The construction industry has rebounded faster than expected from recent setbacks. The Infrastructure Investment and Jobs Act and increased demand for new construction will bring plenty of opportunities for contractors in the new year. However, while there may be an increase in opportunities, the industry is still suffering from the effects of the pandemic, a qualified worker shortage, material shortages, and supply chain disruptions. These conditions create greater risk for contractors in an already high-risk industry, but fortunately, technology can help make a difference.
While the industry has historically been slower to adopt new technologies, investment in construction technology has more than doubled in the past decade.i Most businesses understand the need for greater technology utilization, but many are unsure of where to begin. As businesses make technology a priority in 2022, here are three technology resolutions that can help contractors get started.
Invest in the Cloud
Cloud technology delivers a world of possibilities for the construction industry from productivity gains to greater collaboration to the ability to work from anywhere. It is no longer a “nice-to-have” but rather a “must-have” for construction businesses. For those companies that haven’t yet moved to the cloud, 2022 is a great time to make this investment.
Most businesses are already using the cloud for at least some of their business functions, including document sharing, daily field reports, and time tracking and approval. Even though having a clear real-time snapshot of financials is crucial to business health, accounting technology is often more outdated. Luckily, there are several options to consider when moving accounting technology to the cloud:
- A self-hosted private cloud, which requires a contractor to self-manage the move to the cloud;
- Third-party hosting, which enables an on-premises solution to be hosted in the cloud by a hosting provider; and
- A native cloud solution, in which all aspects of the technology — such as updates, maintenance, security, and support — are included with a software subscription.
Some businesses may see the value of moving their accounting solution to the cloud but may not be in a position to completely overhaul their current solution. Fortunately, they can still experience some of the benefits of cloud technology by turning to add-on solutions and mobile apps that integrate with their current on-premises solution. It is important to identify the best mix of integrated solutions that work to address individual business needs.
Prioritize People
While many industries are experiencing a worker shortage due to “The Great Resignation,” construction has been especially hard hit as it was already suffering from a qualified worker shortage before the pandemic. Contractors need help attracting new workers while retaining their existing workforce. HR solutions can make an impact in this area while also helping teams adjust to managing workforces from anywhere.