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MindForge and FMI announce new research on the intersection of construction and technology

Research reveals opportunity to improve operations excellence and culture through digital communication.

COLUMBUS, Ohio (May 21, 2021) – There are thousands of technology companies aimed at helping the construction industry. If a contractor has to pick and choose, which technologies will give the contractor the most lift towards operational excellence and ultimately financial health? That’s why MindForge, an affiliate of International Risk Management Institute, Inc. (IRMI), partnered with FMI Corporation to conduct brand new research to evaluate the most pressing challenges and opportunities facing the construction industry in 2021. 

This timely research was conducted to further understand where technology can make the biggest impact in helping contractors achieve the highest levels of performance excellence.

Some of the key findings and takeaways from the research include:

  • 90% of contractors indicated Team Communication and Collaboration was most important for driving operations excellence. However, this was also rated as one of the top areas where contractors feel they are least effective, demonstrating the opportunity to improve.

  • Contractors ranked Teamwork and Morale and Team Communication as two of the lowest areas of performance. Many claimed this is due to poor processes and ineffective communication from management. 

  • 75% of contractors said Communication and Chat capabilities among a team are most important to performance success. This shows an increased understanding of the value of communication. 

  • Contractors that rated technology as “Very” or “Extremely” important emphasized the ability to create more efficient projects, improve accuracy, reduce risk and increase profitability.

“Critical information and education often doesn’t reach field workers with construction teams that use inefficient or antiquated methods for communicating. This lack of communication combined with a deficiency in practical continuing education on safety and skills largely contributes to serious injuries and fatalities (SFs) and severely impacts culture,” said Stokes McIntyre, President of MindForge. “These findings suggest that adopting technology to encourage open communication across your jobs creates a space where everyone can access jobsite information and ultimately, helps to establish a solid culture.” 

FMI developed and distributed a survey completed by 111 industry experts who work for general contractors and trade contractors. These experts hold positions in the field and office and represent both leadership and non-leadership roles. The survey intends to understand and assess technology’s role in achieving operations excellence. FMI also conducted interviews to understand the survey insights more deeply.

“Safety incidents can be devastating to employees, their families, and the company. Non-compliance can also cripple the cash flow and reputation of a business,” said Jay Snyder, Technology and Innovation Leader of FMI. “In this survey, we wanted to evaluate the importance of safety training and technology opportunities, which clearly resonated with the industry.” 

Technology is a longtime key catalyst for improving safety training, project and budget management and other quantitative metrics of a jobsite. But this research more clearly reveals the opportunity that technology has to extend its value by boosting employee engagement and quality of execution through improved communication. A majority of contractors identified teamwork and morale and communication as a key to success, but most also reported needing to improve in this area  and recognize technology as an important tool to facilitate more effective communication. This demonstrates the enormous opportunity in the construction industry to improve operational efficiency with communication and culture.

To download the report, visit https://mindforge.live/fmi-report/

About MindForge:

MindForge is a holistic communication hub designed to unite construction organizations. The platform simplifies workforce communication and maximizes quality with tools that keep job sites safe, efficient and connected, ultimately driving increased performance excellence. For more information, visit https://mindforge.live or connect on LinkedIn or Twitter

About FMI:

FMI is the leading provider of consulting and investment banking to the built environment. FMI provides services in the areas of strategy, leadership and organizational development, performance, technology and innovation, mergers and acquisitions and financial advisory. For more information, please visit www.fminet.com.

About IRMI:

For more than 40 years, IRMI has helped save lives and livelihoods as the premier provider of risk management and insurance information, tools, education, and training. IRMI helps risk management, insurance, and legal professionals make better decisions for their companies and clients with unbiased expertise and balanced, comprehensive content. For more information, visit www.irmi.com.

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