Financial Advice

From Construction Technology Leaders

With more construction companies embracing new technologies to eliminate redundant data entry, streamline workflows and improve business operations, Construction Executive asked construction technology leaders to share their insights on how the latest solutions are positively impacting contractors' bottom lines.

"How do new technologies such as cloud computing applications impact a contractor's bottom line and ability to compete for projects?"

A recent study by IDC, a leading market research firm, revealed startling statistics about cloud-related IT services. IDC states that, by 2014, revenue generated in the United States from these services will grow to nearly $30 billion. This growth is being spurred, in large part, by the increasing demand for cloud computing applications in markets like construction, where increasing efficiencies and lowering costs have been keys to survival. These solutions, which are hosted by the software provider at a secure datacenter and are accessed by end users from a web browser, provide measurable bottomline benefits. Specifically, lower up-front software costs, lower IT costs and better support for a mobile workforce. Since cloud applications are deployed via the web, there is nothing to install or maintain. This speeds implementation and eliminates the need for in-house IT resources. And, because most cloud applications are subscription-based, they deliver a predictable monthly expenditure that includes software access, hosting, support and maintenance. Many cloud applications can be accessed from a variety of computers and mobile devices, including laptops, tablet PCs, Mac computers and iPads. This flexibility gives project managers and superintendents more options for staying on top of their jobs – and puts real-time information at their fingertips. For contractors looking to improve profitability without compromising quality, cloud computing applications show significant promise as tools for gaining a competitive advantage.