How to Leverage Technology While Cutting Down Costs

New technologies increase profit margins and help construction firms to win new projects

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Hotel & Hospitality Renovation Insights
Cassandra Soto
Brand & Marketing Strategist

November 5, 2019

Many businesses around the world are facing financial challenges at every turn of the new year, and most of them are still stuck in age-old ways. Those that have showed a boom in business are the ones who have embraced new technologies and sustainability into the core of their operations.  An example of that is in the construction business.

New regulations require strict adherence to managing waste and reducing margins of error when it comes to safety, making it critical for companies to adapt or get left in the dust.

History has shown that for an industry to remain competitive and profitable, it has to innovate and adopt new trends. The same goes for construction firms. Even though many are taking their time to change their ways, others are realizing how new technology could actually help them with cutting down costs by:

  • Speeding up workflow processes
  • Using tools to make informed decisions
  • Streamlining information storage
  • Quick and easy info-sharing
  • Automating various business functions
  • Improving and accelerating both internal and external communications

Each of those items will not only increase profit margins, but also improve the ability for firms to win new projects.

Leveraging Technology to Enhance Efficiency & Cut Costs

For builders and developers, the most important aspect in leveraging technology is to increase the overall efficiency of their business. In this day and age where everything is getting digitized, it is crucial to form Smart Contracts based on blockchain technology. Not only does this type of contract allow greater transparency among all the parties involved, it also offers everyone a shared and secured system to perform their business transactions.

Another major technology that can cut costs is known as modular contraction. This is a method in which some of the construction takes place at an offsite location, and then the components are moved to the actual construction space. Because of the lack of skilled labor and increasing prices of materials, off-site constructed modular units are increasing in popularity.

BIM Software

Illustration: Viktor Koen

With information technology entering every facet of the world’s numerous industries, BIM (Building Information Modeling software) allows builders to generate 3D models of buildings and utilities of their respective projects. This allows for better sharing of data and managing the construction process, as well as more efficient procurement of parts and materials. With all this data, the project can commence and conclude on time.

As of 2019, the following are among the best BIM software solutions in the market:

  1. Autodesk BIM 360
  2. Tekla BIMsight
  3. BIMx
  4. OpenBuildings Designer
  5. Buildertrend

drone technologyAnother technology that is growing fast among the construction industry is drone tech. You may automatically think of aerial photography, but there are more uses for drones such as:

  • Quickly mapping large areas
  • Inspecting points at heights
  • Producing thermal images and heat maps
  • Providing on-site security/surveillance to prevent theft of valuable equipment

Bottom Line

Leveraging technologies is the best way to increase efficiency. Not only does this allow businesses to become profitable, it also ensures higher levels of safety, productivity and collaboration.

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Cassandra Soto
Brand & Marketing Strategist

About Triple Crown Construction:

Founded in 1991, Triple Crown Construction built a reputation for itself as a reliable partner in the hospitality and commercial construction industry by understanding and delivering on its partners’ expectations. Based in Frederick, Maryland, Triple Crown Construction strives to approach each and every project with the goal to deliver quality, service, and value, and is committed to raising the standard of excellence in all areas of its work. The company operates with a family mentality, a commitment to the greater community, and a desire to work with those who aim to improve their customers’ experience.

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