The findings of a study of more than 650 contractors conducted by FMI Corp are unsurprising: Seven out of 10 contractors are not utilizing technology that have the potential to transform their organization for the better. Continue reading to learn more, and then call Fund Control at 800-625-5972 if your private equity company wants to understand how you might be missing out on these opportunities as well.

Safety is the number one concern, yet no steps are being taken to improve it

Contractors ranked workplace safety as their top concern, according to the research, which was conducted for the 2020 FMI Industry Report. However, only about 54% of contractors indicated they used technology to ensure this safety.

Many people also indicated that finding and keeping staff was a major concern, and just 25% of those surveyed said they employed technology to meet their employment demands. Finally, 52 percent indicated they were worried about measures to increase productivity, yet only 40% of those surveyed claimed they use productivity tools.

Between what contractors say they want and what they invest in, there is a significant gap

This survey yielded the following seemingly contradictory responses: Contractors recognize the value of data, but they do not believe it is necessary to take measures to improve it. In fact, 65 percent of those polled indicated their company had no declared technological objectives, while 70% said there was no technology roadmap at all.

This is a major issue for everyone in the financial district, including contractors. A disbursement firm, for example, that lacks the essential data management is placing themselves and their clients at danger.

Technology may be the sole means of attracting new employees

While the firms in question are naturally focused on the demands of technology that can enhance workflow, they should also keep in mind that they may not be able to recruit the best personnel they require if they do not have the most up-to-date technology. Why? Because millennial employees grew up with technology, they understand how it can make work easier and more enjoyable. They do not want to work in occupations that are obsolete and do not prioritize technology.

Is this to say that your firm must be the most technologically advanced in your industrial sector? Of course not, but it does suggest that you should spend some time learning about your alternatives. Don’t be a firm that has a large gap between what you desire (new technology) and what you have (old technology). To get started on a solution, call Fund Control at 800-625-5972.