Top Five Construction Industry Trends: 2019
2018 has been an interesting year for players in the construction industry as it witnessed several changes in technology and supply routes. The construction industry is still undergoing a momentous paradigm shift. With the continuous growth and evolution of new construction industry trends, players must stay well-informed if they wish to uphold a competitive position in the market. Keeping abreast with the new and emerging trends in the construction industry will not only help your company from falling behind but will also help you prepare for the future.
Here are the top 5 noteworthy construction industry trends that you should expect to see in 2019:
- Modular construction: The use of such standardized modular construction processes will help construction companies to assemble as much as possible offsite before the completion of the on-site project.
- Building information modeling: This technology is expected to bring about major changes in the way companies design, manage, and develop sustainable solutions.
- Augmented reality: AR is one of the major construction industry trends that’s bound to open up new opportunities for players in this industry.
- Wearable technology: Wearable technology is poised to boost onsite safety while facilitating the efficient monitoring of various processes.
- Construction software: Real-time collaboration software is expected to function as the digital backbone of companies in this sector.
About the Client
The client– a market leader in the US construction industry. The construction industry player’s vision revolves around building a sustainable future by fostering a collaborative spirit that creates exceptional experiences through the use of sustainable/eco-friendly material.
The rapid growth experienced by the construction industry player was further complicated by the poor supply chain management capability and huge demand spikes, which in turn strained their resources and increased the overall supply chain costs. Recognizing the growing supply chain complexity, the construction industry player realized that they needed to employ a powerful array of strategies that can help them cost-effectively facilitate all supply chain processes. Through supply chain management the client wanted to enhance supply chain visibility and traceability, while effectively cutting down costs to streamline and integrate all supply chain operations.
The construction industry player lacked the fundamental supply chain knowledge and internal resources to cost-effectively handle the production losses and demand variability it faced. Having considered the available options, the most strategic option for the client was to outsource its supply chain management and associated functions including forward and reverse logistics operations.
The contruction firm chose to partner with SpendEdge and leverage its expertise in supply chain management to develop an efficient solution. This enabled the construction industry player to focus its scarce internal resources on furthering its core internal competencies. The supply chain management experts at SpendEdge helped the client configure a highly flexible and efficient supply chain infrastructure to effectively handle demand flows of different customer groups.
With the help of SpendEdge’s customized supply chain management solutions, the client gained a detailed construction industry overview along with the best practices adopted by market leaders. The startegic approach to supply chain management enabled the client to reduce their sourcing and procurement expenses by 30%, while reducing transportation costs by 15%. Moreover, the migration from a fragmented multi-vendor landscape to a more concrete framework helped the client to enhance supply chain visibility resulting in lower operating costs and supply chain risks.
Wonder how supply chain management can benefit your business? Get in touch today!