises. 

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