- Construction
As we step into 2024, the construction and fit-out industries are at a turning point. They face the challenge of meeting rising demands for efficiency, sustainability, and innovation while handling the pressures of significant sector growth. The Construction Industry Federation predicts a 4% increase in overall construction investment in Ireland in 2024, with residential, non-residential, and civil engineering sectors all expected to expand. This highlights the need for companies to keep up with these demands and set new standards of excellence in project delivery.
However, navigating these challenges is increasingly complex. A recent analysis by The Northern Ireland Audit Office (NIAO) of 77 projects across various departments found that Northern Ireland infrastructure projects are projected to cost 44% more than planned, mainly due to external factors like the Covid-19 pandemic and inflation.
The Vital Role of Automation
In the face of these challenges, automation emerges as a beacon of hope. It promises to tackle the industry’s inefficiencies by streamlining operations, improving accuracy, and providing real-time insights. A study by McKinsey estimates that new digitally-enabled automation and artificial intelligence could uplift GDP by €550 billion from 2016 to 2030 in nine European “digital front runner” economies, including Ireland.
The Dangers of Technological Stagnation
Ignoring the digital revolution in construction management carries significant risks. Companies that stick to outdated methods not only jeopardise their immediate project success but also their long-term sustainability. For instance, a study by Software AG which surveyed more than 2 000 decision makers from the UK, US, Germany and France found that companies need more or better tools in order to understand the success of sustainability initiatives, with over 36% saying that they don’t have them. This highlights the broad impact of resisting technological advancement.
The Urgency for Change
Alarming statistics underline the urgency for transformative project management tools in the construction sector. Many UK projects, for example, face the problem of exceeding their initial budget, resulting in unexpected additional costs. This pervasive inefficiency crisis calls for more dependable, automated solutions.
The Power of Cloud Computing and Automation
Cloud computing and modern automation tools offer a powerful solution to the industry’s challenges. This combination provides a scalable platform that enhances the efficacy of automated tools, facilitating seamless project management and operational visibility across the enterprise. NetSuite and FullClarity’s Construction for NetSuite is a prime example of this solution.
Construction for NetSuite: The Future-Ready Solution
This unmatched solution brings construction automation directly into NetSuite’s ERP/Financials and CRM, cloud platform. It transforms NetSuite into a holistic construction management tool, tailored to meet the construction industry’s unique requirements.
Andrew Coghlan, CEO of FullClarity, explains, “Construction for NetSuite is designed to address the unique demands of the construction sector, combining tradition and innovation to navigate modern construction with ease and efficiency.”
Empowering the Construction Industry for Tomorrow
Integrating automation and cloud-based systems is not just a trend but a foundational shift in construction management. The Construction for NetSuite solution offers a path to overcoming the industry’s challenges and positions construction and fit-out companies for success in an increasingly competitive and complex landscape. With such technology, these companies are well-equipped to build a future of efficiency, profitability, and innovation.
Contact OSSM for a no-obligation consultation with one of our Construction Management experts.
About the Author
Andrew Coghlan
Andrew Coghlan is a chartered accountant with over 30 years of management and business experience in the UK and Australia. He has worked for big corporates, small start-ups, and everything in between. Andrew is also involved in the not-for-profit sector, holding a number of charity board positions in Australia and the UK. His specialties include Financial Accounting, Business Management, and Business Strategy.