When considering the value of new technologies in the construction industry, it’s wise to separate hyped-up trends from choices that can legitimately help leaders increase collaboration, create competitive differentiation, and prepare for changing economic conditions. With that in mind, here are three key technology investments that construction professionals should carefully consider:

Technologies that Maximize Collaboration
A quick check around any construction jobsite typically reveals workers using many mobile devices and virtual tools, which are often linked to cloud-based platforms. For example, Building Information Modeling (BIM) and virtual design and construction (VDC) technology allows construction professionals to virtually plan and build projects. Collaboration tools, on the other hand, allow multiple users to perform tasks like editing drawings, tracking changes, or providing updates. And, mobile apps allow workers to easily estimate materials, create or export blueprints, schedule subcontractors, or review contracts.

However, these tools are rarely optimized for integrated collaboration, which can lead to inefficiencies. By defining a clear technology vision and carefully selecting tools that work together, you can successfully build a collaborative environment in your company.

Technologies that Help Attract Younger Workers
It’s no secret that many experienced construction professionals left the industry during the most recent economic downturn and never returned. The resulting shortage of skilled labor is especially significant among workers younger than 40. As a result, the industry is now struggling to rebuild that entry- to mid-level talent pool amidst heavy competition for workers.

To help meet this challenge, take time to highlight how your construction business is using technology to build a smarter workplace, and emphasize how new hires can help drive future innovations. In addition, establish regular connections with local education providers to highlight technology investments in your company, since this visibility can help influence upcoming job prospects.

Technologies that Help Prepare for Market Slowdowns
Construction is a cyclical business. Before the next downturn, when spending on construction projects will likely decrease, consider implementing technology-enabled efficiency drivers and standardized processes that will help your company be more sustainable and agile. 

For example, newer predictive technologies can gather real-time data from workers, equipment, and other jobsite assets to identify risk, cost, and performance trends. And, the more standardized operations are, the easier it is to implement strategic changes when needed. If carefully considered, these tools can be a smart way to help your business weather a full range of economic conditions.

Summary
Because construction is a highly competitive business, it takes smart investments to stay ahead. By making strategic choices about how to leverage technology, your company can become more efficient, attractive to prospective workers, and adaptable to changing business climates.

Copyright © 2016 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in June 2016 Bottom Lines newsletter.