Running a construction business involves working with limited resources, tight budgets, and continuous time pressure. Keeping on top of project delivery can seem like an impossible task. Fortunately, digital transformation is helping equip more construction firms with the tools needed to ensure delivery in a high-pressure environment.
According to McKinsey data, construction spending on digital transformation has increased by over $50 billion from 2017-2022. In the pursuit of bridging communication gaps, eliminating dependencies on paperwork, and managing costly project delays, more decision-makers are waking up to the scaling power of digital tools.
To successfully grow a construction business, you need to successfully oversee your company’s operations and expand exponentially. When keeping operations budget-friendly, this can seem like an impossible effort. Fortunately, there’s plenty of help on hand.
With this in mind, let’s explore four essential tools for scaling your construction business in a sustainable manner:
Embracing Project Management Software
Finding project management software that suits the needs of a dynamic, project-based construction business can be difficult. However, software developed specifically for the industry is capable of tracking scheduling, change management, and budgeting with more efficiency.
When it comes to managing construction projects, specialized software allows your construction business to connect to every aspect of your project, from managing costs to managing risks and looking after health and safety standards.
With a complete holistic overview of your construction projects, all stakeholders are afforded real-time access to keep up-to-date with changes, issues, risks, documents, and communications regarding every job you take on.
This frictionless access to relevant information means that you can ensure a steady flow of collaboration between teams, enhancing operational efficiency while laying a solid foundation for scalable growth. This can empower your construction business to better navigate the industry with agility and precision.
Optimizing Proposal Processes
Construction proposal processes are a vital part of securing new projects and scaling your business.
Responding to proposals quickly and efficiently can make all the difference between winning a bid and losing out to a more proactive rival.
It’s this process that provides a platform where you can really showcase the best of your company and deliver accuracy in terms of cost and time estimates.
Integrating tools like a Digital Asset Management (DAM) system can help to improve how you manage, retrieve, and utilize digital content such as photos, project plans, and historical proposal data.
Using DAM systems means that you can create more compelling and visually appealing proposals in a professional manner that can truly help you broadcast your portfolios and industry expertise.
Crucially, adaptive DAM systems also mean that you can respond faster to Request for Proposals (RFPs), while tailoring each proposal to adhere to the specific requirements and preferences of each prospective client.
Financial Integrations
Scaling your operations as a construction business means growing your financing capabilities. This requires more hands-on budget planning and cash flow management.
In 2015, a far-reaching survey conducted by KPMG found that 69% of construction budgets ultimately went over budget by more than 10%. The cause of these budgetary drawbacks can involve myriad factors and unforeseen circumstances.
Mitigating the risk of negative cash flow requires adopting integrated tools that help to support forecasting and setting clear payment schedules.
Financial management tools can empower your finance team to synchronize expenses, estimates, and invoices seamlessly with existing construction software to provide you with a stronger overview of your expenses in a way that provides greater budgetary control.
Backed by a strong accounting foundation, your business can benefit from full financial visibility over your projects, helping to support growth throughout your operations.
Showcasing Your Portfolio
Making a visual impression on your prospective clients can make all the difference when it comes to lead acquisition, and sometimes investing in a more immersive project portfolio serves as the perfect call-to-action in winning more business.
Thanks to the emergence of virtual reality tools, it’s possible to create engaging 360-degree tours in just a matter of minutes to share digitally with prospective clients.
Platforms like RICOH360 Tours are an example of this technology, and businesses can use the tool on construction sites to gain a full overview of projects without having to make the physical journey.
The platform documents 360-degree photos to site drawings in a frictionless manner to help you and your leads feel as though they’re walking through projects.
Utilizing this technology can also pave the way for more interactive portfolios that can be uploaded online, helping your brightest projects to come to life in online environments.
Taking Your Scaling Efforts to New Levels
With the right tools, your construction business can scale in a more efficient manner, helping project managers to meticulously plan their projects effectively.
Through platforms designed to support entire projects, including financial considerations, proposal processes, and showcasing 360-degree views of sites, you can rest assured that your growth ambitions are well-catered for.
Whether you have ambitions for market domination or are simply looking to expand your operations to accommodate more clients, the right tools can pave the way for a seamless experience even while taking on higher-scale projects.
Scaling your construction business may seem like a daunting prospect, but embracing functional digital transformation tools ensures that you can grow in a more sustainable way to take the stress out of expanding your operations.
