Supply Chain Disruptions
The U.S. construction industry depends on a global supply chain for steel, copper, aluminum, stone, and fixtures. In March, the Architect’s Newspaper reported, “While different cities grapple with how major construction projects should forge ahead — if at all — during the coronavirus pandemic, the shipping and sourcing of raw materials used in said projects has slowed to a trickle.”
As companies gear up to return to work, they need to get ready to deal with more complicated office and job site environments. Companies, beset by a multitude of considerations, will need to create a safe work environment under Shelter in Place requirements. Complicating this picture are supply chain disruptions, mainly from international suppliers, which can cause delays, cost overruns, and contractual issues. Companies that can transform themselves and continue to grow can survive and thrive during this period of uncertainty. The best strategy to do so will include investing in technology and tools now, to adapt well for whatever may come down the line.
A Four-Part Plan, P.E.E.R.
In addition to investing in their digital gang box (Accelerating Digital Technology in Construction), companies need a contingency plan to face the unknown, which will allow them to be flexible and creative.
Here is a four-part plan to overcome supply chain disruptions and the myriad of problems that companies will face as they ramp up operations. We call our plan, P.E.E.R., as follows:
PREPARED “Stay calm and carry on” was the motto used by the Brits to raise morale as they entered WWII. Calmness, a virtue, is also sound business advice, particularly in these times. Get all the facts, gather and store your data, and weigh the best information against itself to make sound decisions now.
EFFICIENT Technology will help our industry overcome pandemic demands, whether it is organizing remote workforces, tracking time and materials in real-time, or ensuring teams can communicate well. The Small Business Chronicle writes, “Technology is such an integral part of the 21st-century workforce that any business without some level of technical savvy is likely to fail.”
EFFECTIVE Cultivating your people to be able to handle what comes to them with the best tools and training will be key. As the industry digs out of 2020, companies will be looking for people who can hit the road running. Those that include training for employees can ensure everyone is on the same page. Company-wide tech acumen will give them a competitive advantage, allowing them to meet the needs and challenges of owners and investors.
READY Fund tools and technology now to give your company an edge post-COVID-19. Technology investments will help manage costs down the line. For instance, the current nationwide experiment in telework could stick, even after the crisis abates. In an article entitled, “Ten technology trends to watch in the Covid 19 pandemic,” weforum.org writes, “Core technologies…such as Big Data, cloud computing, Internet of Things (“IoT”) and blockchain are building a more resilient supply change management for the future by enhancing the accuracy of data and encouraging data sharing.”
This trend will have implications in many areas while reducing the need for office space for some companies; it is sure to increase the reliance on technology and field apps. “The crisis is forcing anything that can digitize, to digitize.” (U.S. Chamber of Commerce)
And this is just one of the changes in store for companies as we move forward during and after the most profound global health crisis of the last 100 years. We, at PeerAssist, encourage you to follow our plan. Be prepared, efficient, effective, and ready for new ways of working and doing business. You can emerge more mobile, productive, and profitable.
Stay safe, and stay tuned for further blogs as we go forward to meet the challenges of Covid-19.