The Secret to Higher Performance and Lower Cost Construction Projects
The construction sector generated revenues of $2 trillion in the United States in 2019 and made a contribution of 4.1% in the country’s GDP in 2020. While 2020 was upended by the pandemic, construction continues to remain a core sector relevant for national and global economies. That said, becoming and staying successful is hard here. Construction companies face several issues, such as the rising cost of material, disrupted supply chains impacted by the pandemic, lack of talent, and inconsistent technology use. Issues like these lead to project delays and safety concerns resulting in adverse impacts on the cost and performance of the construction projects. Can the construction sector learn from the experiences of other business sectors and create more opportunities for profits and better business outcomes? Here are a few strategies that construction firms can adopt to achieve high performance at a lower cost without any compromises on safety and quality. 1. Improved Planning Cost...