The anticipated growth of the construction industry
Today, Singapore is witnessing a positive outlook in the construction industry. According to Singapore’s Building and Construction Authority (BCA), the public sector construction demand is expected to grow from the $15.5 billion in 2017 to between $16 billion and $19 billion this year, contributing to about 60% of 2018’s total projected demand. The construction demand for the private sector is also expected to improve this year from $9 billion in 2017 to between $10 billion and $12 billion.
This positive outlook in the public sector is because of a series of infrastructure projects such as the North-South Corridor (NSC), and Changi Airport Terminal 5 (T5). As for the private sector, the growth expected is because of the boost by the redevelopment of en-bloc sale sites and the benefits generated by the improved performance and outlook in other economic sectors.
The press release issued by BCA in January this year anticipates a steady improvement in construction demand over the medium term. The market is projected to reach between $26 billion and $33 billion per annum for 2019 and 2020 and could pick up to between $28 billion and $35 billion per annum for 2021 and 2022.
Challenges in the construction industry
As the industry continues to grow, we are witnessing a reduction in access to cheap foreign labor coupled with increasing competition. Since construction is a dynamic sector, businesses often face diverse challenges like budgeting, project planning, unorganized cash flow, regulatory compliance and change in the pricing system. The industry needs to maintain reasonable pricing, increased efficiencies across processes and remain competitive. Efficient management of the entire operation such as project planning, regulatory approvals, budget planning, construction, site selection, and so on is critical for your business.
The Singapore Government is encouraging new-age technologies in the sector with its initiatives like Industry Transformation Map (ITM).
Therefore, to be in the business, enterprises must adopt and master the technologies that are available to drive productivity and efficiencies at every stage of the construction cycle.
Why is Project Management software important for the sector?
The smartest way to manage your business today is to use a cloud-based Project Management (PM) software. It helps you boost profitability as well as competence. Since speed and productivity are of paramount importance in this industry, using an efficient process management tool can reduce the costs of your project without compromising on quality. Hence, it is essential that every task from pre-to-post construction smoothly transitions to the next task thereby delivering the best value to end customers.
The advantage of using a cloud-based PM software is that one can access all the data on a smartphone or a tablet with an internet connection and a web-browser. It further helps enterprises move faster on projects, avoid paying the hefty upfront cost and provides real-time information to all those people involved in the project.
PM module for construction industry helps you consolidate your project and day-to-day tasks, and leverage the power of embedded conversations to work with your teams, anywhere you want.
Deskera’s Cloud-based PM software for construction industry helps accelerate project delivery and productivity. This award-winning software creates project plans, tracks project status in real time, helps meet delivery deadlines and get project reports and analytics on the go, giving quality the utmost priority.
It is imperative that as small business owners in the construction sector, you understand the importance of digitization. It is time to adopt new age technologies with open arms. Companies that can respond to these changes and walk in tandem with this technologically advanced world will be able to succeed in today’s environment.