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The Benefits of New Technologies in Construction Finance
FREMONT, CA – The construction industry is slowly adopting new technology to enhance its standing in the developing world. As software developers turn toward deskless workforces, different sectors have started to integrate artificial intelligence (AI), machine learning (ML), cloud computing, and internet of things (IoT) into their operations. The new technologies have equipped the deskless workforces with robust tools to improve safety and productivity. The successful integration of technology in construction has also attracted investments from venture capitals.
The chief financial officers (CFOs) of construction companies are collaborating with their IT teams to usher digitalization by transforming the paper processes into digital data. It enables to collect the necessary field data and integrate it into their financial software. The implementation of financial technology has not only helped the construction industry to streamline their processes, but also to resolve several problems.
Most of the construction companies are partially or wholly owned by founding families. As a result, the business continuity process tends to be arduous, involving company valuation, deal negotiations, and other important decisions. The utilization of industry-specific software like enterprise resource planning (ERP) can provide financial executives with detailed financial information. Also, cloud procurements platforms can help them in standardizing purchasing processes.
The utilization of mobile technologies will streamline the communication between the office and the work field, thus enabling the CFOs to form better strategies on billing against contracts. Modern ERPs can facilitate a thorough assessment of financial stability, and also help in establishing safe and secure practices in the organizations.
Connected devices such as drones can monitor the work sites, alerting the workers to any emergencies occurring around them. The geo-fencing technology can be used to inform the users when entering dangerous territory. Even inside the office, the utilization of automation and AI can help in the detection of payment fraud. Mobile technology can also be used in talent acquisition, enabling the organizations to choose from a broader talent pool.
Cloud computing and IoT can alleviate the problems faced by construction agencies in coordinating between the subcontractors, managers, and workers. The utilization of connected drones can streamline the process of data collection, enabling quick delivery of accurate data to the finance departments.