A study by PlanGrid and FMI shows the world how the construction industry is losing billions.
In this PRNewswire article, the results of a study by PlanGrid and FMI reveal that the construction industry is losing over $177 billion every year on “time spent on non-optimal activities such as fixing mistakes, looking for project data and managing conflict resolution.”
Industry leaders have watched for years as the construction industry has rejected technological advancements. Now, new numbers shed a realistic light on just how detrimental that is to construction production and progress. However, there’s still plenty of good news.
Many emerging technologies have been designed to solve these problems that have become too costly for project stakeholders. As one of them, Eyrus provides automated real-time data on labor deployment to provide the insights and analytics necessary to make proactive scheduling decisions. Considering that 90% of projects finish late and over budget, anything to better understand onsite productivity is necessary to improve the industry.
New tools like Eyrus, Plangrid, and others are reducing mistakes in the field and overall miscommunication. They’re enhancing collaboration among project leaders and streamlining data collection and organization. For their users, there’s already a reduction in the wasted time and money that the rest of the industry is currently experiencing.
What technology will you use to improve communication and data management?