{"id":2899,"date":"2024-09-19T13:37:53","date_gmt":"2024-09-19T13:37:53","guid":{"rendered":"https:\/\/infobric.com\/uk\/?p=2899"},"modified":"2025-11-05T11:29:31","modified_gmt":"2025-11-05T11:29:31","slug":"investing-in-contech-the-cost-vs-value-equation","status":"publish","type":"post","link":"https:\/\/infobric.com\/uk\/en\/blogs\/investing-in-contech-the-cost-vs-value-equation\/","title":{"rendered":"Investing in Contech: The Cost vs Value Equation"},"content":{"rendered":"\t\t
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As an industry that has been stuck in its ways for a long time, construction has many processes in place which people are reluctant to change. In procurement it often comes down to the toss-up between cost and value with many asking the same question \u2013 is investing in new technology really worth it?<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

Despite being among the biggest industries in the UK, in 2021 a study found that UK construction businesses had an average profit margin of just 3.9% - the lowest in the world for the industry. In recent years this has been made worse by factors such as Brexit, Covid and inflation, all having a knock-on effect on material and labour prices.<\/p>

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In addition to the rising cost of materials and labour, profitability is also impacted by the skills gap and productivity. It was recently estimated that, in the housing sector alone, there is a shortage of 152,000 workers needed to meet Labours\u2019 housing proposals.<\/p>

With such small margins for error, we are seeing an increasing number of firms heading for insolvency. Awareness and mitigation of\u00a0potential risks\u00a0is therefore vital to keep projects running to schedule, on budget and without error. This is just one of the areas digital transformation can help to streamline.<\/p>

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The cost vs value equation<\/h2>

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The bottom line is that construction is trailing behind many other industries in the uptake of digital solutions. The first step towards this is accepting the need for data to drive long-term cost efficiencies, rather than being concerned with the upfront cost of onboarding digital solutions. Healthcare is one of the sectors which has proven how these can be used effectively when there are many moving parts at play \u2013 maximising data awareness, encouraging collaboration and improving outcomes and experience.<\/p>

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Time is money<\/h2>

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Many people\u2019s concerns when it comes to investing in digital solutions relate to the upfront cost, however this initial investment has the potential to save time and money in the long run.<\/p>

It\u2019s fair to say that admin is not a task that many people enjoy \u2013 it often takes up valuable time that could be spent doing something deemed more important and skilful. Whether this be onboarding or reporting, admin tasks have traditionally been manual processes, with a lot of time spent consolidating information and data from various pieces of paper. This is where digital solutions such as those offered here at MSite come in. Covering the full project lifecycle \u2013 pre-site, on-site and in-site \u2013 our platform can save you time on right to work checks, site briefings, reporting and much more.<\/p>

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Platforms such as ours also provide the ability to track time and attendance of workers down the second they walk on and off site. It has been shown that contractors pay up to 20% extra for agency labour due to issues such as fraudulent claims and clerical errors. Automating the tracking of worker hours and timesheet approval not only ensures fair pay but also saves on administrative overhead and streamlines payroll processing.<\/p>

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We\u2019ve found the answer to the cost vs value equation, and we can help you too as well.<\/p>

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Find out more about our full range of digital solutions at MSite<\/a> or read further about Labour Hours<\/a>. Alternatively, you can\u00a0contact us<\/a>\u00a0for a personalised consultation.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div> <\/div>\n <\/div>\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

As an industry that has been stuck in its ways for a long time, construction has many processes in place which people are reluctant to change. 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