Confidence in Construction: Technology Tipped to Drive Australian Industry Growth
Insights from a recent Australian industry report suggest that construction business owners are optimistic about future growth, with 32 per cent of respondents from companies employing 200-300 people ‘very confident’ about financial growth across the next 12 months.
The Construction Industry Pulse 2021 report, conducted by Optus Business and validated by Kantar, is based on a survey of more that 400 respondents in the Australian construction industry, covering businesses that employ between 1-300 people.
The findings paint a positive picture regarding new employment opportunities, staff upskilling and business technology investment across the next 12 months, as we explore in more depth below.
Attracting New Talent and Upskilling
Improving sales results was found to be a primary goal across construction enterprises for the next 12 months, according to the Optus report. With the overall sector tipped to grow, some small businesses are preparing to bolster their team numbers; 22 per cent of businesses with 5-19 employees say they would like to increase their employee count in the coming year.
When looking at the report as a whole, staff training was found to be the most common planned investment for the coming financial year. Focus areas for investment include strategic considerations, personalised solutions and improvements in the use of interactive documents and technologies.
The need for improved digital platforms across construction has been exacerbated by COVID-19, with hybrid working models now commonplace across many of the businesses surveyed. For this reason, new systems must be suitable for remote workflows, as well as onsite and in traditional office settings.
Sentiments Surrounding New Technology
Construction has a reputation as being slow to innovate, but this report suggests that Australian construction professionals are keen to usher in the industry’s next generation.
In total, 78 per cent of respondents cited positive sentiment with regard to bringing new technology into their business. This positivity was particularly strong among businesses employing 200-300 people, for which 94 per cent of those surveyed gave a positive response.
The need to improve productivity is reflected in the cited focus areas for businesses looking to improve their technology. Enacting best-practice strategies, customising solutions and supporting interactive and accessible documentation were the most common goals across businesses surveyed.
These findings are in keeping with the prevailing point-of-view that dominates the global industry, that new digital methods are required to unlock the latent potential within construction. Flexible cloud workflows and collaborative methodologies such as 5D BIM are key to addressing this challenge.
Invest in iTWO cx for Web-Based Construction Project Management
iTWO cx by RIB Software has been built to support enterprises who demand flexible and bespoke solutions across all stages of their construction projects.
Our platform offers a range of powerful and adaptable modules designed to support every facet of your operations, from managing tenders and contracts to capturing work hours and data in the field. As a fully web-based solution, users can expect an average uptime of more than 99.9 per cent, as well as a comprehensive Mobile App which helps participants make vital progress while onsite.
If you would like to learn more about the wide-ranging potential of iTWO cx for advanced construction management, feel free to contact your local iTWO cx Sales team today!