Can smaller and mid-sized businesses (SMBs) tap into the big trends impacting the engineering and construction trades this year? In its latest industry outlook, Deloitte identified key trends that will influence how well firms fare in the post-pandemic environment. Their prediction? Those engineering and construction firms that “embrace digital, form strategic alliances and prepare for the future of work are most likely to be better prepared for whatever comes next.”
How these trends apply to smaller businesses
Are mega trends exclusive to mega firms or can SMBs profit from them as well? Thinking about how to apply sweeping industry trends to your own business presents a great opportunity to any business owner, regardless of size. It allows you to take a step back and review current growth strategy, along with operating practices and protocols, to assess how effective they are in helping you reach your goals. When you know where the industry is going, you are in a better position to decide what actions you need to take and investments you may need to make now to capitalize on prevailing trends. For example:
Where do you want to go long term and what’s your strategy for getting there?
If your service array is broad-based, should you consider adopting a niche strategy to differentiate your firm?
Is your current location working for you or against you?
Do you need to invest in training to upskill or retool your team?
What type of projects are the most profitable for you?
As you think about ways to prepare for upcoming projects, take an inventory of all your existing and anticipated jobs. Forecast your expected workload and where you may need to fill in gaps. Will you require an influx of money to hire more people to get ready for all the new work? It’s not easy to predict all of these factors, but if you are disorganized, you’ll never figure it out. A good way to get started is to adopt project management software to get organized.
How can project management software facilitate a move to digital?
The digitization of engineering and construction can be a huge undertaking. The largest firms have adopted big tech innovations in building information modeling (BIM), supply networks, digital twin technologies, autonomous rovers and drones, and predictive maintenance. Implementing those technologies typically requires an extended timeline and significant investments, including help from experts to manage data and train new people. Cloud applications such as project and contract management software offer an easier start, with immediate, tangible results on your route to digitize your business.
According to Deloitte, technology investments should focus on making your business more efficient. Technology should free up your time and reduce the energy you expend on administrative tasks, allowing you to be less reactive and more proactive in your business. This is exactly what project and contract management software will do for you.
How can project management software help prepare your firm for strategic alliances?
Every construction project is a collaborative undertaking, with independent businesses coming together to complete jobs. This year will be no different, although bigger players are expected to be actively looking to fill in gaps via acquisition. As a potential M&A target or a traditional project contributor, project management software can help prepare your firm for these conversations. The more organized you are, the more attractive you become to potential teaming partners. Disorganization can hold up staffing and billing, which are delays potential partners cannot afford. To be even more attractive to a potential partner, you need data at your fingertips. You will want the ability to quickly retrieve details on your project history, including all your current projects, plus any backlog and upcoming jobs.
What role can project management software play in the future of work?
The rapid adoption of digital technologies is transforming the workforce and the nature of work. This is readily apparent in the business world; however, a hammer is still considered a more useful tool than a tablet on a construction jobsite. Project management solutions are helping change that perception, as more people recognize how technology facilitates innovation and accelerates responsiveness, both to market shifts and to specific bid requests. Another powerful driver of digitization is the influx of new generations to the workforce. The youngest workers have been raised with technology and arrive at the worksite with an expectation that they will use technology on the job. The introduction of project management software would be completely intuitive for them and advantageous for your business as you recognize additional efficiencies.
Prepare for growth ahead
Experts predict lots of opportunity for the engineering and construction industry as the economy gears up for growth. To enhance your ability to participate in that growth, take a really hard look at where your business stands today. Determine what you can or should do to invest in your people and your technology to be more attractive as an employer and as a project partner. Understanding where you are today is a critical step in being prepared to jump on opportunities when they arrive tomorrow. To learn how project and contract management software can help you plan for growth, let’s talk.