Staying ahead in the construction industry means keeping pace with current trends — and anticipating future needs. In our work, we see the transformative power of technology in streamlining operations, enhancing productivity, and boosting profitability. While the future is undeniably cloud-oriented, we understand that each construction firm is unique. Not every firm is ready to leap into the cloud yet—and that’s perfectly okay. Making incremental changes now can yield significant benefits and pave the way for a seamless transition when the time is right. Sage Intacct created a helpful brief on this topic called Maximizing Your Technology Investments. To accompany that, below, we provide a high-level roadmap to help guide your first steps in the journey.
Assess Your Current Technology Landscape
The first step in maximizing your technology investment is to take a comprehensive look at your current setup. Evaluate the tools and systems you have in place. Are they fully meeting your needs, or do gaps hinder your efficiency? Consider how your technology stack integrates with your business processes and whether it provides the insights necessary for informed decision-making. An audit of your current technology can reveal immediate improvement areas and future upgrade opportunities. The Answer Company can help with this step.
Incremental Improvements for Immediate Gains
Even without a full-scale move to the cloud, there are several areas where minor adjustments can lead to significant improvements:
- Data Management: Implementing a more structured approach to data management can enhance accessibility and reliability, providing a clearer view of your operations and financial health. For example, many companies deploy a hybrid cloud model, with some workloads, such as data storage, hosted in a public or private cloud.
- Mobility: In an industry where on-site work is the norm, enhancing mobile capabilities can ensure that your team remains productive and connected, regardless of location. There are many mobile apps designed for the construction industry, incorporating capabilities from field service to project management.
- Automation: Identifying repetitive, manual processes and introducing automation can reduce errors, save time, and allow your team to focus on higher-value activities. For example, AP automation applications provide built-in approval workflows to streamline and speed up the payables cycle.
These improvements boost your current operations while simultaneously laying a solid foundation for adopting more advanced technologies in the future.
Planning for the Future
As you make these incremental changes, keeping an eye on the horizon is crucial. The future of construction technology is undoubtedly cloud-based, offering unparalleled flexibility, scalability, and efficiency. Here are a few considerations as you plan your technology roadmap:
- Scalability: Look for solutions that can grow with your business, avoiding the need for frequent, disruptive upgrades.
- Integration: Seek out technologies that seamlessly integrate with your existing tools, facilitating smoother workflows and data consistency.
- Security and Compliance: With cybersecurity threats rising, ensuring your technology adheres to the highest security standards is non-negotiable. Additionally, compliance with industry regulations should be a key criterion.
The Case for Sage Intacct for Construction
While the transition to cloud-based solutions might seem daunting, the benefits are undeniable. Sage Intacct for Construction, for instance, is designed specifically for the construction industry, offering real-time financial and operational insights that drive smarter decision-making. It is a cloud-based platform so your data is always accessible, secure, and up to date, allowing you to remain agile in a competitive, changing landscape.
Sage Intacct for Construction also integrates with other critical business systems, providing a comprehensive view of your projects and financial health.
Taking the Next Steps
We recognize that transitioning to a new technology solution is a significant decision, and we’re here to guide you through every step of the process. Whether you’re making incremental improvements or ready to explore a full transition to the cloud, our team of experts will make sure your technology investments deliver the maximum possible value to your business.
Embracing technology is about setting your firm up for sustainable long-term growth and success. By taking small proactive steps today, you’re enhancing your current operations and setting the stage for a more efficient future. Check out the brief, Maximizing Your Technology Investments, for more ideas — or contact a member of our consulting team to start a conversation.