Contractors are investing in improvements to the mobility of their construction project data, yielding business benefits, according to a new report by McGraw Hill Construction on information mobility in the construction industry (click here for report). However, there are significant gaps that need to be overcome for the benefits to be widely achieved across the industry.
Overall, the most highly reported benefits are better team collaboration (reported by 76%) and improved productivity (reported by 68%). Bottom line benefits, such as shorter project schedules, lower project costs and increases in project ROI, are significant for those that are tracking the benefits.
However, only half (51%) are tracking information flow at all, and only 20% are tracking the flow of their information outside their own firms—a significant need in the industry in order to understand and improve the flow of information.
“There are proven results in the value of information mobility investments, with contractors reporting shorter schedules by 9%, project cost decreases of 10% and increases in project ROI of 2%,” says Harvey M. Bernstein, vice president of Industry Insights & Alliances at McGraw Hill Construction. “We need to encourage the industry to track and report these benefits so they can justify investing in information mobility, thereby improving their profitability.”