What will a new year bring to the construction and engineering industry? Many of the issues that began to arise with the pandemic continue to impact the global market. Whether it’s material price increases, labor shortages, supply chain complexity, concern around a recession or other geopolitical conflicts, there is continued uncertainty. With this comes opportunity for those looking to adapt to this change and become more resilient in the market.
Resilience provides companies with the opportunity to be industry leaders if they choose to take advantage of technological enhancements to their back-off financial systems. More than ever, 2023 will drive companies to prioritize having project and forecasting processes and associated data coming from one complete project financial control solution. Making this transition will allow more informed business decisions while reducing business risk. Understanding the right technology is a vital foundation to overall business performance. An integrated ERP platform allows companies to adopt standard repeatable processes that positively improve project performance, reduce financial risk and drive up productivity, quality and sustainability.
Read the full 2023 construction and engineering industry predictions report from IFS here.
Interested in how IFS and Baker Tilly Digital can help companies address the difficulties that come with legacy software, silos of data, constraints on capital, poor processes and fragmented resources? Reach out to us today to learn more.