According to insights from Dodge Data and Analytics, the construction industry, while largely considered an essential business in many parts of the world, was still negatively affected by the COVID-19 crisis. Many construction projects and sites were forced to shut down, even as the pandemic was only starting to spread throughout the world. And this was unfortunate; after all, resources and funds for infrastructure projects depend on the general well-being of nations, and both factors slowing down can also slow down the economy.
Thankfully, with vaccines being rolled out across the United States, the construction industry can start to recover truly. Here are some ways the major players, big and small, are bouncing back.
Reinvention
One example of a sector of the industry that’s taking steps towards recovery is small rental businesses, like those that rent out electric forklifts and other construction machinery and equipment. Many of these businesses understand that they cannot keep operating on a “reactive mechanism” and that they need to have the capacity to foresee where the industry is going and what trends will drive the next few months or years. One way they’re doing it is by reinventing their businesses by diversifying and enhancing their competence. They are also working double time to market themselves better by highlighting the financial viability of renting equipment over owning it.
Embracing technology
This is where more old-school conservatives can be left behind if they refuse to accept modern tools and technology to save their businesses. Since many governments all over the world allowed construction site projects to proceed even during intermittent lockdowns, many businesses have had to deal with problems concerning the supply chain, employing health and safety measures to curb infections and temporary suspension of work every few months.
To address these issues, business owners have had to learn how to embrace modern tools like cloud software to increase efficiency and collaboration between their team members or employees. It became a safer way for everyone to keep doing their work without requiring work-from-home employees to be present at the sites. Now that the world is opening up again, we might see the construction industry continue to use these technologies, giving rise to a revolution that will allow construction businesses to operate no matter the state of the world.
Building digital infrastructures
Construction businesses that pivoted to the digital world during the pandemic may have survived the past year, but they are now looking towards what will continue to fuel their rebound. Now that construction businesses can get out of survival mode and focus on increase and growth, strengthening their digital infrastructure will continue to be a priority even if work-from-home is no longer in place. Many construction leaders—and business leaders in general—acknowledge that remote working will go on to be a sustaining trend and that advancing their digital infrastructure is key to responding to more long-term changes in the construction industry.
Building a solid digital infrastructure is all about selecting the right cloud technologies that can power various construction businesses’ day-to-day operations and those that can aid the employees in building a collaborative culture, even if not everyone is present at the site. If the construction industry is to fuel its rebound truly, connectivity infrastructure will be key.
The right partnerships
Industry leaders will need to build the right partnerships by investing in strategic technology collaborations. They will benefit greatly through widening the pool of experts they work with, helping them to maximize the price of their investment. More than just buying a specific technological tool, construction leaders must are partnering with software companies in ways that transcend a vendor-customer relationship.
Construction leaders are forging mutually beneficial connections so that they have a pool of experts they can run to every time they encounter a problem with their connectivity infrastructure. It’s an efficient way to leverage the products and to be able to use them long-term, as opposed to just doing a one-time transaction and calling it a day. A software vendor sells the technology to the construction business, while a partner will help them with long-term solutions to future problems.
Final Thoughts
Every business in the world was affected by the pandemic in one way or another. The construction industry has so much to be hopeful about since it wasn’t hit as hard as other industries, and the switch to more digital solutions has been helpful and promising. If you own a construction business, reinvent yourself and prioritize connectivity infrastructure. Being prepared for anything the world can and will bring is crucial to the success of any industry or business.
