Page 9 - Report- Procure 2020 FMi INDUSTRY

2020 FMI INDUSTRY REPORT

The Value of Tech Partners vs. Tech Vendors

There is a direct relationship between how well construction firms are addressing their top-priority
concerns and the degree to which they are leveraging technology to do so. As the potential for
technology to impact outcomes becomes apparent, so too does the importance of distinguishing
technology vendors from technology partners.

A “technology vendor” offers solutions that address a handful of problems. A “technology partner”
takes a holistic approach to help construction firms leverage the full potential and continued benefit of
construction technology.

KEY INDICATORS OF A TECHNOLOGY PARTNER:

+ Provides access to experts: 79% + Provides educational tools/materials: 69%

+ Understands your industry thoroughly: 71% + Provides customized and effective training:
+ Incorporates customer feedback into 69%
product development: 69%

TOP REASONS FOR SATISFACTION WITH TOP REASONS FOR DISSATISFACTION
“TECH PARTNER” SOLUTIONS: WITH “TECH VENDOR” SOLUTIONS:

+ All information in one place: 20% + Lack of integration: 25%

+ Easy to use: 20% + Difficult to use: 22%

+ Good mobile accessibility: 16% + Poor mobile accessibility: 20%

The Tangible Impact of Working with a Tech Partner

+ Sustain superior financial performance: 68%

+ Better anticipate/respond to customer needs: 63%
+ Increase employee engagement/job satisfaction: 62%

+ Exceed financial goals: 59%

+ Achieve financial goals ahead of schedule: 57%
+ Better attract top talent: 47%

+ Create new customer opportunities: 45%

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