Patrick Gannon, the Co-Founder, and COO of BlueTape, recently hosted a webinar highlighting the top tech trends in the construction industry for 2022. In case you missed it, here are some key takeaways from Patrick’s discussion.
The construction industry is noticing the increasing use of technology at a rapid pace. With drivers from the pandemic to strategic necessity, builders and suppliers are adopting an array of technology advances.
Looking into 2022, the future of construction will see massive integrations of technology across four main categories; job site automation, collaboration and workflow systems, data analytics, and e-commerce.
Job Site Automation
Technology is changing the face of construction with new advances such as 3D printing, wearable tech, and building information management systems (BIM).
Specifically, the increasing use of 3D printing is driving the market growth. In 2020 alone, the global 3D printing market was valued at $7 billion.
Wearable technology such as; boots, watches, and helmets that can detect safety hazards is a continuously growing industry in itself. 70% of deskless workers report that more technology in the field would allow them to be more successful.
Building Information Management or BIM is a system that integrates designing, constructing, and operating a building with the use of electronic information – and continues to grow daily. Looking back at 2020, $5.4 billion was spent on BIM and is expected to grow to a $10 billion industry by 2026.
Collaboration and Workflow Systems
Collaboration tools such as Zoom, Microsoft Teams, Google Hangouts, etc., have impacted every industry across the globe since the height of the Coronavirus in 2020. Workflow solutions such as project management and invoice management systems are seeing a 60% increase in usage. Automated accounts receivable improves financial performance, in turn reducing DSOs.
In a study, 91% of contractors thought that real-time collaboration reduced risk on construction sites. Due to instructions being given at the right time, crew members are now guided to safety, and risk issues are resolved immediately.
Data analytics is about making better decisions based on data, and the construction industry is beginning to adopt those data analytics tools. Better decision-making can have material impacts on your business. With the incorporation of data analytics, studies report an 80% reduction time in generating quotes and a 40% reduction time in project change requests.
The construction industry is just beginning to embrace online commerce in ways other industries started long ago. Construction is a $1 trillion market that is beginning to transact on the internet.
Payments are a challenge in every industry, and construction is no exception. Getting paid is difficult, and the options to pay are seemingly limited. Online transactions can be so simple.
Why can’t other transactions in construction be as simple to complete?
At Bluetape, we see the need to solve payment and financial problems with construction-friendly technology that works on the job site and in the back office. BlueTape offers automated payments & financing solutions to builders and suppliers. We use mobile-friendly technology to easily get paid, or pay through text messages and email.
BlueTape also offers payment solutions to improve financial performance. With next-generation technology, our payment solutions offer automated accounts receivable, integration with current accounting and ERP systems, low fees, and reduced risk.
In addition to payments, BlueTape offers credit options and allows construction professionals to finance building materials for 30, 60, or 90-days. The sign-up process is quick and simple to get started.
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