- New technology adopted by over 50% of construction firms in the last year
- Businesses using eTrading are saving on average a month in time
- Cost saving and improved accuracy voted the biggest benefits of eTrading
Businesses are saving over 200 hours a year (26 eight hour working day), according to a recent survey and whitepaper by construction solutions provider, Open ECX. The whitepaper, Construction in 2023: building innovation into the framework, highlights the immense financial and time-saving impact that digital tools are having in construction, especially against the backdrop of the current economic downturn.
Reduction in cost is another key benefit of eTrading according to senior financial decision makers in large construction firms. Overall, the data showed that a staggering 77% of construction businesses in the UK have saved between £10k-100,000 through eTrading, which is vital as businesses look to recession proof their cashflow.
The industry is already making strides when it comes to furthering digitisation, with more than 50% of construction firms having implemented or developed a new technology in the last year. eTrading is high on the list of priorities with 47% of respondents currently using eTrading to digitise their purchasing, and 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, however there’s still room for improvement.
Those that haven’t yet adopted new technologies understand that digital innovations can significantly help their businesses. Nearly half of businesses not currently reaping the rewards of eTrading believe its biggest benefits are cost savings (48%) and improved accuracy (44%), which continue to be key focuses for construction firms looking to protect their business from recession and enhance their offering to their customer base.
For Matthew Jones, founder and CEO of Open ECX, this latest data paints a clear picture:
“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.”
To see Open ECX’s whitepaper in full, you will find a full downloadable copy here: https://openecx.com/construction-in-2023-building-innovation-into-the-framework/
WeTransfer Link for Download: https://we.tl/t-kECoILdKaR