E-trading solutions provider Open ECX surveyed 102 senior financial decision makers in large construction firms during November to inform the white paper, which covers a number of key issues, trends and themes growing within the sector, combined with insights and data from the company’s latest research.

Matthew Jones, founder of Open ECX, discusses how in recent years, the construction industry has shown it can rise to any challenge. From getting straight back to work after the first lockdown, to navigating supply chain challenges and skills gaps, there’s no doubt construction is a sector that knows how to innovate.

“The pandemic coupled with an economic downturn hit businesses with no prejudice of scale, financial stability or location,” he said. “Many companies closed their doors, downed tools and for brief moments of time appeared to freeze. However, where other sectors with desk-based roles turned to technology and home working to solve their problems, the construction industry had to get back on site and clear the backlog of projects disrupted by the pandemic.”

A report from the Centre for Economics and Business Research (CEBR) showed that the pandemic accelerated digital transformation in construction by three years. Even before Covid, technology was being used in every area of construction, including augmented reality, drones and Building Information Modelling (BIM).

Mr Jones added: “For an industry that many view as antiquated and unable to adapt, the variety of technology used across the construction sector, from health and safety, to planning to supply chain, is impressive.

“During the pandemic we saw businesses turn to partners they could trust, and with more challenges on the horizon this trust will be as important as ever. Businesses want partners that respect and adhere to responsible business practices. Firms want to partner with those offering prompt payment, who will be transparent about their ways of working, open to collaboration and accountability. Technology can facilitate all of this.

“As a leading provider of cloud-based e-trading solutions to the construction sector and wider supply chain, we see first hand the significant impact adopting technology has on our clients. From creating efficiencies, to facilitating fair and prompt payment terms, technology has a huge impact on a business, as well as how it’s perceived by its partners. With this in mind we have conducted research into the impact and scale of technology adoption within the construction sector, and the further opportunity on offer for those who continue to innovate.”