Bad Communication is Kryptonite for Business Functions
A new industry research report distributed by PlanGrid, construction productivity software company, in conjunction with management consulting firm, FMI Corporation, indicates that lack of communication and inefficient management practices is costing the construction industry billions.
Time spent on activities such as fixing mistakes, managing conflict resolution accounts, and looking for project data account for $177.5 billion in labor costs per year in the U.S. alone. Miscommunication and inaccurate and inaccessible information will cost the U.S. construction industry more than $31 billion in 2018.
FMI estimates poor communication represents a potential cost to the U.S. construction industry of $17 billion a year, and poor project data represents a cost of $14.3 billion, collectively accounting for $31.3 billion annually.
Cost-Savings Through Collaboration
Construction is a global industry yielding trillions of dollars, but it’s plagued by inefficiency. Current construction operations that are heavily reliant on manual processes hinder the industry because information isn’t easily delivered amongst all trading partners.
Lack of visibility in the supply chain and limited communication capabilities can create inefficiency and waste. Next-generation technology that fosters collaboration with suppliers can limit the number of financial, business, and reputational risks. In today’s fast-moving, global marketplace, your supply chain depends on that seamless flow of information.
Schedule a chat with one of our reps to learn how your organization can benefit from timely communication with your trading partners.