Having maintained the status-quo for the past several decades, the construction industry has found itself at a crossroads. With ever changing technology and technological advances, for those firms and companies unwilling to take the necessary steps to change with the times, they can find themselves outdistanced by those peers who are willing to invest in new equipment, up to date technology, and software.
Given the current trends, the old ways of doing business, such as blueprints and showing up to a job site and working from the back of a truck are no longer the overwhelming norm. While the desire to work with trusted and experienced companies at a competitive cost will always be preferred, consumers and businesses are looking to avail themselves of technological advances that provide improved results, increased production, and timelines, and in the end, an improved product at a lower cost. As a result, it is important for companies to utilize competitive advantages, where possible, especially in the face of today’s market forces that can impact profitability. Such factors include labor shortages, a lack of qualified talent, the increasing use of integrated software systems and communication through integrated construction apps, as well as material shortages, price increases, and emerging products that are not only better, but also more efficient.
To further illustrate the digital transformation taking place within the industry, research suggests an increase in the use of data and analytics among civil contractors. Using dedicated software, companies can now track productivity, payroll, schedules, and budgets. This information is being utilized by larger companies in the industry to have the ability to provide more accurate and consistent information when assessing future projects. However, an obstacle to overcome is not the lack of software and applications, but the implementation and engagement of staff in the process to contribute a successful result.
Companies can no longer simply rely on past achievements and reputation to ensure future success. Experience, trust, innovation, and improved marketing strategies are necessary to stay ahead of the competition and to remain a top performer in the industry. Our team has extensive experience in counseling companies engaged in the construction industry. If you have any questions regarding this legal briefing, please call our office at 585-730-4773. Please note that any embedded links to other documents may expire in the future.
This Legal Briefing is intended for general informational and educational purposes only and should not be considered legal advice or counsel. The substance of this Legal Briefing is not intended to cover all legal issues or developments regarding the matter. Please consult with an attorney to ascertain how these new developments may relate to you or your business. © 2021 Law Offices of Pullano & Farrow PLLC