Technology & Benchmarking

In this issue of CFMA Building Profits dedicated to industry trends, I’d like to address two important trends for our members: technology adoption and benchmarking your company against others.

Technology Adoption

It appears that the importance of technology adoption in construction companies has finally been realized. Since I have been advocating for the increased use of technology in this editorial for the past 12 years, it is encouraging to see this development.

While the devastation caused by the COVID-19 pandemic was and continues to be undoubtedly unfortunate, one of the silver linings is that it forced companies to look more seriously at the need to rapidly deploy new technology.

This was especially evident as I walked around the exhibition hall at CFMA’s most recent Annual Conference, which has become a forum for new and rapidly changing technology.

Company Benchmarking

CFMA’s Financial Benchmarker

CFMA’s Financial Benchmarker is the leading source of construction industry data and allows for the comparison of a company’s financial results with the industry or segment in which that company operates, using such criteria as revenue, geographic region, Best in Class, or NAICS code. Don’t miss the 2022 Financial Benchmarker Executive Summary in this issue.

Over 1,200 companies submitted detailed and valid financial statements and other required information needed for inclusion in the financial portion of the results. Learn how the Benchmarker can help compare your company’s financial performance against others in the construction industry at www.cfma.org/benchmarker.

Heavy Equipment Comparator Survey

Fleet management can be a challenging business area to manage and improve, and balancing the size and composition of your fleet with effective maintenance practices, maximizing equipment utilization, and optimizing fleet costs are key components to successful fleet management. Analyzing the complex relationships among these key business practices requires standardization along with insightful analytics, which is why CFMA has joined forces with the Association of Equipment Management Professionals (AEMP) to create a new kind of benchmarker — the Heavy Equipment Comparator (www.cfma.org/hec).

If you have a fleet of off-road heavy vehicles, then be sure to complete the Heavy Equipment Comparator Survey at secureii.com/AEMP/account/login.aspx by December 21. The results will provide 32 metrics to effectively manage and improve your heavy equipment fleet.

In addition to the many volunteers from both organizations who have given their time and talent to this project, I would like to thank two industry giants who have led this initiative since its inception — Rich King and Preston Ingalls. Rich King, CPA, CCIFP, CFO at Schlouch Incorporated, has been a leader in CFMA for over 25 years. The other leader in this initiative is AEMP’s industry veteran, Preston Ingalls, President Emeritus of TBR Strategies, LLC.

The results of the Heavy Equipment Comparator Survey will be released at CONEXPO-CON/AGG in Las Vegas in March 2023! 

Copyright © 2022 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in November/December 2022 CFMA Building Profits magazine.

About the Author

Stuart Binstock

Stuart Binstock is the President & CEO of CFMA. Mr. Binstock oversees CFMA's strategic development and is responsible for cultivating relationships with other construction industry organizations and partners.

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