The construction industry is considered by many to be one of the riskiest fields in business.
With mortgage rates falling, making homebuying more affordable, homebuilders are increasingly struggling to meet growing market demand.
One of the top issues confronting construction today—particularly on the residential homebuilding side—continues to be access to skilled labor. The concern has even surpassed material cost challenges.
Innovation is the cornerstone of CMiC’s business model and go-to-market strategy. CMiC relies on innovation on three essential fronts: its product strategy; the way it manages its customer lifecycle; and its talent development approach.
The biggest real estate construction tech story last year was Katerra’s raise of $865 million to finance the company’s explosive growth. Beyond the sheer size of the funding, the investment is notable for the bet it represents on the scalability of off-site construction.
A decade ago, construction was near the bottom of the list of industries that had adopted technology in a significant way. It was a bad rap for the industry, but it also effectively threw down the gauntlet. There’s been a huge shift in the industry as construction companies realize that technology needs to be a core part of their business.
As construction companies continue to increase the amount of data they are storing digitally, it’s becoming increasingly important to be able to sort through what is valuable information that can lead to beneficial action over what is simply noise. Using the right ERP (enterprise-resource planning) platform is critical to separating the wheat from the chaff when your company profits are on the line.
When it’s time to invest in technology for your construction project, it’s essential to focus on product benefits, rather than features. Features, as we all know, can create genuine interest and “sex-appeal,” and can even be revolutionary. But a quote I heard a few years ago sets the stage perfectly: “Innovation is rewarded … execution is worshiped.”
For the past 50 years, large capital projects have relied on the science of what is known as CPM (critical path methodology) to plan and forecast project completion dates. There have been iterative improvements to CPM, such as accounting for risk in the form of generating risk-adjusted schedules, but the fundamental approach to CPM hasn’t materially changed.
No matter your trade, we have all felt the sting of the current labor shortage. Finding skilled labor is harder than ever, which leads to the question: what can we do about it? As a construction consultant for the past 19-plus years I have seen a few things that worked and a few things that did not.