MYOB Advanced Construction


18th December, 2023

Navigating the digital frontier for the construction sector

The global architecture, engineering, and construction (AEC) industry, a $12 trillion market, is undergoing a substantial digital transformation.

A key report by PlanRadar indicates that 77% of construction firms plan to increase their ConTech investment within the next three years.

As a result, this points to a growing emphasis on technologies like Building Information Modelling (BIM), the Internet of Things (IoT), and automation.

Conversely, a significant challenge is that over 70% of construction firms globally are struggling with technology adoption.

This disconnect underscores the urgent need for intuitive and effective digital solutions in the industry.

Download our Five Critical Steps guide here.

The digitalisation dilemma

The construction industry has been traditionally slow in embracing new technologies.

Advanced technologies like 3D printing and AI have seen limited uptake, while BIM and energy efficiency initiatives show more promise.

The slow adoption rate reveals a notable gap between the potential of technology and its actual implementation in construction processes.

Digital transformation in Australia

Reflecting global trends, the digital transformation in Australia’s construction sector is marked by both progress and hesitation.

While 39% of companies are leading the way in digital investments, 17% express concerns about ROI, and 21% cite high implementation costs as major barriers, as per PlanRadar’s findings.

Significantly, this cautious approach mirrors the global sentiment in the industry.

MYOB Advanced Construction: Bridging the gap

In addressing these challenges, MYOB Advanced Construction stands out.

It offers a comprehensive, cloud-based construction management solution, specifically tailored to the sector’s needs.

Also, the platform’s robust features support project management, budgeting, compliance, and more, directly addressing key challenges identified in the PlanRadar survey.

Finally, it serves as a strategic tool for smoother digital adoption and demonstrates clear ROI for construction firms.

A 7-step guide to adopting ConTech

  1. Assess Your Technology Use: Begin with an evaluation of your existing digital tools and processes. This step is vital for identifying areas for improvement and potential integration of new technologies.
  2. Understand Key ConTech Trends: Familiarise yourself with the latest trends in ConTech, such as real-time connectivity, instant project reporting, and BIM integration.
  3. Research and Trial: Explore and trial tech platforms specialising in ConTech. Tools offered by MYOB Advanced Construction can provide practical solutions for enhancing efficiency and streamlining construction processes.
  4. Develop a Strategic Roadmap: Create a clear strategy for ConTech adoption, beginning with pilot projects to test and adapt these technologies in a controlled environment.
  5. Train and Innovate: Focus on training your team and fostering an innovative culture. Ensuring your workforce is skilled in new technologies is essential for effective implementation.
  6. Collaborate with Providers: Build strong partnerships with ConTech providers. Engaging in workshops and training sessions can keep your team updated on the latest developments.
  7. Measure and Adapt: Regularly assess the impact of ConTech on your projects. Be prepared to adjust your strategy based on feedback and performance data.

Industry perspectives and future trends

Leon Ward, a digital construction specialist at PlanRadar, emphasises the importance of digital technologies in ensuring smarter, safer, and more sustainable construction projects.

Also, the industry’s optimism is evident, with over half of the survey respondents planning to increase their digitalisation budget, indicating a readiness to embrace advanced Con-Tech solutions.

The construction industry’s journey towards digitalisation is characterised by both challenges and opportunities.

The adoption of ConTech promises enhanced efficiency, safety, and collaboration.

Consequently, staying adaptable and open to technological advancements is crucial for successfully navigating the future of construction.

Embracing digital transformation, demonstrated by MYOB Advanced Construction, is key to long-term success in the global market.

Finally, for more ConTech insights, PlanRadar’s Ebook, ‘Digitisation in the Construction & Real Estate Sector,’ offers detailed information.