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Australia, Latest News, Research & Analysis

How can construction boost productivity and profit?

Australian construction companies have faced a perfect storm of rising prices, labour and materials shortages, supply bottlenecks, interest rate rises and extreme weather events. These factors have contributed to double-digit price spikes and squeezed construction profits.

So, it is no surprise that Australian construction leaders are approaching the future with caution, according to Procore’s soon-to-be-released How We Build Now benchmark report, which shares insights from 1,138 construction leaders across APAC. Views were also canvassed in Malaysia, New Zealand, Philippines and Singapore.

By and large, the industry is optimistic. But scratch below the surface, and the story is less rosy –  especially for Australian construction companies.

An optimistic outlook is not the only area Australian construction companies are behind their regional peers. They lag in almost every area of technology adoption and investment. This includes artificial intelligence, building information modelling and internet of things technologies.

“Shiny Hollywood technology catches headlines,” Tom Karemacher, Procore’s APAC Vice President said.

“But many Australian construction companies still use paper processes.”

Despite Australian construction companies persisting with paper to capture, track and manage data across a number of processes, many How We Build Now respondents said digital technology would help them save money through fewer errors and less rework.

This is not limited to small businesses. Some of the region’s largest companies rely on analog systems in the digital age, the report finds.

Procore will launch How We Build Now via live stream on Tuesday 31 May. A panel discussion will include Matthew Press, Executive Director, Compliance & Dispute Resolution, SafeWork NSW & NSW Fair Trading, and Meriton’s National Director of Construction, David Cremona.

“Our goal is to spark new conversations and to drive construction up the digital curve,” Karemacher said.

Join Procore on Tuesday 31 May 2022 for the live stream launch of How We Build Now 2022.

The event will deep dive into the report findings to understand current obstacles and future opportunities. What are the top five headaches on the horizon? How are leaders using technology to transform construction? And what tools are best to reduce errors and rework? Register for How We Build Now today to answer these questions and more.

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