New construction technology platforms are popping up daily promising increased efficiency and better productivity for your teams. While contractors need to leverage tech to remain competitive and successful, adding tech without a clear purpose or plan can actually disrupt processes and hinder performance.
Start with the right tools to do more with less. Crafting a long-term tech stack plan (and STACK plan!) is essential for ensuring smooth operations, accurate estimates, robust cybersecurity, and standardized data practices. We’ll explore the impact of bad data on your tech solutions, the importance of data security, the benefits of data standardization, and how your CIO can lead the development of a comprehensive tech stack plan.
How Bad Data Burns You
According to a report by FMI, 14% of all construction rework may have been caused by bad data, creating $88.69 billion in avoidable rework. That amount isn’t just bad, it’s shocking. Bad data starts in the preconstruction phase, where accurate project estimates are the backbone of success. The effects include:
- Poor data quality, with no standardized practices in organization, data sharing, or data analysis.
- Under or overestimating project costs
- Skewed timelines, causing delays impacting schedules, project delivery, and client satisfaction.
- Resource misallocation, leading to waste in materials and improper assignment of field teams.
- Damage to your reputation by being a repeat data offender.
Why Data Safety is Paramount
Construction is full of sensitive project data and client information, but according to a QBE North America report, 42% of contractors are most worried about cybersecurity threats. The most surprising result from the report is 40% are least prepared to mitigate cybersecurity risks. There is a major gap between awareness of risks and readiness to mitigate them. Being proactive about data security is crucial to:
Protect Sensitive Data
Contractors handle a wealth of sensitive information, including client details, financial records, and proprietary project plans. Ensuring this data is secure protects against breaches and cyber attacks.
Comply with Regulations
Many regions have stringent data protection regulations. Compliance with these laws safeguards against potential fines and legal issues.
Prevent Cyberattacks
Robust cybersecurity measures help protect against ransomware, phishing attacks, and other malicious activities that can disrupt operations and cause significant financial harm.
Maintain Business Continuity
Effective data security ensures that critical information is backed up and can be quickly restored in case of data loss, minimizing downtime and keeping projects on track.
Raise Your Data Standards
Data integrity is number one. The more reliable and formatted data you have, the further ahead you can be. 97% of construction firms identified lower costs as the most common benefit from greater use of data (Deloitte). Data standardization is critical for measuring productivity, deploying resources efficiently, and analyzing where to focus in the future to maximize profits.
Standardized data is less prone to errors and inconsistencies, more reliable, and gives your teams more accurate project information (current and historical). It also streamlines integration between different software systems, enhancing overall tech stack functionality. Enabling better project planning and execution will allow your company to scale operations and integrate even more tech without disruption.
When you have good data hygiene, sharing data and insights from project to project helps you work smarter and learn from successes and failures. Use dashboards and KPIs to show the status and performance of projects and portfolios. Create construction ecosystems at your company where data and insights flow between contractors, suppliers, and owners to introduce a common understanding of project objectives.
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Planning for a Long-Term Tech Stack with Your CIO
The digital transformation has been proven to be faster than anyone predicted. With so many options on the market, CIOs must be definitive about what tech platforms they’re adopting so workflows stay streamlined and teams don’t get software fatigue. They also need to focus on comprehensive platforms with longevity that provide continuous updates, bug fixes, and Fort Knox-like security for the company’s data to avoid tech churn.
In addition, CIOs need to focus on:
- Aligning the tech stack with the company’s long-term goals, ensuring that technological investments support overall business objectives.
- Solutions that offer scalability, easy onboarding, and long-term support through training and hands-on account managers.
- Balancing the costs of new technologies with their benefits and developing a budget that allows for innovation without compromising financial stability.
- Facilitating communication between IT, precon teams in the office, and field teams to ensure everyone understands and utilizes the technology effectively.
- Identifying potential risks associated with new technologies and developing strategies to mitigate them.
There’s no Tech Stack without STACK!
With STACK, you’re set up for long-term data success with:
-Our 100% cloud-based platform, with access to projects anytime, anywhere
-Robust, open API to integrate with your current workflow
-Instant software updates and backups
-Industry-leading data security
-STACK’s investment in research and development to improve customer experience
Developing a long-term tech stack plan requires strategic foresight, meticulous planning, and a commitment to data integrity. The CIO’s role is crucial in navigating these complexities. By addressing the pitfalls of bad data, prioritizing cybersecurity, and implementing standardized data practices, contractors can enhance their estimating accuracy, operational efficiency, and overall project success.
