Construction Digital Transformation

KEY BENEFITS

Construction Digital Transformation is Underway

The construction industry, once known as brick-and-mortar, is finally moving into the digital era. While some industry players may be reluctant to address construction digital transformation, it is time for project management to build a real strategy. Many companies have created innovation labs and begun proof-of-concept (POC) expeditions. Visualization through dashboards to test alternatives and stay open to possibilities without heavy spending is also becoming a standard practice.

Construction digital transformation can be a challenge if not handled adequately. In terms of cost efficiency, enhancing top-line customer service, and offering differentiation, digital transformation is a sea of opportunity. If today’s construction project managers do not quickly adapt, market leader positions may be profoundly affected.

One way to encourage owners to undertake this transition is to make them aware of four key construction digital transformation benefits: increase project cost report accuracy; increase accounting efficiency; improve communication, and; focus on project execution.

Increase Project Cost Report Accuracy

If your organization is unable to tell which infrastructure projects are profitable and which are not, significant business development opportunities may be lost. Inefficient reporting may also trigger the accumulation of additional small costs, quickly moving a project from the profit column to the loss column. Adopting a viable project management tool can present a comprehensive cost breakdown illustrated in a variety of ways, for instance, by job type, staff time, or equipment use.

With fast, precise forecasting through automated project monitoring, your team will spend less time on an operation that does not offer financial benefit. Automated project monitoring can therefore free up time for activities that will net a business profit.

Know which projects are profitable with Exto

Deploy an Efficient Accounting Solution

Construction business accounting activities are best managed through software that will help minimize errors that could eat into earnings. Accounting software significantly reduces the amount of time and errors generated by manual processes.

A good accounting solution also tracks finance and progress with project management tools, always keeping core project status at your fingertips. Some solutions also include an alert system to prevent overpayments.

Improve Communication

Just like in any other industry, quality communication is the key to success in a construction management company. Failure to keep all operational teams on the same page can be detrimental to project success. Leveraging digital tools leads to seamless interaction between internal and external channels, ensuring that all departments and stakeholders are in the loop and adequately updated.

Focus on Project Execution

The importance of project execution cannot be emphasized enough. To improve project outcome, your company can deploy digital tools to monitor projects while freeing up your teams to remain laser-focused on project execution.

Start Your Construction Digital Transformation Journey Today

With the right software solution and implementation partner, construction digital transformation will bring the four benefits covered here to owners, contractors, and PMCs. Exto is an integrated technology and services platform with cloud-based project monitoring to turbocharge project execution and enhance productivity. Exto also provides services via trained project-monitoring engineers (PMEs) to help your company navigate the project journey.

Contact us today or review the brochure to learn how we can help you implement Exto to digitally transform your construction enterprise.

Construction Digital Transformation Key Benefits
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