In this article, Chris Fisher, VP of EMEA, LBMH Division at ECI Software Solutions explains to PBC Today the importance of future proofing construction businesses to survive and prepare for unpredictable events
After getting through the Covid-19 pandemic, the construction industry – and the country as a whole – has been forced to face a number of massive hurdles, including the spiraling cost of doing business and ongoing supply chain issues.
Despite this series of unpredictable events, the construction sector has managed to remain a cornerstone industry in the UK economy. Output levels continued to grow for the 7th consecutive month, according to government figures.
Having said that, almost 400 smaller construction businesses went under in April, highlighting the importance of small and medium-sized businesses being able to look forward and prepare for unpredictable events. Investing time and capital in future proofing construction businesses can be the difference between success and failure, both in the near future and further down the line.
Cloud-based businesses enable businesses to become more organised
It may seem obvious, but being able to access all key information surrounding business performance via a central system is one of the first steps any business looking to future proof their operation ought to take. Should any unforeseen set-backs occur, having a handle on all aspects of the business – from financial metrics to inventory levels, will help teams to take the best possible course of action.
With cloud-based business management software in place, organisations can spend less time trying to collate this information from multiple sources, allowing them to actually resolve the issue much faster. Day-to-day, having an organised business management system in place will also help to reduce the time and resources invested into completing simple admin tasks. Keeping overheads low in the face of hard times is essential to maintain profit margins.
Streamlining the management of business data
While there’s no denying that good business acumen is a vital quality of any manager working in the construction and builders’ merchants sector, operating in the age of information also means that these individuals also need to be relying on accurate data in order to make the best possible decisions as quickly as possible.
Technologies that can collate real-time information provide a massive advantage when it comes to making the best decisions, fast. Whether due to stocking mishaps or total supply chain breakdowns, by getting timely, accurate information, businesses stand their best chance at minimising damages.
Cloud-based solutions can also streamline the management of all key business data, without the need for investing in costly hardware, such as on-site servers. On top of this, the opportunity to manage your business from anywhere in the world means that no matter the situation or issue, taking action is easy.
Stay at the forefront to improve customer experience
Alongside being able to streamline day-to-day processes and maintain visibility of business performance, a fully integrated business management solution will help to improve the overall customer experience.
By consistently offering a reliable service, trust is built. In tumultuous times this can be key to not only maintaining, but strengthening customer relationships and driving repeat business.
eCommerce is becoming a part of everyday life, as well as a vital part of trading, at every level the expectation is to be able to shop for and receive products at convenience. Fulfilling this demand is proven to increase profit margins.
Doing something as simple as ensuring that eCommerce websites work and are easy to use can keep a business as customers go-to place to trade. On the business side, having one that is fully integrated with stock management can keep the sales process end-to-end running smoothly.
As, arguably, the UK’s most vital sector and a late-comer to the age of digitisation, the construction industry can continue to grow and thrive despite hard times provided it continues to plan for the future.
The benefits of getting organised and staying streamlined through the best technologies can help protect businesses at all levels and also provide the strongest base for developing for the coming years and decades, regardless of what they hold.
