How innovations can help your construction company grow?

Do you consider your company innovative?

Do not rush with answering! Even up to 84% of executives think that innovation is essential when it comes to the company's growth, but only 6% are satisfied with its performance. In the end, most of them are talking about the need for an innovative approach and creative management while sticking to the exact old solutions.

The Internet is nowadays full of articles listing the benefits of innovative management. However, there are few good resources focusing on what you need to do to have an innovative company and how to do it without putting your financial stability or market position at risk.

The changes are necessary for business growth, but at the same time, they are never easy. That is why instead of giving you the whole list of benefits (that you probably already know), we want to focus on what bothers the company's managers the most: how to introduce innovations to make your company grow?

Take the Individual Approach

Often in the articles about innovations, you can see that the construction industry is treated as one with the same problems, challenges and characteristics. However, it is exactly the opposite! The industry is composed of many different fields and specialisations. Moreover, the needs of each company might differ significantly even inside one sector!

Approach to the innovations should always be unique regarding your company's characteristics! Why? The innovation activities and connected challenges will be entirely different for small specialised contractors and big companies with departments in many cities with no direct contact between employees.

That is why before thinking about changes, consider:

• What are the internal characteristics of your business: size, staff members or technologies you use?

• How do external factors like the market and sector regulations impact it?

• How is your innovation management shaped by the company's culture, strategy and structure?

Source: https://www.research-collection.ethz.ch/bitstream/handle/20.500.11850/420828.1/eth-875-01.pdf?sequence=1

Innovation in Construction - How to Do it Successfully?

• 01

  Plan ahead
  Innovations like any other project in your company should have a plan. According to your company's characteristics we have listed in the previous paragraph, now it is time to create a scheme for possible changes.
  
  Smaller companies probably will not need an in-depth plan or analysis, but it might be a must-have for more prominent companies. If your company has many departments and employees, every change in the business management process should be well thought out!
  
  So what should be taken into consideration in your innovation plan? We have prepared a short 5-point list that you should always include in your innovation plan.
  

  1. What are the current pain points in my company?

  2. How can this change help reduce/eliminate this problem?

  3. What should be the outcome of this innovation?

  4. Where will the change lead my company?

  5. What are the costs of the innovation? (Consider not only money but also other construction assets, like: time, labour, materials, equipment...)

• 02

  Consider your limits
  Innovations should fit your company like a glove. That is why in your plan, you must consider your limits. We have already mentioned the characteristics of your business that can strengthen or hold back the innovative culture in your company. However, the limitations can also come from outside factors!
  
  It can be an essential project that your department is working on right now, and you do not have enough time to take care of implementing changes. Or your company is trying to acquire a significant client, and your employees should better focus on efficiency and productivity. Of course, these are only examples, but it is always worth considering how your company's current and future situation looks like!

• 03

  Listen to your employees
  This point applies to any changes from the minor ones, done inside a team, to the innovations that restructure an entire company. Even though your employees might not know the bigger picture of the company's situation, their insights are crucial. After all, they know best what blockers and pain points there are in their daily work.
  
  Instead of approaching them with an already prepared plan, try to engage them in the process. Of course, it is more challenging as your employees might have different views and ideas on necessary changes. However, involving your employees in the innovation process might help you convince them of the need for change and make them more eager to help.

Construction Innovation that Makes Your Company Grow

Usually, when we think about innovations, we consider changes in more technical aspects. Also, we more often focus on the project management level. But what if we told you that genuine innovations that make your company grow are the ones that connect your business and project management levels?

We live in a fast-changing world with advanced digitalisation and constant unpredictability. Because of that, your business must react faster to any changes and risks. That is why you need solutions that treat your business holistically, connecting different departments with streamlined information flow.

One of the construction innovations that is gaining popularity right now is the construction management platform. Such software provides solutions not only on the project level but also on the business management side with all tools for better company's control, efficiency and financial safety.

Curious to discover all solutions of the construction management platform?

Check them out here!

Another significant advantage of such modern solutions is that they usually have a modularity feature. What is it? Modularity means that the system is built from smaller already existing tools that you can implement according to your company's needs, processes and structure. Thanks to that, you can make sure that innovation is always implemented regarding your individual needs.

Your Approach to Innovations

The most important in the innovation process is your approach. The first thing that should be on your mind is your company with processes, characteristics and challenges. Let's highlight once again: Innovation is a unique case of every business, and there is no one best pattern that you should follow!

Instead of looking for magic solutions, focus on your already existing structure and ideas to improve them. It is much easier to build on processes that your employees already know and can improve than building everything from scratch and putting your company's stability at risk.

One of such solutions can be construction management software that focuses on your workflow, giving you all the needed tools to streamline the processes and overcome the challenges at the project and top management level.

Discover all features of the construction management platform!

Also, if you want to read more about innovations in the construction industry, check out our other articles!

1. Innovation in the Construction Industry

2. Construction Innovation For The Better: Change Your Winning Team!

3. Why Do We Need Innovation In Construction?