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The construction sector is like many others in that supply chain difficulties have led to project delays and initiatives going over budget. Things get even more complicated, considering shortages are only partly to blame for the current obstacles.
Here are three ways you can make the best of the situation and minimize the chances of adverse outcomes.
1. Consider Launching an Internal Training Program
Some strategies are not feasible to deploy in the short term, but they tend to pay off with time. Creating an internal program at a construction company to provide team members with skill-building strategies is one example.
A fourth-quarter 2021 study of construction professionals found that 62% of respondents had difficulties finding skilled workers. Relatedly, 56% of participants felt highly concerned about their workforces not having the required capabilities. Another finding was that 52% of people believed the COVID-19 pandemic caused an ongoing workforce shortage.
A training program can target many of these challenges by giving construction professionals in leadership positions more control over how their teams learn and what skills they have. Some companies might even decide to offer education that provides guaranteed employment for people who complete it.
Focusing on team member education doesn’t address supply chain shortages. However, it does increase the likelihood that you’ll have people ready to produce high-quality work for upcoming projects. When that happens, it’s easier to manage the other issues that cause things to go over budget or get finished late.
2. Learn How Construction Telematics Could Help
It’s becoming more common for industries to use telematics software to minimize unwanted circumstances. Getting real-time awareness allows company representatives to respond to challenges faster than they otherwise might. Statistics indicate an expected growth of about $14 trillion by 2025 for the global construction industry. Telematics could help industry professionals capitalize on that momentum.
Telematics software can help in several ways, depending on the features it offers. Some products have geofencing capabilities that alert managers when the equipment goes outside a predefined boundary. It could help with faster recoveries when something is stolen or misused.
This technology is also useful for simultaneously managing equipment across multiple sites. People who get real-time statistics can see if they need to make minor changes to speed up the workflow.
3. Use Digital Solutions to Manage Challenges
A 2021 survey found that 75% of construction projects went over budget. About 77% were late, and the average lateness was 70 days. However, the study also grouped companies into high and low performers.
The high performers represented the 17% of companies that were least over their budgets and schedules. Low performers were the 19% of companies having the most significant difficulties with money and time planning.
A closer look at the results showed that high-performing companies were most likely to use digital, integrated solutions during the construction process. Conversely, those at the other end of the spectrum were often still using manual or outdated approaches.
It takes time to decide how and when to implement new digital platforms. Before doing so, it’s best if you settle on several things. For example, what do you hope to achieve by using the product? How will you measure success? What’s your budget? What level of technical literacy do most of your team members have?
See Your Vision as a Long-term Goal
Some of the statistics above show that delayed projects and cost overruns are all too common throughout the construction industry. Committing to doing something about those issues is the first step to solving them.
However, you should also be aware that sustained progress almost always requires an ongoing effort from people at all levels of your organization. Don’t get discouraged if you seem to hit occasional roadblocks. Remember that what you’re doing is a team effort and persistence will help you get around those short-term obstacles.
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