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The 5 Greatest Digital Challenges Facing Project-Driven Businesses

project-driven-businesses

Let’s face it, the manufacturing and construction industries are changing – fast. What used to be sectors reliant on endless streams of paperwork and tedious, redundant practices are now presented with the unique opportunity of streamlining data and automating workflows with the advancement of immerging technologies. But construction, manufacturing, and other project-driven businesses are being held back by no one other than themselves. 

According to a study conducted by Mckinsey Global Institute, only 18 percent of the US economy is realizing its digital potential, with less than 6 percent of construction companies taking advantage of digital planning tools. This is due impart from a lack of education around the costs, benefits, and usability of advanced technologies. 

With the world operating at a relentless rate of innovation, the digital transformation frontier shows no signs of slowing. It’s projected that digitization could add up to $2.2 trillion to the annual GDP over the next five years. Organizations who stay at the forefront of this digital frontier will capture disproportionate gains while staying ahead of the competition. 

With a better understanding of the world’s evolving digital landscape, in what areas is your manufacturing and construction company being affected by slow adoption, and how will digital transformation improve your processes? As a trusted digital transformation consulting business, we work to empower customers to realize their digital potential. We’ve broken down the biggest digital challenges facing the manufacturing, construction, and project-driven industries and how to overcome these challenges with an adequate digital transformation strategy in 2021. 

Disorganized Data and Poor Performance Management

Today’s digital landscape is all about optimizing data usage in operations. However, companies reliant on aging legacy systems and manual data input are falling behind the competition. Manufacturers and construction employees can utilize data more efficiently, and in real-time, through proper digital planning tools and cloud technologies. Connecting all your data in a centralized, unified system improves organizational communication while being equipped with accurate data in times of crisis. Implementing these tools into your digital transformation strategy will optimize financials, warehousing systems, project timelines, and more.  

Barriers Across Teams

Communication is everything. Without it, you run the risk of delayed projects, incurred costs, and customer dissatisfaction. Inefficient coordination between site workers and factory employees to the back-office staff is leading to delays in information sharing and business productivity. Advanced technologies organize coordination and communication across teams, regardless of location, and helps lead to faster project completion and value on investment. 

A Lot of Paper, Not Enough Trails

Forms, forms, and more forms. It’s no secret that the manufacturing and construction sectors have forever been reliant on paper documents to keep their data and processes aligned. But with digital technologies and cloud solutions here to stay, adhering to this dated practice is only slowing your business, minimizing efficiency, and ultimately incurring costs. Digitizing paper forms not only transforms your management system, but also the entire productivity of your operations. Collecting data quickly and efficiently allows your business to streamline workflows and analyze important information in real-time.  

Complicated Project Planning

Construction and manufacturing projects are highly structured endeavors that require an advanced level of planning and management. Today’s advanced technologies, such as project collaboration tools, are robust and dynamic. These tools can act as the backbone of your project, providing transparency and eliminating gaps while ensuring your project is delivered on time and within scope. Implementing adequate project management solutions within your digital transformation strategy will allow your business to manage multiple project types, organize activities, and delegate tasks all within a unified platform. 

Slow Processes 

Digital transformation offers businesses the opportunity to modernize aging processes. So long to manual data input and delayed information sharing across multiple sites and departments. When your business is faced with mission-critical decision making, your processes need to be able to meet and quickly solve potential risks in real-time. By introducing and utilizing digital transformation strategies, your workforce and business operations can reduce the time and effort required to carry out daily activities. Cloud solutions have the power to streamline your supply chain, enrich financials, and accelerate your project goals. 

Conclusion

Advanced technologies are no longer mere tools for doing better business, it is what’s separating the haves and have-nots from capitalizing on their market share in the economy. It’s only a matter of time until the construction and manufacturing industries fully embrace digital technologies and cloud solutions. Stay ahead of the competition and make better business decisions by talking to an expert digital transformation consultant today.