The Australian construction industry is undergoing a technological transformation, creating a new and dynamic space with many construction companies emerging as fast movers – pioneering the use of technology as they drive efficiencies, motivate growth and improve safety.
To better understand how technology is being utilised in Australian construction companies, Procore Technologies and ACA Research conducted industry research to unearth statistics and insights to track the adoption and use of technology and innovation in the sector.
The new findings provide insight about how new technologies are influencing modern construction company processes. It seeks to provide industry, government and the education sector with information about how technology is being adopted, the skills required now and in the future, as well as the role that technology plays in helping the construction industry meet its commitments across a wide range of regulations.
Some of the findings indicate that there are direct correlations between technology usage and productivity:
- 86% of respondents felt that increasing technology usage was an important means of improving business productivity
- 62% felt that new technologies would increase business revenue
- 59% expect an increase in profitability alongside increasing technology usage in their business.
These statistics alongside others, set a benchmark about how construction businesses use technology in helping them to meet ongoing challenges – such as employee productivity, employee skills, staff retention, rework, diversity and managing health and safety.
The construction industry faces many challenges in the next 12 months but by focusing on the adoption of new technology and the proper management of staff, businesses will be well placed to thrive. Those businesses that are better at adopting technology and improving the quality of their staff can expect to experience fewer productivity issues and increased revenue.