When Kiewit Technology Group conducted an internal survey of the top 500 construction companies from 1965, they were not surprised to find that 450 of these companies were no longer in business. But as the organization delved into the reason why these companies failed, it started to feel like déjà vu;
90% faltered because they refused to embrace change and innovation to take on increasing project demands.
Companies failing because they couldn’t keep up with changing times is hardly a new story. Once giants like Blockbuster, Kodak and Toys “R” Us all fell from their pedestals when their business model didn’t or was too late to adapt to the modern day. While technology companies, retailers and even manufacturing seem to be finally getting the message of innovate or die, the construction industry still lags when it comes to embracing change.
Change is hard, especially in an industry that is literally ancient like construction. Adopting new construction technology is an investment and a learning curve for workers. Not to mention, there are endless choices, making it difficult to know what’s the best option for your company. Finally, it takes a massive cultural shift that requires nurturing and resources to make a reality.
While making a change can be a hurdle, one thing is for sure; the exponential pace of technological progress is not slowing down anytime soon, especially in the construction industry. So, how can companies reasonably keep up with the pace of innovation, and better understand how to select and implement the right technology for their teams?
In the second webinar from the Construction Cloud, “Navigating the New Wave of Construction Technology: How to Overcome Implementation Barriers” hear a series of industry experts from McKinsey & Company, Pull Plan and Gordon & Rees Scully Mansukhani, LLC. They discuss new data on where innovation is shifting in construction, and the cultural changes firms must embrace to capture its impact.
How to Make New Construction Technology a Priority
A recent report from Constructing Excellence found that 43% of construction firms prioritize immediate financial goals over organizational resilience. While making ends meet on a daily basis is essential for businesses to keep running, without investing in the future, companies will have no long-term insurance to stay profitable. Adopting new technology and innovation is one way construction companies can maintain their competitive edge, take on more work and stay in business longer.
“Going digital in the construction industry requires more than just hardware and software investment. People, process, and technology are the three pillars of every digital transformation,” commented webinar speaker, Tannis Liviniuk, CEO of Pull Plan. “It’s imperative that we support teams at the ground level of these initiatives with the processes, education, and coaching that empower them to embrace and sustain the digital journey.”
In the latest Construction Cloud webinar, speakers will share highly effective strategies used by organizations globally to plan, develop and deploy new technology programs. By attending this webinar, you’ll learn how your organization can reduce implementation costs, improve schedule performance and create a team of champions that adopt and embrace new construction technology, as well as ensure you don’t fall into legal traps during the process.
Insure Your Company’s Future with Innovation
While it’s impossible to predict if your company will still be in business come 2050, the odds are in your favor if you continue to embrace change and progress. There’s no better time than now to push your company to the leading edge of construction innovation. Watch the Construction Cloud webinar and learn how to navigate and implement new technology today.