Must-Read: 2019 BuiltWorlds Construction Technology Annual Report
Posted September 17, 2019
The team over at BuiltWorlds just released its 2019 Annual report. The report offers a comprehensive look at the state of the construction industry and highlights solutions that cause disruption in our industry.
The report takes a deep dive into the continuing digitization of construction and shines a light on the fact that despite the industry’s reputation as a technology laggard, the pace of tech investment and adoption is increasing at an exponential rate. Built tech investments more than quadrupled from 2017 to 2018 growing from around $730 million to over $3 billion.
With all of the investments in build tech, construction leaders looking to adopt new technologies are overwhelmed by the sheer volume of providers and solutions, and the report adds clarity for those planning to adopt new technologies by sharing real-world success stories offering actionable guidance for construction industry leaders looking to future-proof their businesses.
The report cites Lithko’s recent success collaborating with Penta to eliminate manual time collection and coding in the field. Lithko, a leading concrete national contractor, had been manually collecting time via spreadsheets across their 16 locations, and the office admin hand-keyed all of that info into the Penta ERP system.
As the report notes, Ryan Hale, Chief Information Officer & Director of Strategic Initiatives at Lithko knew there had to be a better way, so he approached Penta with the issue, and we got to work!
Hale summarized the true differentiator in Lithko’s relationship with Penta, “We felt they were in it for a long-term partnership and willing to work with us to fit some of our unique needs.”
From Penta’s perspective, president Bill Wagner noted, “Any opportunity to work with a progressive contractor and receive real rapid iterative feedback is a 24k gold opportunity as a construction technology vendor.”
The report concluded that collaboration between tech and industry is essential, and Lithko and Penta have proven that a personalized approach to working with each other can not only be effective but profitable.
The team here at Penta couldn’t agree more with the conclusion that a collaborative approach to developing tech-enabled field solutions is essential!
We consider the entire BuildWorlds Construction Technology Annual Report a must-read. To gain access to the report as well as other research studies, news, analysis and more from this impartial construction educational network, we recommend joining the BuiltWorlds Community!