Shortages. Delays. Pricing. Labor. Shifts in business as usual continue to reverberate across the construction landscape. Industry experts predict that the successful companies of the future are going to be those who figure out how to collaborate—not just to push projects along, but ultimately to create greater end results for stakeholders.
Embracing Change
With massive disruption the name of the game for over 18 months, construction businesses have been ramping up the use of technology to break down silos, curtail time wasted in meetings and avoid duplication of effort. Now, industry experts, like Clark Pacific predict that collaboration will go even further:
So, what exactly does collaboration in construction look like? It varies. It can be as simple as implementing technology that streamlines internal processes; and it can be as complex as restructuring your organization and go-to-market strategy to be more competitive as the construction supply chain becomes more consolidated.
Both avenues are necessary to keep up with the future of construction, and they both provide tangible benefits. Using technology as a foundation, construction firms cannot only break down silos, they can also integrate the construction supply chain.
McKinsey predicts that construction value and profit pools will shift dramatically, and by 2035, total profit pools may double, unlocking $265 billion in potential new profit for stakeholders who take the lead in embracing change. But design professionals and general contractors risk getting left behind. General contractors must offer more than execution alone, and design will face increased commodification and automation. To stay ahead of the curve, stakeholders must focus on building partnerships and alliances that are centered on delivering better outcomes and value to owners, not just project-based transactions.
Start Today: A Practical Collaboration
As you ponder collaboration in the big picture, don’t overlook the immediate boost you’ll experience by partnering on pragmatics—like securing a surety line of credit you can count on. Complete Colonial Surety’s simple pre-qualifying app now and receive, for free, Dun & Bradstreet scores. Pre-qualify and Receive Free Scores Here!
Then, once approved for The Partnership Account® you’ll save time and leverage data and easily obtain your needed surety bonds as you:
- Use your private Owner’s Dashboard® for a personal window into your underwriting profile. Review the statistical analysis of your financial statements scores, profitability, and more.
- Access a powerful online surety management system to issue bid bonds, order performance, and payment bonds, update work in progress, check your current and aggregate limits, view open and closed bid and performance bonds, and more.
- Clearly see your bonding limits, and always have direct access to our underwriter if you need the excess capacity to bid on a job.
- Protect the confidentiality of your bids—after all, no one’s in the middle when you do it yourself, right?
Ready, Set, Grow: The Partnership Account®
Investing In the Future?
Though exacerbated by the pandemic, the skills gap has been a challenge in the construction industry us for nearly a decade. An aging workforce, declines in vocational education and limited training for specific skill sets, such as those needed in the craning and lifting sector, all contribute to the labor shortage. American Cranes and Transport observes that smaller companies can be more impacted by skills gaps than larger ones, since they can be without the resources to develop and retain talent. Prepare for the future by investing in talent development programs; collaborating in the vocational education sector; and embracing technology to increase productivity.
Start your path to the future today: leverage Colonial Surety’s user-friendly tech platform to save time and money while obtaining bid, performance and payment bonds. Why waste time trying to do new things the old way? Let’s get you going today: armed for success The Partnership Account® for Contractors.
Colonial is built on reliability, affordability, and dependability. Founded in 1930, we have proven long-term financial stability; we’re licensed in every single state in the U.S.; we are listed by the U.S. Treasury as an approved surety; and we’re rated “A” Excellent by A.M. Best – an accolade of which we are extremely proud. Let’s Partner!