Moving beyond spreadsheet trackers: Your ability to compete in 2024 depends on it

After facing a difficult few years, the construction industry is now on the verge of significant growth, with the latest Glenigan Construction Forecast forecasting the sector to grow by 14 per cent by 2024. This growth, however, it comes with a new set of challenges that construction companies will have to overcome:

• Increase in market players: As the sector grows, more companies enter the market to take advantage of the opportunities. This increased competition means that construction companies will have to do more to stand out.
• Increased stakeholder expectations: With high competition, clients will expect more from prime contractors: streamlined processes, increased productivity and better results right from the start.
• Regulatory changes: Growth often leads governments to introduce new regulations. Companies must be prepared for change and be able to adapt to remain compliant and competitive.
• Innovation and technology: Growth sectors often witness rapid technological advances and innovation. To stay relevant and competitive, companies must keep pace with these changes. While many construction companies still rely on spreadsheet trackers to manage their projects and track progress, the truth is that spreadsheet trackers are ill-equipped to support the next phase of growth of the industry

Why spreadsheet trackers can’t support the next phase of industry growth

For an extended period, spreadsheet trackers have been inadequate for managing and controlling large and complex construction projects, but the growth of the industry will only further expose the limitations of spreadsheet trackers.

• Spreadsheet crawlers are limited: Project management with spreadsheet trackers makes it nearly impossible to monitor all aspects with a high level of control, let alone manage multiple aspects simultaneously. In addition, it becomes difficult to attach additional evidence such as photographs or documents to specific activities.
• Spreadsheet trackers make collaboration difficult: Research indicates that over 88% of spreadsheet trackers contain errors. This is especially true when used collaboratively, as challenges around version control can lead to confusion about what is true. Additionally, spreadsheet trackers often prevent teams from accessing the right information when needed, which can lead to outdated and unreliable information.
• Spreadsheet crawlers are offline from the site: Relying on spreadsheet trackers means that progress is tracked reactively, away from the site once the work has already been completed. This often leads to duplication of work, which wastes valuable time.
• Spreadsheet crawlers hinder productivity: Working with spreadsheet crawlers means spending a significant amount of time on manual, repetitive tasks and searching for information. A staggering 40 percent of workers spend at least a quarter of their work week on manual data collection and entry. Additionally, on a typical residential project with 500 apartment units, teams spend 1,500 hours per month on progress and task management, crippling productivity.

Don’t fall behind

In order to remain competitive in the construction industry, it is crucial to move away from spreadsheet trackers. A McKinsey report highlights the industry’s growing annual investment in technology, increasing at a remarkable rate, outpacing the overall economy.

The construction sector is moving towards digitization, not as a trend but as an imperative, heralding an era of increased efficiency, precision and competitiveness.

As the construction industry looks to 2024 and beyond, moving away from spreadsheet trackers is not just an option, but a necessity for those looking to thrive in a competitive and evolving landscape.