Open ECX, the construction solutions provider, has released new survey results and a whitepaper that has detailed how construction businesses are benefitting from the financial and time-saving impact of digital tools, especially during the current economic downturn.
In its whitepaper, Construction in 2023: Building Innovation into the Framework, the firm said that businesses are saving more than 200 hours a year (or 26 eight-hour working days), while reducing costs and improving accuracy thanks to digital tools, quoting senior financial decision markers in large construction firms.
Overall, the data showed that 77% of construction businesses in the UK have saved between £10,000 to 100,000 through eTrading, which is vital as businesses look to recession proof their cashflow. It added that the industry is making significant strides when it comes to furthering digitalisation, with more than 50% of construction firms having implemented or developed a new technology in the last year.
It added that eTrading is high on the list of priorities, with 47% of respondents currently using the technology to digitise their purchasing, with a further 30% planning to use it in the future. These figures show an increasingly positive shift in the sector, which has too often been considered slow to adopt technology.
Open-minded towards technology
Matthew Jones, Founder of Open ECX, said: “Since we founded Open ECX in 2012, we’ve been beating the drum for greater digitisation within the construction industry. Our latest whitepaper and data have now shown the positive force that modern construction technology can bring with it.
“eTrading, eInvoicing and digitally based solutions are modernising the construction industry, helping to cut costs and save time at a crucial moment for the sector. With the difficulties caused by the current economic climate showing no signs of slowing down, construction business leaders know they need to stay open-minded towards technology solutions that can help enhance their companies processes and increase speed and efficiency of collaboration throughout the industry,” he added.
Furthermore, he pointed out that businesses that haven’t yet adopted new technologies understand that digital innovations can significantly help their businesses.
The survey data highlighted that nearly half of businesses not currently reaping the rewards of eTrading believe its biggest benefits are cost savings (48%) and improved accuracy (44%). These continue to be key focuses for construction firms looking to protect their business from recession and enhance their offering to their customer base, it concluded.
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