JB Knowledge, a leader in construction technology, recently released its 2017 Construction Technology Report. The report cites how over 3,600 construction companies are utilizing technology in their business. Key Highlights from the Survey
Despite a noticeable uptick in those allocating more than 1% of their annual sales volume to IT,
construction continues to budget the least for information technology compared to other industries.
The largest shifts in IT budgets over the past year were respondents reporting spending Less than
1% of Annual Sales Volume on IT which decreased by 9%. Another significant change from 2016 is
those who reported spending 1% of their Annual Sales Volume on IT increased by nearly 8%. Among
companies with less than $100 million in annual sales volume, only one respondent reported allocating
over 2% of that sales volume to IT.
Who manages IT Staff
As with prior years, 2017’s report named the CFO as the job title tasked with the leadership of the IT
staff, with CEO as the second-most reported answer. CFO’s are expected to have more technological literacy
now than ever before. Companies with larger staff should consider adding a CIO/CTO to sit
alongside the CFO, also reporting to the CEO, to focus on IT issues independent of, but advised by,
financial strategy and limitations.
More companies are addressing data security
Companies reported a very promising effort in securing cloud data in 2017! Actions to ensure data
security and management (employee training, installing security on mobile devices, corporate IT
policy, etc.) have reported an increase of 15 to 20% more application over the past year.
Increase in mobile devices
Last year’s report delved further into how devices such as tablets, smartphones, and wearable devices
are impacting the industry. 2017’s data supports the adage, “The iPad is the new hammer!” Research
over the past five years is irrefutable, mobile devices certainly have a place on construction
Social media usage
In 2014, Forbes reported businesses with a social media presence experience stronger brand
recognition, customer experience, inbound leads, and rates of conversion. Social media’s ability
to bolster business credibility and build lead pipelines is common knowledge widely covered by
mainstream media outlets. Perhaps one of the most sobering revelations in this year’s data is 25.5%
of respondents still do not use any form of social media. Among respondents who are using social
media, Facebook and LinkedIn are significantly more utilized than other social media platforms.
What prevents companies from investing in technology
When questioned how comfortable they are with new technology, most respondents reported a higher
level of confidence than previous years. The majority of respondents, despite their age, reported
feeling “comfortable” to “very comfortable” trying new technology. Even respondents born between
1940-1959 reported an average 8 out of 10 comfort-level with new technology. These statistics
indicate employees do not consider themselves the obstacle to trying new technology.