All around us we can see, in real time, how artificial intelligence (AI), the Internet of Things (IoT) augmented/virtual reality (AR/VR) and interconnected equipment are changing our lives. Analysts say technology’s coming for construction in a big way. Read on for predictions about the next ten years.
Construction industry experts mark this year as a turning point related to how technology dramatically ratchets up what is possible for builders. As AC Business Media CEO, Ron Spink sums up for Pros: “2023 is an exciting year for the industry because these disruptive technologies will help construction executive teams make not just incremental step changes but substantial leaps forward in their ability to build faster, at higher quality, at a more competitive cost and with higher margins….” Specifically, a study by IRONPROS predicts that interconnected equipment will become especially important for builders over the next five years:
Interconnected equipment, which involves digitally mediated coordination between pieces of equipment engaged in a project is a critical way for autonomous digital processes to come to market in equipment-centric construction. IRONPROS analysts have seen this trend manifest already in repetitive construction settings like roadbuilding, where digital coordination between automated pavers, compactors and even material trucks result in a smoother, more reliable linear asset by eliminating stops caused by interruptions in the process….Examples include:
- Estimating software that uses AI to help contractors figure out which projects to bid, which to walk away from and how high or low to bid.
- Connected equipment, hand tools and wearables that send IoT data from the field to the back office for analysis and real-time decision making.
- Sensors used during construction and often left on site to monitor water leakage and even shut down water supply to mitigate damage.
- Networked robotic paving and earthwork machinery that ensure one process dovetails with the next.
Of course many builders are uncertain about how and when useful new technologies will make their way into the day to day business—but there are steps to be taken right now—and some are easy. For example, when you qualify for The Partnership Account® from Colonial Surety, you can leverage our complimentary digital services. Once qualified, in addition to a surety line of credit—in writing, you’ll have:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
The Real Deal?
Sometimes tactics labeled as trends are really just fads or clever ways to talk about the same old thing. But when it comes to forecasting technology trends in construction, the general feeling afloat seems to be that new approaches are taking root, perhaps driven by necessity. Indeed, painful labor challenges, the need for easy access to useful data, mounting signs of environmental damage and increased pressure to bring projects in on time and on budget, have contractors making the leap to new ways of work. According to Revolutionized, the use of drones to monitor for safety risks or take measurements, 3D Printing, robots and the Internet of Things (IoT), as well as the use of better and better software by more and more workers across the life of building projects are all in the near future forecast.
Financial insights are ever more important for competing—and winning too. Have more intel at your fingertips and get an edge via The Partnership Account® . With this free service, Colonial helps builders plot growth strategically, one step at a time. The Partnership Account® arms you with a private digital dashboard, providing you with a day to day snapshot of your single and aggregate limits, as well as your current and available bond capacity. As your work in progress decreases, you can even update your work on hand—increasing your aggregate so you can go ahead and move that next bid ahead. Take control of your finances—and get an edge issuing your own bid bonds, instantly, using our powers of attorney.
Get started today: Pre-Qualify and Get Free Scores Here.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.