New Study Shows that 70% of Contractors Are Not Taking Advantage of Technology That Could Boost Their Business
Posted on January 13, 2020
FMI Corp has released a survey of more than 650 contractors and the results are not surprising to us: Seven out of ten contractors are not taking advantage of the technologies that could dramatically change the way they do business – for the better. Keep reading to learn more and then contact Fund Control at 800-625-5972 if your private equity firm is ready to learn how you may not be taking advantage of these offers either.
Safety is the Top Worry Yet Steps Are Being Skipped to Improve It
The study, which was compiled for the 2020 FMI Industry Report, found that jobsite safety was the top priority of contractors, yet just over 54% of them said that they utilized technology to maintain this safety. Many also said that hiring and retaining employees was a critical issue, and once again just 25% of those people said they used technology to achieve employment needs. Finally, 52% said that they were concerned with ways to maximize productivity but only 40% of them are using productivity software.
There is a Real Disconnect Between What Contractors Say They Want and What They Invest In
This survey shows seemingly incompatible answers: Contractors appreciate how important data is, yet they do not feel it important to take steps to improve it. In fact, 65% of those surveyed said that their firm had no stated technology plans and 70% said there was a lack of technology roadmap at all. This can be a huge problem for everyone within the financial district, in addition to contractors. For example, a disbursement company without necessary data management is putting themselves and their clients at risk.
Attracting New Workers Can Depend Entirely on Technology
While the companies in question are understandably focusing on the needs of technology that can improve the workflow, they should also remember that without the latest technology, they may not attract the top talent they need. Why? Because millennial workers grew up with technology and are well aware of how it can simplify work and make it more fun. They do not want to work at jobs where technology is outdated and is not a priority.
Does this mean that your company needs to be the most technology-forward company in your sector of the industry? Of course not – but it does mean that you should take a few moments to find out what your options are. Do not be a company with a huge disconnect between what you want – new technology – and what you have – old technology. Contact Fund Control at 800-625-5972 to get started on a solution.