Page 18 - Report- Procure 2020 FMi INDUSTRY

The Types of Software Notably, more than 15% of construction
Programs Firms Are Using leaders do not know whether or not they have 2020 FMI INDUSTRY REPORT
software in place. Company leaders must
The construction industry is not yet taking clearly articulate their vision for technology as a
full advantage of construction-specific catalyst for company performance. If employee
technologies. While the majority of firms have end users do not understand the bigger picture
formal software programs in place for project of how technology leads to a better future
financials, project management, and safety/risk state—for themselves and for the firm—they
management, less than half have implemented will be reluctant to support the initiatives or
programs for equipment management and field provide feedback on how the technology could
labor management. be improved in their area of work.

In a landscape where construction labor costs Indeed, it is difficult to know what part
are increasing at a rate of 3.8% annually, technology plays in the company if a specific
compounded by an industry that has struggled articulation of the opportunity has yet to be
for decades to boost labor productivity—and communicated. Yet, per FMI, 65% of companies
a dwindling workforce where 61% of baby do not have a stated point of view and 70% have
boomers are exiting the industry over the next not created a technology roadmap.
10 years—firms need to manage their scarce
human capital more efficiently.

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.

“Whether you like it or not,

it comes down to, ‘Either we’ll get
on board and be leaders—or we’ll get

left behind and not be able to compete.’”

DIRECTOR OF PROJECT MANAGEMENT
GENERAL CONTRACTOR, COMMERCIAL CONSTRUCTION IN THE SOUTHEAST U.S.A.,
FAMILY-OWNED

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