The following content is sponsored by Baker Tilly.
The construction industry is one of the largest sectors in the world, and is a major contributor to the world economy. However, it is also chaotic, disconnected and constantly facing new disruptions. If you're running a legacy or end-of-life system, you're at risk of stalling your transformation efforts, losing your competitive edge and missing out on revenue—and probably facing rising costs too.
Construction firms often operate on tight margins. Now they are facing even greater pressures due to labor shortages, productivity levels and a rapidly globalizing industry that in many markets has brought new entrants. Despite these challenges, developments in new technology and construction methods have energized the industry. Many engineering and construction companies are quickly realizing that relocating activities formerly done on-site to a shop environment, similar to a manufacturing industry model, can contribute to significant gains in productivity and margins.
IFS integrated project and lifecycle management
Source: Industrial and Financial Systems (IFS), 2021
Construction goes off-site and modular
In order to succeed, contractors may need to become more agile and embrace this major change, transitioning to an off-site manufacturing delivery model. Whether this is off-site or modular manufacturing, it relies on factory-made modules and components that are shipped and assembled on-site. Off-site and modular manufacturing delivery methods allows project delivery to be more predictable, and faster — at a lower cost and higher quality.
To take full advantage of this new opportunity to increase revenues and margins, consider adapting quickly to the accelerating construction integrated manufacturing model. Ultimately, success in the new digital era for construction will come by harnessing the power of technologies to integrate processes across the business and develop the fast-changing, disruptive services that clients and owners demand.
Leveraging years of deep industry experience in the construction and manufacturing industries, together, Baker Tilly and IFS work alongside construction businesses looking to begin modular construction to address the difficulties that come with legacy software, silos of data, constraints on capital, poor processes, and fragmented resources. The team delivers unique industry-specific functionality, expertise and technology insight that empowers construction businesses in today’s unstable economy. Faced with challenges from labor shortages to supply chain disruptions, agility and building resilience into your construction operation is more important than ever.
Interested in learning more? Join Baker Tilly and IFS for an insightful webinar on Feb. 23, 2022, as they engage with industry specialists who will share their perspectives on how companies are transforming to embrace these challenges head on and take advantage of new opportunities in the market.