Technology trends affecting the construction industry
It’s no secret that the global digital landscape is changing and developing at a dizzying speed. New technology is impacting every industry including construction which has traditionally been hesitant to adopt digital tech. However, more recently that trend is changing and businesses in the construction industry are embracing technology with gusto. Financial organisation such as GRENKE have the experience and the expertise to provide the tailored financial solutions your construction business needs today to compete with the best.
Construction technology includes industry-specific smart machinery, automatic robots, virtual reality, 5G and IoT. Through them the industry is becoming more efficient, and both working conditions and health and safety are improving.
Here are ten types of construction technology making their mark on the industry today:
1. Artificial Intelligence (AI) and Machine Learning (ML)
It’s a startling fact that up to 30% of business time can be saved by AI technology and that’s a compelling reason to examine it for your business. AI uses automation for repetitive tasks thus increasing productivity. Predictive design results in better business design making sure that electrical, mechanical and plumbing systems don’t clash.
2. The Internet of Things (IoT)
Smart applications, smart machinery and geo-location technology save time and improve safety.
3. Drones and Robots
These have multiple applications including drone cameras to give instant birds eye views of a site, identifying hazards and danger areas. Drones can also deliver materials, reducing the use of vehicles. Robots in bricklaying and masonry can improve speed and quality of work.
4. Virtual Reality
Virtual Reality (VR) and Augmented Reality (AR) technologies impact simulation of structural and architectural changes, enabling design improvements and delivering automatic measurements. Risk assessments and hazard simulations are vastly improved and facilitated.
5. 5G
5G technology can increase productivity by up to 27 times and reduce man hours by a fifth. Your business can maintain service levels while delivering faster installation and more flexibility.
6. Big Data
Using historical big data, construction companies can pick out patterns and risk probability increasing safety. Efficiency is improved through big data from weather, environment and traffic, helping with optimal phasing of activities.
7. Building Information Modelling (BIM)
BIM technology means that project can be reviewed in real time making collaboration straightforward. Problem-solving and planning become easier, improving efficiency. It’s becoming the norm in progressive construction businesses.
8. 3D Printing
Using 3D printing, elements can instantly be prefabricated on or offsite. The result is a reduction in wastage, time saving and improvement in sustainability.
9. Blockchain Technology
Use of blockchain technology is increasing very swiftly. It improves efficiency and helps with transparency and workflow.
10. Cloud and Mobile Technology
These technologies facilitate collaboration and information sharing between project participants in the building construction process.
How can your construction business best use technology to improve performance and expand? Talk to Grenke about funding this vital element in your business development.
As one of the leading financial service providers in the Irish market, GRENKE’s slogan is ‘Fast, Forward, Finance’. GRENKE offers entrepreneurs fast and flexible financial solutions through a range of services including leasing and invoice finance. We match the perfect financial solution to your unique business needs, from small businesses to large enterprises.
Over the last 40 years, GRENKE has provided leasing to numerous styles of businesses and organisations; sole traders, partnerships, public and private limited companies, associations, and organisations, medical, health, and educational providers, municipalities, public hospitals, semi-state institutions, Government bodies and so much more.
Our expertise and strong market position are no coincidence. If you are looking for financial solutions in Ireland or advice on fast and flexible financing, talk to a GRENKE Account Manager today.
