Thriving in the Construction Industry: Five actions
businesses need to take now
Leading construction companies are
redefining their strategies and operating procedures to tackle the current situation
and improve their odds of future success. In most cases, the aim of these companies
revolves around launching new initiatives to drive innovation and positive
change on the heels of the pandemic.
Track customer needs and demand shifts closely
With customer demands and
preferences undergoing a massive change, it is evident that major shifts will emerge
post the crisis, most of which are likely to become engrained and normalized in
customer preferences permanently. Therefore, businesses operating in the
construction industry must quickly track customer needs and fill demand gaps to
gain an edge in the post-pandemic world.
Accelerate organization-wide digital
transformation
With very little time at hand, businesses cannot rely on experimentation to develop a perfect action plan for the crisis. Instead, they must draw inputs from well-proven remote use cases. For example, businesses can adopt digital business models, scale up remote collaboration across all production stages, and urge minimal manning at site offices. Industrial equipment and building materials manufacturers can also ensure business continuity by capitalizing on e-commerce channels and digitally-enabled remote sales.
Our multi-disciplinary research teams work with businesses on a variety of market research projects, including pilot studies. Request a free proposal if youve got a question regarding an upcoming project or if you need information on any of our services.
Augment supply-chain
resilience
In the post-pandemic phase,
businesses must look at options for fortification of the supply chain. It may
include building inventories, finding alternate distribution channels, and employing
a direct workforce to replace contractual roles. These strategies can lead to more
significant consolidation and vertical integration of the value chain while minimizing
risks and driving productivity within the construction industry.
Identify and respond to
resource allocation needs
In todays highly dynamic
business world, resource allocation poses a significant challenge for global construction
and building materials manufacturers. Addressing this issue will require businesses
to keep a close watch on shifts in the construction industry and make trade-offs
between assets and projects. To overcome this challenge, businesses must deploy
a centralized monitoring system to identify and respond to resource-allocation
needs, gain real-time visibility into project processes, inventory, and costs.
Reexamining your business strategies and priorities is crucial to thrive in the post-pandemic world. Request a free brochure to find out how our expertise in custom market research can help you drive outcomes and regain lost profits.
Redefine priorities and
capital allocation
Strategizing business priorities
will play a crucial role in reshaping businesses and creating new revenue
streams after the crisis. In many cases, responding quickly to disruptions and
shifts in the market could present new opportunities to make lucrative moves.
And while these aspects will differ across the value chain, redefining business
priorities will enable construction and building companies to deploy capital,
resources, and capabilities in the most cost-effective manner.
Resilient, productive construction industry is vital for immediate crisis response and overall economic recovery. Given the rapid shifts and changes in customer preferences, it is evident that the construction industry will witness permanent changes in business operations post the crisis. Hence, now is the time for construction and building companies to prepare themselves for success in a more complex and resilient industry.
Looking for industry-specific information? Fill out this form to request a call back from one of our experts.
We help our clients make smarter decisions to achieve rapid business growth
Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement.
Get in Touch
Insights
Introduction to PFAS Per- and polyfluorinated alkyl substances (PFAS) are a large family of over 9,000 human-made chemicals found in everyday items such as non-stick pans, grease-resistant pizza boxes, and waterproof clothing. These chemicals first appeared in the 1950s and are known for their persistence in the environment and in the human body, earning them […]
Read More
Introduction Gene editing, an advanced technique in molecular biology, allows scientists to modify, eliminate, or replace mutated genes at the DNA level. This field has experienced remarkable progress due to precision tools like CRISPR and TALENs, which act as molecular scalpels to perform targeted genetic modifications. Precision Tools and Technologies CRISPR-Cas9 is a standout among […]
Read More
What is the report about? Liquid filters are essential equipment used to separate suspended solids from a fluid stream, typically through a physical barrier called the filter medium. This process is crucial in various industries, particularly in the production of goods intended for human consumption such as beverages and drinking water. Market Segmentation The global […]
Read More
Nonwoven fabrics, traditionally used in wipes and medical textiles, now span a broader range of industries, including automotive, geotextiles, and architecture. Their adaptability makes them essential in air and liquid filtration, agriculture, and beyond. Sustainability and Eco-Friendliness Growing environmental consciousness drives the future of nonwoven fabrics. Sustainable innovations in sourcing and manufacturing integrate biodegradable and […]
Read More
Generative AI leverages algorithms to create content, ideas, and solutions traditionally reliant on human creativity. It trains models to learn patterns and generate new content, benefiting industries like banking, retail, and healthcare. Generative AI enhances creativity by crafting art, composing music, and writing stories, while AI tools assist content creators by automating tasks, suggesting ideas, […]
Read More
Written By: Vishesh Kumar Where has the pricing strategy model gone wrong and how to fix it? How much to charge for my product or service? What is going to be my strategy of pricing? Those are key questions staring at senior executives responsible for making decisions around the pricing model at any enterprise. In […]
Read More