If you are in the construction industry, you have undoubtedly been through a major transition because of the COVID-19 pandemic. Your business must have faced one of the most challenging phases of the new millennium from the rising costs and declining labor availability. As a result, you may have had to scale down or readjust your profit margins to stay afloat. In addition, the government’s social distance regulation almost brought your enterprise to its knees.
Fortunately, like in all problematic situations, extensive innovations happened last year and they will benefit you. These innovations will wholly transform your construction sites the next time you take a contract. As a result, your ability to win new contacts has tripled. At the same time, your profit margins will skyrocket in the next year.
This new construction technology is similar to the efficiency of a ready mix concrete calculator, which is a simple, time-saving tool. You will have to get access to these inventions because the industry has become more competitive than ever, to enhance the value of your construction firm as soon as possible. The following are some of the trends you should keep an eye on and embrace in the next year:
Construction Management Software
Your never-ending challenge with inventory will soon disappear. With construction management applications, your business will thrive in the absence of file loss and poor budgeting. This softwares’ algorithm possesses the superhuman ability to predict any loopholes in a construction budget or plan. Indeed, such a simplification to planning should be a welcome idea to your firm. Your competitors will increase their chances of getting contracts by almost 100% if you are left behind.
Choosing the most suitable software should be your priority. Research the ease of use and integration to the existing software. Of course, you wouldn’t want to spend a fortune training your staff to use complex software when you can have one with a friendly user interface. Your goal is to find the software that caters to your peculiar needs.
Focus on Residential Properties
As you know, the world population will double by the year 2050; it is therefore up to you to join the bandwagon and build more apartment buildings. If necessary, invest in residential building training because it is the only guaranteed property development of the future. This claim was rubber-stamped by the increased move towards remote working in almost all corporate sectors.
The residential property investment rose by12.7 % annually till November 2020. More people than ever before are moving to cities in the developing world, the demand for residential buildings will only keep growing. If you seek to make a name for yourself and profit in the process, you need to invest in residential contractors’ networking.
Your firm should get on board with the move towards environmentally conscious buildings. The excessive waste associated with construction should not be a part of your construction business. Only companies with an understanding of the urgency of sustainable housing stand a chance of making a profit in construction. Therefore, invest in research and cooperate with other firms to develop skills in this field.
Just a month ago, consultation with indigenous people inspired the first-ever modern house made from earth. These instances are bound to recur in the next year. The sooner you join the journey, the more significance your firm will have in the coming redefinition of construction.
Furthermore, the intersection of technology and construction is the inspiration behind futuristic cities. All those sci-fi cities you saw in movies are finally becoming a reality. There are too many mega-smart city projects around the world to count. However, the incentives for such a project are impossible; therefore, prepare yourself through education and cooperation for the projects that will come your way.
Green construction is the new standard for housing and offices. If your building happens to emit the lowest amount of carbon, you appeal to so many people. For the first time in history, people are genuinely concerned and working to mitigate or reverse the effects of global warming. In 2019 alone, renewable energy sources accounted for 11% of total revenue; even the most prominent energy corporations are shifting towards renewable energy production like solar panels. You cannot lag; you stand to make profits and contribute to a sustainable world.
Greenscaping, the practice of planting trees or flowers on the rooftops of houses, is so typical in major cities across the world. Usually, you would clear trees to build a home without replacing them. However, through greenscaping, you can replant the trees you have displaced on top of your building. Through this strategy, you restore the forest cover. Moreover, these trees arrest unpredictable storms, a consequence of global warming.
Countries across the globe are also adamant about editing the carbon emission levels. Therefore, the more you can reduce these emissions, the higher your chances of securing more contracts from the government and private sectors.
High Material Costs
Innovative ideas come with a cost; unfortunately, you will have to incur this during your material procuring process. These materials are both energy-saving and long-lasting to reduce wastage. Sadly, these innovations might reduce your profit because longevity counters your repair services or maintenance. However, that is a concern for the future because the need for contraction services is still rife with the increasing population.
Examples of these innovations are self-healing concrete, light-generating concrete, concrete made from plastic, transparent aluminum, invisible solar cells, and 3 D graphene. In contrast, technologies like drones will maintain the project volumes and reduce the cost pressure slightly.
You heard right; you can monitor the work progress and even take accurate measurements with a phone camera. The pandemic pushed innovations gay would have been absurd in the past. Construction has always been a hands-on job. The ability to use software and communicate virtually has genuinely transformed this field. Your focus should be to choose the best app to suit your company’s needs for maximum efficiency.
If you choose to lie behind and stay without mobile connectivity with your team, your profit aspirations are as good as dead. However, embracing this new reality and even training the staff will boost your reputation and stop the communication delays.
Increased Need for Laborers
In the past decade, you probably heard the constant rumors of how machines will take over the construction business. However, robots lack human consciousness to pick up the many subtle cues that are part of the construction. For a long time, construction was a job for school dropouts, which is no longer the case; there is a need for technologically savvy individuals. Now more than ever, educated construction workers are in high demand.
Luckily, women have carried the mantle in that regard, and there was a 94% growth in female-owned construction companies in the 2010s. However, due to the underrepresentation of women in the construction businesses as manual unskilled laborers, most of them resorted to logistics and planning. Therefore, this is another trend your firm should keep an eye on; female inclusion.
Moreover, generation Z will serve your firm’s technological deficits. It is a technology-based world, and the sooner you get on board, the earlier your firm can gain standing in its specialization.
There have been technological advancements in construction for a long time, but none to the degree of this modern age. The level of effectiveness of these machines can reduce the rates of personal injury and equipment loss at your firm significantly. For example, your construction drones can oversee the sight and assess the stability of scaffolding before the workers climb. This level of assessment was unheard of; no wonder there was injury and even incapacitation of some of your construction workers over the years.
These drones could also reduce the incidences of theft at your construction site. They can act as your security systems; you will never manage to scout the whole place alone. However, these drones cannot replace your security guards. Because all they can do is alert you on an ongoing theft or pending injury, you have to actively take part in both pursuing the thieves and replacing the faulty ladders.
All in all, your drone will minimize hiccups during a project. The lesser the challenges you have, the faster you finish one project successfully and move onto the next. Ultimately, efficient technology in drones and augmented reality will cushion you from unexpected bottlenecks.
Naturally, the construction business is still undergoing changes and adjustments to fit the concerns of the future and the pandemic. Your role is to adjust your firm accordingly but with wisdom. Gather knowledge on the different trends, follow the wave that suits your needs, and caters to your peculiar challenges. As a businessperson, your primary responsibility is to your consumers and let it never change. If they prefer green-scaping, it is high time you learned how to do it.
Last but not least, your trade is here to stay. The population is still growing, and your services will be vital years from now. It is only the needs that are changing, but your consents still rely on you.