See How Engineering & Construction Firms are Boosting Productivity

It’s no secret that the economy is feeling shaky, which means smart engineering and construction (E&C) firms are taking a closer look at their foundations. A top concern: How to manage resource allocation and capacity when demand begins to fluctuate and inflation introduces fresh volatility into commodities markets.

E&C has always been prone to ups and downs. Firms that successfully manage these thorny times are turning to technology that gathers and stores information efficiently, enabling employees to make smarter decisions faster and drive revenue efficiently at scale.

It’s a tall order. E&C firms endure a strenuous process to win new business. Large firms frequently spend $1 million or more on bids that can take months to assemble. And when they do win bids, E&C can only claim real wins when they hit agreed on milestones in complex, sprawling projects. A missed deadline or change order can quickly erode margins.

Surprisingly, many firms lack the core tools to manage these risks properly. Legacy systems squirrel away data in a host of silos, making coordination in a complex industry difficult. But 60% of E&C leaders are investing in end-to-end digitization to future proof their firms. The rest of the industry needs to step up if they want to thrive in a market that grows increasingly competitive.

Here are four areas that leaders are addressing with technology.