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
IT Spending 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 projects.
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.