Page 20 - Report- Procure 2020 FMi INDUSTRY

2020 FMI INDUSTRY REPORT

Additionally, the safety data collected through Access to strategically actionable data is a
the software—from inspection reports and daily game-changing element of modern business
logs to incident reports and corrective actions— technology. Indeed, big data is being leveraged
can be used to understand trends, identify areas in other industries to achieve breakthrough
for improvement, and address safety issues improvements across all aspects of business,
proactively. from operational effectiveness and productivity
to financials and human resources.
On the flip side, less than half of the firms are using
construction software to maximize field productivity. Significantly, a relatively large portion of firms
And only about a quarter are using technology (40.2%) are using construction software to get
to better attract and retain skilled labor. Recall insights from their own project data—despite
that both of these issues are among the top three the fact that it ranked as the industry’s lowest
concerns for business success, yet companies priority concern.
are failing to adequately address them. This
reveals a weakness in how the industry is How do we make sense of these
leveraging construction software—and highlights
seemingly contradictory survey
a missed opportunity for significant improvement.
responses?
Why are firms lagging in these areas? Per
While more than 90% of all data remains unused
FMI, many firms simply aren’t aware of viable
in construction, we know that some construction
technology solutions for addressing these top
firms’ organizational processes are outdated
concerns. Another issue is a lack of discretionary
and not able to accommodate advances in data
budgeting for technology spend, compounded
collection, management, and analytics. But long-
by an unstructured approach to the research
standing cultures that are resistant to data-driven
required to pursue the right solution.
business models are also to blame. Because the
Construction software can provide myriad construction industry has been slow to adopt new
benefits for firms as they strive to maximize technologies, many frontline managers and field
field productivity and better recruit and maintain staff simply haven’t had the training required to
skilled talent. To start, technology enables make good use of their data.
the use of key performance indicators (KPIs)
Industry leaders understand that an abundance
that would not otherwise be available due to
of data can be game-changing. Indeed, they
disorganized or non-existent data. It also enables
have seen the massive efficiency gains that other
companies to efficiently organize data and
industries have achieved in going from analog
business workflows to reveal vulnerabilities or
to digital. But extracting meaningful insights is
areas for improvement; create financial, cost, and
only possible if the data sources (i.e. software
project controls to highlight areas of concern or
solutions) are integrated and the data is expertly
business requirements; and automate reporting
managed. For many firms, getting insights from
and trend analysis in operations, finance, and
data may seem out of reach at this stage in their
risk management that would otherwise be
digital maturity.
cumbersome to create.

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