The prices for homes, buildings, and construction projects, in general, have increased significantly in the past few years. US cities experienced their biggest annual increase between May 2020 and May 2021. The price increase in construction can be attributed to the increase in construction material prices, manpower crisis, and the increasing price of manufacturing hoist and lifts, and other construction tools.
The industry must do something to improve the situation, but are construction companies ready?
Reason Why the Construction Industry Struggles With Hoist and Lifts, Materials, and Other Aspect of the Process
Despite being a $10 trillion global industry, Construction the industry’s annual labor productivity has only increased by 0.1% per year since 1947. And despite its size and importance, there has been little to no change to the way the construction industry handles its projects.
Other industries such as agriculture, manufacturing, and retail have gone through amazing advances in technologies and science which resulted in significant improvements in productivity in terms of both quality and quantity.
Why is it that these industries are experiencing these leaps in progress but the construction industry still struggles with innovations in hoist, lift, and other construction tools?
The issue is that most construction companies still rely on outdated and manual processes both in paperwork and on-site.
Investors of the other industries have spent the time to understand industry-specific needs and invested in innovation accordingly. However, entrepreneurs, technologists, and investors have not spent the same efforts in understanding the construction industry.
Where Do Construction Fundings Go Instead of the Improvement of Industry-Specific Technologies like Hoist, Lifts, Etc.?
Most construction fundings are spent on commercial construction while only a tiny fraction goes to the improvement of construction technology. The construction industry ranked lowest of all industries for technology spending as a percentage of revenue. The banking industry came in at 7.2% and the all-industry average came to 3.3%, but the construction industry is only at 1.5%.
Construction companies spend a massive chunk of their funds on construction materials. And the thing with construction materials is that they are only getting more expensive.
The technology for processing these materials or for hoist and lifts, and other construction tools still rely on manual processes which causes delays or even bigger issues sometimes.
Considering the lack of automation and innovation in the industry, both workers on the job site and in the office are spending most of their valuable time fixing errors, looking for materials, and paperwork.
Benefits of Investing in Innovating Hoist, Lift, Office Systems, and Other Construction Tools
It has been proven and tested by other industries that technology can significantly improve productivity. It can make ordering and managing materials much easier. Technology can help workers on-site and in the office to focus on critical tasks by automating minor tasks. It can also help contractors avoid errors that could cause reworks and delays.
Here are some of the benefits of investing in construction technology:
Improved Overall Quality of the Project
If construction tools like hoist and lifts, and project or material management tools are improved– then it gives contractors better control of the quality and efficiency of both labor and material.
Off-Site Construction Option
Modular construction is a modern off-site method of construction that manufactures different parts of a project within a factory. This type of construction is gaining popularity for its sustainable process which involves reusing and recycling materials.
You would still need a proper hoist and lifts, cranes, etc. to assemble each module or part of the project, but it reduces the risks, wastes, and chances of rework due to its accessible route of compliance to building standards.
More Efficient Use of Manpower
The construction industry is experiencing a major manpower crisis for quite some time now. That said, every skilled worker, both on-site and in the office, counts. Improving construction technology can help reduce both paperwork in offices and reworks on construction sites, which allows construction employees to focus on critical tasks instead of correcting errors.
Technology Saves Money
Technology is an investment. Some companies may see it as an expense, but it can actually save money in the long run. Better equipment on-site and improved software in the office improves the quality of the output which reduces expenses on buying new sets of materials for reworks or overtime in offices.
Tasks are completed faster and better, which means the company can take on more projects and that generates more income.
By investing in better construction technology, the industry can be faster, more efficient, and more affordable. It can help solve the affordability issues in the US, improve the work experience for construction employees, and generate more income for construction companies.